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Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24

EntrackrEntrackr · 3m ago
Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24
Medial

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24 Bootstrapped consumer electronics brand Boult Audio recorded a 40% surge in operating revenue for the fiscal year ending March 2024. However, the notable top-line came at a cost, as the Delhi-based company’s profit declined by 37%. Boult’s revenue from operations increased by 40% to Rs 697 crore in FY24 from Rs 498 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2017, Boult Audio designs, develops and manufactures wireless earbuds, headphones, smartwatches, and speakers. Revenue from sale of these products remained the sole source of revenue. The company’s revenue majorly came from domestic sales, which grew 45% to Rs 620 crore in FY24. Revenue from overseas sales remained stable at Rs 77 crore, contributing 11% to the top line. Boult made additional Rs 5 crore from non-operating revenue which pushed its total revenue to Rs 702 crore in FY24 from Rs 501 crore in FY23. On the expense side, the largest cost component—cost of material consumed—rose 25% to Rs 402 crore, accounting for nearly 58% of total expenses. Advertising expenditure spiked 74% to Rs 162 crore, while post-supply discounts grew 84% to Rs 70 crore. These two expenditures collectively accounted for over 33% of its total expenses. Employee benefit expenses rose by over 50% year-on-year to Rs 26 crore in FY24. Other overheads, including admin and general expenses, added Rs 39 crore to the total cost. Overall, total costs increased by 41% to Rs 699 crore in FY24. As overall costs outpaced revenue growth, Boult’s net profit declined by 37% to Rs 2.5 crore in FY24 from Rs 4 crore in FY23. Its ROCE and EBITDA margin stood at 52.94% and 2.64%, respectively. On a unit level, Boult Audio spent Rs 1.00 to earn each rupee of revenue. As of March 2024, the company recorded current assets worth Rs 211 crore including Rs 9 crore in cash and bank balance. Boult’s inventories stood at Rs 964.5 crore during the same period—up 63% from FY23. This significant buildup suggests Boult is preparing for high-volume sales, possibly ahead of festive seasons or upcoming launches. Boult made its first recorded CSR contribution of Rs 12.23 lakh in FY24. According to TheKredible, Boult Audio has remained unfunded till date. Its co-founders, Varun Gupta and Tarun Gupta together own 49.5% of the company. Its director Vinod Gupta holds a 23.76% stake, while Pankhuri Gupta, who leads design at Boult, holds 25.74% stake in the company. The firm competes directly with homegrown electronics rivals boAt and Noise. In FY24, market leader boAt reported revenue of Rs 3,118 crore but closed the year with a loss of Rs 80 crore. Noise followed with Rs 1,431 crore in revenue and a loss of Rs 19 crore.

MyGate announces ESOP buyback for over 50 employees

EntrackrEntrackr · 1y ago
MyGate announces ESOP buyback for over 50 employees
Medial

Community management app MyGate has announced employees stock buyback program for more than 50 employees. The buyback has come on the back of improved financial results for the Bengaluru-based company in the last and current fiscal year. MyGate has announced the buyback plan of 20% of vested shares for employees who have completed four years at the firm. “We are in the strongest financial position that we have ever been and well capitalised to fuel our growth and new initiatives,” said Abhishek Kumar, co-founder of MyGate. MyGate grew without raising venture capital money for nearly four years. The firm’s operating revenue jumped 77.3% to Rs 71.10 crore in FY23 from Rs 40.1 crore in FY22. During the period, it managed to cut losses to the tune of 35%. The company primarily generates income through subscription revenue from resident welfare associations and from brands promoting themselves on the MyGate app. The firm also said that it achieved zero cash burn in November 2023. MyGate raised $56 million in a Series B round in October 2019. Later, it raised strategic money worth $12 million from home service marketplace Urban Company and insurance provider Acko in November 2022. Entrackr exclusively reported the development. While the number of ESOP buybacks saw a downward trend in 2023, the amount of buyback and payout created a new record in the last year. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity in 2023 stood at nearly $802 million. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively. Last month, edtech company Classplus announced ESOP buyback for more than 150 employees.

Bengaluru-based MyGate announces ESOP buyback for over 50 employees

IndianStartupNewsIndianStartupNews · 1y ago
Bengaluru-based MyGate announces ESOP buyback for over 50 employees
Medial

MyGate, a Bengaluru-based community management app, has announced an ESOP buyback program for over 50 employees, allowing them to cash out 20% of their vested shares. The company reported a 77.3% growth in operating revenue to Rs 71.10 crore in FY23, with subscription and advertising revenue contributing significantly. MyGate achieved cash breakeven in November 2023. The startup has received funding from investors like Urban Company, Acko, Tiger Global Management, Prime Venture Partners, Tencent, and JSCapital. MyGate aims to provide seamless management of gated communities through its mobile application, offering features like visitor entry authorization and society accounting management.

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