🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

K12 Techno Services touches Rs 430 Cr revenue in FY24, turns EBITDA positive

EntrackrEntrackr · 7m ago
K12 Techno Services touches Rs 430 Cr revenue in FY24, turns EBITDA positive
Medial

K12 Techno Services, which runs a school chain under the brand name Orchids, has shown efficient financial performance in the last fiscal. The company reported around 20% year-on-year growth in its operating revenue during FY24, with over a 75% reduction in losses. K12 Techno Services’s revenue from operations rose to Rs 429.2 crore in the fiscal year ending March 2024, from Rs 358.3 crore in FY23, its financial statement filed with the Registrar of Companies shows. Apart from operating over 90 Orchids School branches across the country, K12 Techno Services has six verticals, including Sparklebox, an e-commerce store for activity kits, and Eduvate, which provides custom solutions for school operations and curriculum design. The sale of services accounted for the majority, contributing 58.72% (Rs 252.02 crore) of the revenue, with a modest 7.1% year-over-year growth. However, the sale of products for the Bengaluru-based firm surged by 46.5% to Rs 171.72 crore in FY24, making up 40.01% of the total operating revenue. Including non-operating income of Rs 18.47 crore, K12 Techno Services’ total income grew 17% to Rs 447.67 crore in the last fiscal year. On the expense side, employee benefit expenses remained the largest cost component, rising by 28.2% to Rs 173.38 crore in FY24 and constituting 37.92% of the total expense. The cost of materials grew by 23% to Rs 89.2 crore, while depreciation expenses rose by 64.4% to Rs 58.69 crore. Advertising expenses decreased by 20.5% to Rs 58.86 crore. Despite registering 17% growth in scale, the company’s total expenses grew by 8.5% to Rs 457.2 crore in FY24, up from Rs 421.5 crore in FY23. In the end, K12 Techno Service’s losses shrank 75% to Rs 9.5 crore in FY24 from Rs 38.75 crore in FY23. The firm also achieved a positive EBITDA of Rs 80.37 crore in the last fiscal. Its ROCE and EBITDA margin stood at 1.69% and 17.95%, respectively. On a unit basis, the company spent Rs 1.07 to earn a rupee of operating income in the last fiscal year. The company’s assets rose to Rs 402 crore in FY24 from Rs 312 crore in FY23, while its cash and bank balance at the end of FY24 stood at Rs 174.65 crore.

Square Yards breaches Rs 1,000 Cr revenue in FY24, turns EBITDA profitable in Q4

EntrackrEntrackr · 1y ago
Square Yards breaches Rs 1,000 Cr revenue in FY24, turns EBITDA profitable in Q4
Medial

Proptech firm Square Yards has crossed the 1,000 crore revenue mark during the fiscal year ending in March 2024, according to the company’s provisional financial statement reviewed by Entrackr. The Gurugram-based company saw around 50% growth in its total revenue in FY24 to Rs 1,000 crore from Rs 663 crore in FY23. The operating revenue stood at Rs 996.13 crore. Mortgages and real estate services contributed 88% to the firm’s coffers. It earned the remaining 12% from interior and digital products. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals and property management. During FY24, Square Yards’ GTV (Gross Transaction Value) grew more than 76% to Rs 40,828 crore from Rs 22,871 crore during FY23. The number of transactions also jumped 50% from 1.08 lakh to 1.66 lakh during the period. Coming to the company’s expenses breakdown, employee benefit remains the largest cost center forming 43% of the overall cost. This cost grew 17% to Rs 534 crore in FY24 from Rs 456 crore in FY23, according to the provisional financial statement for FY24. Check the full breakdown below: The company also claims to have reached EBITDA profitability (adjusting for ESOPs expense) in Q4 FY24. After including all expenses, the EBITDA loss in the last fiscal year (FY24) was approximately Rs 25 crore ($3 million). The firm also claimed to have an operating cash flow breakeven during the second half of FY24 after a negative cash flow (Rs 56 crore) during the first half of the last financial year. When we see the company’s growth in the last three years, its compound annual growth rate (CAGR) stood at 60% during FY21 to FY24. The company expects to close its FY25 with Rs 1,500 crore ($180 million) revenue and double-digit margins in the coming years. Square Yards achieved the growth even without external fundraise in the last two fiscal years (FY23 and FY24). The firm raised $25 million as debt in July 2021 from Hong Kong-based investment manager ADM Capital. It was valued at around $300 million during the last equity fundraise in 2019 and since then it has quadrupled in revenues. Square Yards operates in more than 100 cities across nine countries and has 150,000 agent partners. According to the provisional documents, the company’s current monthly visitors stand at over 8 million. The company competes with PropTiger and AnaRock in real estate services while its digital products and services vertical competes with Magicbricks, 99acres, Housing, NoBroker and NestAway. As an integrated player, Square Yards’ mortgage vertical ‘Urban Money’ competes with Andromeda & Paisabazaar and its home renovation vertical ‘Interior Company’ competitors include LivSpace and HomeLane among several others. At Entrackr, we had gone as far as predicting a possible full year of profitability for Square Yards after its FY23 results. What that demonstrates is the firm has a selling template in place that is delivering, and delivering consistently. With the real estate market continuing to be buoyant, Square Yards is set to have a record breaking FY25 as well, with the only question that remains to be answered being about its resilience when the tide turns.

Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable

EntrackrEntrackr · 7m ago
Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable
Medial

Shadowfax, one of India's leading new-age logistics and delivery platforms, delivered a strong financial performance in FY24, reducing its losses by 90%. Simultaneously, the company recorded over 33% year-on-year growth in operating revenue, and turned EBITDA positive with Rs 23 crore for the fiscal year ending March 2024. The Flipkart-backed firm’s revenue from operations spiked to Rs 1,884.8 crore in the last fiscal year, from Rs 1,415 crore in FY23, as per its annual financial statements filed with the Registrar of Companies. Shadowfax claims to provide 3PL logistics (third party logistics) to e-commerce and D2C firms across 2,500 cities and 18,000 pin codes in the country. The sale of logistics and delivery services are the only source of revenue for Shadowfax. Co-founder and chief executive Abhishek Bansal attributed the company’s sustainable growth in FY24 to its focus on value-added services, including reverse logistics, same-day delivery, and quick commerce offered through its Flash service. “While most logistics companies have chosen to focus on a single service and transition into B2B, Shadowfax has remained in the B2C space. Quick commerce gives us an edge, as we are the only 3PL offering these services,” said Abhishek Bansal, co-founder and CEO of Shadowfax, in a telephonic conversation with Entrackr. The company also generated Rs 11.6 crore from non-operating activities, contributing to a total income of Rs 1,896.4 crore in FY24. On the expense side, transportation and distribution (delivery partners) expenses accounted for the bulk of costs, surging 24.7% to Rs 966.2 crore in FY24. This cost represents 50.63% of total expenses during the last fiscal year. Vehicle running costs increased by 35.8% to Rs 394.5 crore, while costs related to lost shipments rose by 39.7% to Rs 94.6 crore. Employee benefit expenses marginally declined to Rs 211.5 crore, constituting 11.08% of total expenses, whereas other costs added another Rs 241.5 crore. Overall, the Bengaluru-based firm’s total expenses rose by 21.9% to Rs 1,908.3 crore in FY24. By the end of FY24, the company's net loss declined by 92% to Rs 11.8 crore, compared to Rs 142.6 crore in FY23. Shadowfax also achieved a positive EBITDA of Rs 23 crore in the last fiscal. Its ROCE and EBITDA margin stood at -1.06% and 1.21%, respectively. On a unit basis, Shadowfax spent Rs 1.01 to earn a rupee of operating income in the last fiscal year. The company’s assets nearly doubled, rising to Rs 619.5 crore in FY24 from Rs 320.8 crore in FY23. Its cash and bank balance at the end of FY24 stood at Rs 102.8 crore. Just before FY24 ended, Shadowfax scooped up $100 million Series E round led by TPG NewQuest. Recently, Uber has partnered with Shadowfax to integrate its two-wheeler fleet with UberMoto, allowing Shadowfax to offer bike-taxi services during lean hours. Reports indicate that the Bansal-led company is gearing up to launch its initial public offering (IPO). It will join industry peers like Delhivery and Blackbuck, which are already listed on the stock exchange, while another player, Ecom Express, has also secured SEBI approval for its IPO. Shadowfax has emerged as the fastest-growing logistics company in India, evident from its performance relative to competitors. Ecom Express recorded a modest 2.3% growth, reporting flat revenue of Rs 2,607 crore in FY24. Meanwhile, listed competitor Delhivery posted 12.7% year-on-year revenue growth in the last fiscal year.

Download the medial app to read full posts, comements and news.