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LS Digital nears Rs 700 Cr revenue in FY23; profits jump 3X

EntrackrEntrackr · 1y ago
LS Digital nears Rs 700 Cr revenue in FY23; profits jump 3X
Medial

Digital marketing firm LS Digital (formerly Logicserve) demonstrated stable growth with an over three-fold jump in its profit in the fiscal year ending March 2023 as compared to FY22. LS Digial’s revenue from operations surged 35.1% year-on-year to Rs 696 crore in FY23 from Rs 515 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. LS Digital is a martech firm which provides services such as advertising, communication and other marketing tools including SEO, SEM et al. Revenue from marketing services formed 94.8% of the overall operating revenue which increased 42.2% to Rs 660 crore in FY23. The rest of the revenue came from consulting and assessment. See TheKredible for the detailed revenue breakup. For the digital marketing firm, advertising cum promotional cost emerged as the largest cost center, accounting for 83% of the overall expenditure. This cost increased by 25% during FY23. The firm’s employee benefits, legal-professional, payment gateway, information technology, and other overheads took the overall cost to Rs 669 crore in FY23 from Rs 508 crore in FY22. Head to TheKredible for the complete breakdown. The decent growth in scale and effective cost mechanism enabled LS Digital to beef up its profits by 3.36X to Rs 18.4 crore in FY23. Its ROCE and EBITDA margins improved to 20% and 3.2% respectively. On a unit level, it spent Rs 0.96 to earn a rupee in FY23. The Mumbai-based company has raised Rs 133 crore so far and has diluted very little since incorporation. According to the startup data intelligence platform TheKredible, its founding team holds over 80% of the stake in the company. In a fiercely competitive market, the digital marketing business served by LS Digital is a direct function of the quality of people, and ability to control costs. Margins are thin, with issues like managing fraud, delivery and longer deal tenures becoming increasingly important. A larger shift to tactical marketing has kept firms on their toes, as unlike traditional print or broadcast advertising, clients do shop around for digital marketing work. Thus, while LS Digital needs to be credited for building scale, it will take a deeper look into its profile to see the share of different clients and the kind of work that brings in the largest share of revenues. FY22-FY23 FY22 FY23 EBITDA Margin 1% 3.2% Expense/₹ of Op Revenue ₹0.99 ₹0.96 ROCE 14% 20% A 1,200 strong team offering services across Media, UI/UX, Creative & communication, Data & Insights, CX and Tech & Innovations means a sticky cost structure that is likely to grow, even if not proportionately, with volumes/revenues. Standardized SaaS products in some of these areas, even small, might help the firm build a stronger base for the future.

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Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

DCGpac hits profitability as revenue nears Rs 100 Cr in FY24

EntrackrEntrackr · 9m ago
DCGpac hits profitability as revenue nears Rs 100 Cr in FY24
Medial

B2B packaging solutions platform DCGpac has been expanding steadily, reaching nearly Rs 100 crore in revenue for the fiscal year ending March 2024. Moreover, the Gurugram-based company, which raised only Rs 20 crore, achieved profitability during this period. DCGpac’s revenue from operations grew by 21.4%, reaching Rs 96.5 crore in FY24, up from Rs 79.5 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. DCGpac is a packaging materials supplier offering a range of products and services, including corrugated boxes, courier bags, bubble films, designer boxes, and “Design to Distribution” solutions. Sales of packaging materials represent the sole source of revenue for DCGpac. According to the company’s website, it serves over 50,000 customers, including Blinkit, Shiprocket, Delhivery, Myntra, DHL, Shadowfax, and others. As with other packaging solutions platforms, the cost of materials accounted for 83.17% of DCGpac’s total expenditure, rising by 19% to Rs 80.4 crore in FY24. Employee benefits expenses stood at Rs 8 crore for the last fiscal year. Additional costs, including advertising, warehousing, packing, information technology, printing, and other operating overheads, brought total expenditure up by 17.9% to Rs 96.7 crore in FY24, compared to Rs 82 crore in FY23. Steady growth and careful cost management helped DCGpac achieve profitability in FY24, posting net profits of Rs 19 lakh compared to a loss of Rs 1.67 crore in FY23. DCGpac’s ROCE and EBITDA margin stood at 3.34% and 1.19%, respectively. On a unit level, the company spent Re 1 to earn a rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -1.98% 1.19% Expense/₹ of Op Revenue ₹1.03 ₹1 ROCE -15.66% 3.34% DCGpac has raised a total of Rs 20 crore to date, including a pre-Series Seed round of $1.5 million led by Venture Catalysts, 9Unicorns, and Inflection Point Ventures in April 2022.

Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable

EntrackrEntrackr · 1y ago
Safegold gross revenue nears Rs 5,000 Cr in FY23; turns profitable
Medial

Several digital investment platform users like Zerodha, Groww, Upstox, and more saw a huge uptick in user base in the last couple of years, mainly driven by the stay-at-home-norms during the Covid phase. Beyond the stock markets, investment in digital gold experienced a turnaround, too. This could also be evident from Safegold’s exceptional financial performance in FY23. Safegold gross revenue surged by 81.8% to Rs 4,498 crore in FY23 from Rs 2,474 crore in FY22, its consolidated financial statements filed with the Register of Companies show. Safegold is a digital platform enabling customers to effortlessly purchase, sell, and securely receive vaulted gold, even at minimal amounts. The sale of digital gold from online and offline platforms was the only source of revenue for the Delhi-based company. Notably, 79.2% of Goldsafe’s trade comprises wholesale transactions, with the remaining portion falling under retail trade. For the digital gold platform, the purchase of digital gold and related items accounted for 99.1% of the overall expenditure. In tune with scale, this cost grew 99.1% to Rs 4,459 crore in FY23 from Rs 2,443 crore in FY22. Its employee benefits, legal/professional, advertising, distribution, and other overheads took the overall cost to Rs 4500 crore in FY23 from Rs 2475 crore in FY22. See TheKredible for the detailed expense breakup. The 80% year-on-year scale and controlled expenditure helped Safegold to register a profit of Rs 11 crore in FY23 where the figures were at a loss of Rs 1 crore in FY22. Its ROCE and EBITDA margin stood at 46% and 0.2% respectively. On a unit level, it spent Rs 1 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 0% 0.2% Expense/₹ of Op Revenue ₹1.00 ₹1.00 ROCE -8% 46% Safegold is backed by Pravega Ventures, Beenext, a Singapore angel network, and individuals like Rajan Anandan, Roshan Angrish, Prashant Malik, and Niraj Shah. Head to TheKredible for the complete shareholding. In what is a business built on the finest of margins in a commodity as well established as gold, the company has done well to deliver high growth. But with margins set to remain slim, and profitability delivered on the back of interest income, the firm still needs work to ensure costs stay in check as volumes grow. That sounds possible in a category like Gold, especially in a bullish market for the yellow metal, making Safegold a firm to keep an eye on .

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%

EntrackrEntrackr · 5m ago
Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%
Medial

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59% Monk Entertainment, co-founded by YouTuber Ranveer Allahbadia (BeerBiceps) and Viraj Seth, has capitalized on this trend, generating Rs 100 crore in revenue in the last fiscal year. Monk Entertainment’s revenue from operations recorded a modest 2.2% growth to Rs 97.8 crore in FY24 from Rs 95.8 crore in FY23, its annual financial statements filed with the Registrar of Companies (RoC) show. Monk-E, a full-stack creative digital media agency, specializes in talent management, video production, social media management, and influencer marketing. In FY24, the company generated 86.6% of its revenue from India, with the rest coming from international markets. On the cost side, influencer marketing charges made up 84% of the total expenses, though the cost dipped 2% year-on-year to Rs 77.4 crore in FY24 from Rs 79 crore in FY23. Meanwhile, employee benefit expenses grew 38% to Rs 7.7 crore during the same period. Out of the total influencer marketing charges, Allahbadia and his venture BeerBiceps Media received Rs 7.77 crore for providing technical services to Monk-E. Commission, legal fees, rent, advertising, and other overheads pushed Monk-E's total costs to Rs 92 crore in FY24. Monk-E recorded a 58.9% year-on-year profit increase, with profits rising to Rs 7.23 crore in FY24 from Rs 4.55 crore in FY23. Its ROCE stood at 35.4%, while the EBITDA margin reached 7.86%. On a unit level, the company spent Re 0.94 to earn a rupee. By the end of FY24, Monk-E's total current assets were reported at Rs 28.46 crore, including Rs 5.5 crore in cash and bank balances. While it's probably too early to speculate about the impact on the firm from Allahbadia’s recent controversy, the scale of Monk-E shows how much is at stake. It is crucial for viewers to apply better discretion before believing everything they see and hear from these new-age channels.

