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Isprava doubles its revenue in FY24 with hefty profits

EntrackrEntrackr · 6m ago
Isprava doubles its revenue in FY24 with hefty profits
Medial

Isprava Group, a luxury home development and rental firm, saw its revenue more than double in the fiscal year ending March 2024. The Mumbai-based company also achieved profitability, marking a notable turnaround. Isprava’s gross revenue from operations surged by 2.3X to Rs 452 crore in FY24 from Rs 196 crore in FY23, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Isprava Group builds and rents luxury homes in prime locations like Goa, Alibaug, and the Nilgiris. In addition to selling homes, they rent them as high-end vacation retreats with services like housekeeping and private chefs. The income from the real estate business accounted for 81.86% of the total operating revenue, which increased 89% to Rs 370 crore in FY24 from Rs 195 crore in FY23. The rest of the income comes from hospitality, which stood at Rs 74.5 crore in FY23. The company made an additional Rs 7 crore from interest income on investments which pushed its total revenue to Rs 458.5 crore in FY24. For the home developer firm, the cost of procurement which includes land, consumption of materials, and other construction costs formed 72% of its overall cost. In the line of scale, this cost surged 94% to Rs 299 crore in FY24 from Rs 154 crore in FY23. Its Employee benefit expenses rose by 3X to Rs 61.7 crore, while advertising costs doubled to Rs 14 crore. Other expenses added another Rs 37.3 crore. Its rent, legal, traveling, and other overheads took the total expenditure to Rs 412 crore in FY24 from Rs 206 crore in FY23. The impressive scale helped Isprava to turn profitable with a significant Rs 63 crore of profits in FY24, compared to a loss of Rs 7.5 crore in FY23. Its ROCE and EBITDA margin improved to 22.64% and 12.45% respectively with an expense-to-earning ratio of Rs 0.91. At the end of FY24, the company had a current asset worth Rs 446 crore including Rs 119 crore of cash and bank balance. Isprava has secured Rs 1,216.95 crore (over $150 million) in funding, including a Rs 160 crore round in January of the previous year. The Darshan Shah Family Trust holds nearly a 40% stake in the company. Prominent investors include the Nadir Godrej Family Office, Burman Family Office, and Symphony International Holdings.

Bizongo’s scale doubles to Rs 167 Cr in FY23; loss nears Rs 300 Cr

EntrackrEntrackr · 1y ago
Bizongo’s scale doubles to Rs 167 Cr in FY23; loss nears Rs 300 Cr
Medial

Ecommerce-focused packaging company Bizongo has managed to double its revenue during FY23. The growth, however, came at a cost which is evident from its losses which jumped 2.7X during the said period. Bizongo’s revenue from operations grew 98.6% to Rs 166.86 crore during the fiscal year ending March 2023 as compared with Rs 84 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2015, Bizongo offers digital vendor management, supply chain automation & supply chain financing as key services to its enterprise customers. The platform serves 450-500 enterprise customers in fashion & lifestyle, pharmaceuticals, consumer discretionary, consumer staples et al. Bizongo also provides unsecured financing to vendors and according to the company it has tied up with more than 40 banks and non-bank financial companies for loan disbursement. Co-founded by Sachin Agarwal, Ankit Deb, and Ankit Tomar, the company made 96% of its revenue via service fees whereas the remaining part came from design income and platform fees. It also made around Rs 18.15 crore via interest and gains on financial assets during the year which took its topline to Rs 185 crore at the end of FY23. Bizongo spent 32% of its expenses on finance costs which largely include interest on bill discounting, interest on working capital demand loans, and interest on debentures. This cost ballooned 3.9X to Rs 151.95 crore during FY23 from Rs 38.8 crore in FY22. Employee benefit costs went up 79.4% to Rs 113.23 crore in FY23. This cost also includes ESOP expenses worth Rs 27.12 crore. The company also booked allowance for expected credit loss worth Rs 124 crore during the year. The company’s overall expenditure surged 97.1% to Rs 476.6 crore in FY23 from Rs 241.8 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Amid cash burn, the company’s losses spiked 173.1% to Rs 291.57 crore during FY23 as compared to Rs 106.76 crore in FY22. Its operating cash outflows, however, improved by 29.6% to Rs 646.3 crore during the last fiscal year. The EBITDA margin and ROCE of the company stood at -73.06% and -27.60%, respectively, during the year. On a unit level, Bizongo spent Rs 2.86 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -46.45% -73.06% Expense/Rupee of ops revenue ₹2.88 ₹2.86 ROCE -9.52% -27.60% As per the startup intelligence platform TheKredible, Bizongo has raised over $260 million to date. In October last year, it raised $50 million in a Series E funding round led by existing investor Schroder Adveq. The Tiger Global-backed company was also in the news for its acquisition of Titan Capital-backed FactoryPlus, a factory digitization app for micro, small, and medium enterprises (MSMEs), in November last year. Bizongo’s high provisions for credit loss indicate a cash-burning strategy to sort out the good, credit-worthy vendors from the bad, or worse, operational deficiencies that the firm must get a grip on to ensure its long-term survival. It remains in a promising segment to build a business at scale, but throwing money at the challenge to build a business is certainly not the answer. That investors have backed it as recently as last year indicates the possibilities they see for the firm to make a salutary impact on its segment, but we believe the time to show growth with improving margins is here.

Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses

EntrackrEntrackr · 1y ago
Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses
Medial

Real money gaming platform Games24x7 has continued to grow its scale: their collection grew 70% year-on-year in FY23. The controlled spending on employee benefits and advertising helped the Mumbai-based firm keep its losses in check during the same period. Games24x7’s revenue from operations grew 70.1% to Rs 1,988 crore in FY23 from Rs 1,169 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Games24x7 mainly runs RummyCircle and the fantasy sports platform, My11Circle. The platform fee deducted for joining tournaments or contests is the primary source of revenue for Games24x7 which accounted for 99% of the operating income. The rest of the operating revenue comes from selling virtual items in freemium games. The company also added Rs 35 crore from the interest and gain on current investment tallying the overall income to Rs 2,023 crore in FY23. For the gaming platform, advertisement and business promotion expenses accounted for 66% of the overall expenditure, which surged by 61.7% to Rs 1,421 crore in FY23 from Rs 879 crore in FY22. The firm’s burn on employee benefits, legal, traveling, training, recruitment, subscription membership, and other overheads took its overall expenditure up by 43.4% to Rs 2147 crore in FY23. The 70% growth in scale and controlled cost helped the firm’s losses go down to Rs 199 crore in FY23 from Rs 282 crore in FY22. Its ROCE and EBITDA margin improved to -18% and -4.6%, respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -24% -4.6% Expense/₹ of Op Revenue ₹1.28 ₹1.08 ROCE -48% -18% Games 24×7 has raised over $107 million to date including its $75 million round led by Malabar Investment at a valuation of $2.5 billion. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder with 22.39%. In March, Games24x7’s My11Circle became the new fantasy sports official partner for IPL (Indian Premier League) for five years, outbidding its rival Dream11. Games24X7 also said that it has tripled its marketing investment this year. This will reflect in the company’s financial performance in FY25.

PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26%

EntrackrEntrackr · 6m ago
PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26%
Medial

Fintrackr All Stories PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26% Moonshine Technology, which operates PokerBaazi, SportsBaazi, and CardBazzi, demonstrated 55% growth in its operating revenue to Rs 415 crore in FY24 from Rs 268 crore in FY23. The platform fees/service transaction fees received from the users were the sole source of revenue for Moonshine. The firm also added Rs 9 crore mainly from the interest on bank deposits which tallied its overall income to Rs 424 crore in FY24, compared to Rs 273 crore in FY23. At the time of acquisition, Moonshine disclosed that PokerBaazi accounts for over 85% of its net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. Similar to other online gaming platforms, Moonshine spent 60% of its overall expenditure on advertising. This cost surged 83% to Rs 232 crore in FY24 from Rs 127 crore in FY23. Its employee benefits also grew 62% to Rs 89 crore in FY24. Its payment gateway, website/server, customer verification, and legal costs took the overall expenditure up by 55.6% to Rs 389 crore in FY24 from Rs 250 crore in FY23. The decent surge in scale and controlled expenditure helped Moonshine to increase its profits by 26.3% to Rs 24 crore in FY24, compared to Rs 19 crore in FY23. The company's ROCE and EBITDA margin stood at 20% and 10.1%, respectively, while its expense-to-earnings ratio was recorded at Rs 0.94. During FY24, Moonshine’s total current assets stood at Rs 236 crore with cash and bank balances of Rs 196 crore. Out of Rs 982 crore ($118 million), Nazara has already invested $100 million and acquired a 47.7% stake in the company through a combination of secondary and primary share purchases.

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