BookMyShow profit nears Rs 110 Cr in FY24, event biz bleeds

EntrackrEntrackr · 7m ago
BookMyShow profit nears Rs 110 Cr in FY24, event biz bleeds
Medial

Online ticketing platform BookMyShow has experienced a remarkable turnaround over the past two years (FY23 and FY24), with its revenue soaring more than 5X and achieving profitability. Its revenue spiked to nearly Rs 1,400 crore in FY24, from only Rs 277 crore in FY22. BookMyShow reported a 43.2% year-on-year growth to Rs 1,396.86 crore in revenue from operations during the fiscal year ending March 2024 as compared to Rs 975.51 crore in FY23, its consolidated financial statement with the Registrar of Companies shows. BookMyShow, an online ticketing platform for movies and events, operates with 17 subsidiaries and two joint ventures. Here's a breakdown of its revenue growth across different streams. BookMyShow generates revenue primarily through online ticket bookings, turnkey ticketing solutions for concerts and events, and software sales. It also earns from advertisement space and from subscription contracts. Additional income sources include food and beverage sales, maintenance contracts, and on-ground services. The company collected 57.4% of its revenue from online ticketing (ticket bookings and turnkey solutions) which grew 23.8% year-on-year to Rs 801.57 crore in FY24. Around 32% of the revenue came from live events, worth Rs 454.72 crore which surged 91.5% during the year. The remaining sum of Rs 140.57 crore was collected via advertisement, marketing, sale of food & beverages, gift vouchers, and software, et al. The company also earned Rs 33.28 crore from interest and gains on financial assets, taking the overall revenue to Rs 1,430.14 crore in FY24. Out of the convenience fee, a certain portion of the revenue is shared with the cinema owners. BookMyShow paid a revenue share worth Rs 323.03 crore during FY24, accounting for 43.6% of the online ticket booking revenue. The firm spent Rs 233.49 crore on production which spiked 95% YoY in FY24, while the fees paid to artists soared 103.3% to Rs 211.32 crore in the same period. Employee benefit expenses went up 24% to Rs 170.72 crore during the year. Further, advertisement & promotions, and payment gateway charges stood at Rs 78.97 crore and Rs 49.57 crore, respectively. The overall expenditure of BookMyShow inclined 40.3% to Rs 1,319.88 crore in FY24 from Rs 940.86 crore during the previous fiscal year. Segment-wise, BookMyShow made profits of Rs 258.65 crore via online ticketing and Rs 84.13 crore through advertisement, marketing, sale of food & beverages, gift vouchers, and software et al. However, the live events vertical bled with a loss of Rs 137.99 crore during FY24. In the end, BookMyShow’s profits grew 27.6% to Rs 108.63 crore during FY24, against Rs 85.11 crore made in the last fiscal year (FY23). On the back of heavy cash burn on opex (operational expenses), its operating cashflows slipped 85.3% to Rs 33.54 crore during the period. Moreover, the outstanding losses of the firm stood at Rs 751.42 crore. The EBITDA margin and ROCE of the company registered at 11.07% and 15.25%, respectively. On a unit level, BookMyShow spent Re 0.94 to earn a rupee of operating revenue in the last fiscal year. At the end of FY24, the company had Rs 306.72 crore in cash and bank balances while its overall current assets were worth Rs 1,209.84 crore with a current ratio of 138%. As per TheKredible, BookMyShow has raised Rs 1,490 crore to date from the likes of TPG Growth, Elevation Capital, and Accel. Network 18 is the major stakeholder in the company having control of around 39% stake. Its valuation as per its Series D funding stood at nearly Rs 5,700 crore. Foodtech giant Zomato, which acquired Paytm’s movies and ticketing business, competes with BookMyShow.

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