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Unpacking Oyo profitability and its financial position in FY24

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Unpacking Oyo profitability and its financial position in FY24
Medial

IPO bound Hospitality firm Oyo reported steady revenues during the fiscal year ending March 2024, but the SoftBank-backed company made a turnaround as far as bottomline is concerned. Oyo has posted Rs 230 crore profit in the last fiscal year as compared to Rs 1,286 crore losses in FY23. Oyoโ€™s revenue from operations declined 1.4% to Rs 5,389 crore in FY24 from Rs 5,464 crore in FY23, its consolidated annual report shows. Income from the sale of accommodation services formed 63.8% of the total operating revenue which decreased by 7.3% to Rs 3,441 crore in FY24. Income from commission and bookings brought Rs 1,344 crore to the firmโ€™s coffers. The sale of tour packages, events, cancellation income, and insurance services fees were other revenue drivers for Oyo. The Gurugram-based company also made Rs 153 crore from interest on fixed deposits and gain in foreign exchange difference which took its overall revenue to Rs 5,542 crore in FY24 from Rs 5,602 crore in FY23. See TheKredible for the detailed revenue breakup The cost of its lease rental and service component lease accounted for 50% of its overall cost which declined 8% to Rs 2,885 crore in FY24. This payment was made to hotel owners that includes lease rent and services such as housekeeping, electricity, and maintenance among others. The companyโ€™s burn on salaries and other employee benefit schemes nosedived 52% to Rs 744 crore in FY24, primarily due to a reduction in ESOP costs, which fell to Rs 107 crore in FY24 from Rs 363 crore in FY23. Oyo paid Rs 844 crore (around $100 million) in interest during FY24 on the $660 million term loan it secured from various lenders in FY22. Its advertising, commissions, brokerage, legal, IT, and other overheads catalyzed its total expenditure to Rs 5,726 crore in FY24. See TheKredible for the complete expense breakdown Despite the flat revenue, Oyoโ€™s cost-control approach and Rs 453 crore income from exceptional items (mostly a fair value gain of Rs 240 crore on the acquisition of OYO Hotels Cayman and Reversal of financial liability of Rs 249 crore) led Oyo to turn profitable with Rs 239 crore in FY24 as compared to a loss of Rs 1,286 crore in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -4.23% 15.52% Expense/โ‚น of Op Revenue โ‚น1.24 โ‚น1.06 ROCE -8.60% 13.40% With the improved bottom line, Oyoโ€™s ROCE rose to 13.4%, and EBITDA to 15.5%. On a unit level, it spent Rs 1.06 to earn a rupee in FY24. Meanwhile, Oyo has managed to raise $175 million in two tranches of which $100 million was pumped in by the companyโ€™s founder Ritesh Agarwal.

FabHotels reports Rs 219 Cr revenue and Rs 5 Cr loss in FY23

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FabHotels reports Rs 219 Cr revenue and Rs 5 Cr loss in FY23
Medial

Casa2 Stays-owned FabHotels has been keeping itself under the radar for the past couple of years and the firmโ€™s sheer focus on execution appears to have paid off well in the last fiscal year. The 10-year-old company registered 48% growth in its income during FY23 and reduced losses, inching closer to profitability. FabHotelsโ€™ revenue from operations spiked to Rs 219 crore in the fiscal year ending March 2023 from Rs 148 crore in FY22, its annual financial statements filed with the Registrar of Companies show. FabHotels is a chain of budget hotels with more than 600 properties in over 50 cities in India. Revenue from bookings formed 75% of the firmโ€™s total operating collection which grew by 30.2% year-on-year to Rs 164 crore in FY23. The rest of the income came from sales and marketing fees. The company also has an income of Rs 12 crore from non-operating activities. Head to TheKredible for a detailed revenue breakup. The cost of accommodation formed 59% of the overall expenditure which increased by 30.8% to Rs 140 crore in FY23 from Rs 107 crore in FY22. Its employee benefits, commissions, brokerage, website development, legal/professional, and other overheads pushed FabHotelsโ€™ total cost by 47.5% to Rs 236 crore in FY23. Check TheKredible for a complete expense breakdown. The notable growth in scale and controlled cost mechanism helped FabHotels reduce its losses by 16.7% to a mere Rs 5 crore in FY23. Its ROCE and EBITDA margin improved to -33% and -1.7% respectively. On a unit level, the firm spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -4% -1.7% Expense/โ‚น of Op Revenue โ‚น1.08 โ‚น1.08 ROCE -40% -33% FabHotels has raised $65 million across rounds and was last valued at around $141 million. According to data intelligence platform TheKredible, Accel is the largest external shareholder with 21.39% followed by Goldman Sachs and Panthera Growth Partners which command 20.52% and 10.64% respectively. Its co-founders Vaibhav Aggarwal and Adarssh Mnpuria together own 25.84%. FabHotels directly competes with Oyo, Treebo and several mid-segment independent chains. IPO-bound Oyo posted a revenue of Rs 5,464 crore in the last fiscal year while its losses stood at Rs 1,286 crore. Accor-funded Treebo Hotels reported Rs 89 crore income and Rs 3.6 crore loss during the fiscal year ending March 2023. Small is beautiful acquires a whole new meaning to FabHotels and its improving financials. The firm has had to build and survive challenges like the pandemic the hard way, and deserves credit for making it this far. Without the benefit of a generous backer like Softbank, Fabhotels has clearly made every rupee sweat harder to get where it has. With enough headroom for growth with its model, we believe the firm will see much better days ahead.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

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Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
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Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IASโ€™s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

M2P Fintech posts Rs 440 Cr revenue in FY23, losses mount 3.35X

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M2P Fintech posts Rs 440 Cr revenue in FY23, losses mount 3.35X
Medial

Application programming interface (API) infrastructure platform M2P Fintech (formerly Yap), registered a remarkable 10.5X increase in its operating scale in the last two reported fiscal years, zooming to Rs 440.7 crore in FY23 from Rs 41.89 crore in FY21. On a year-on-year basis, M2Pโ€™s revenue from operations surged 2.26X to Rs 440.7 crore in FY23 from Rs 194.74 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. M2P Fintech provides core banking cum loan management system stack and payment tools among others. While payment solutions form 60% of its revenues, the rest of income generated from core banking biz and value added services (VAS). It claims that its solutions are being used by 1,200 firms including banks and fintechs During FY23, the company made money by providing API services, handling payment infrastructure contracts, and processing card transactions. Collection from these services spiked 2.26X to Rs 440.7 crore in FY23 from Rs 194.74 in FY22. M2P also booked an income of Rs 47.17 crore from long-term investments and net change in FVTPL (non-operating income) which pushed its total revenue of Rs 487.87 in FY23. Moving to its cost breakup, technology, card processing and co-branding expenses accounted for 58.92% of the total expenditure. This cost shot up almost 2.2X to Rs 367.23 crore in FY23. The company also burnt Rs 188.28 crore on employee benefits whereas legal-professional fees and traveling conveyance collectively cost Rs 29.28 crore in the fiscal year ending March 2023. Other notable expenses including advertising took M2Pโ€™s total expenditure to Rs 623.3 crore in FY23. As the firm prioritized growth, its losses also mounted 3.35X to Rs 134.26 crore in FY23 from Rs 40.08 crore in FY22. When it comes to ratios, its EBITDA margin and ROCE worsened to -26% and -22.5%, respectively. On a unit level, M2P Fintech spent Rs 1.41 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -17% -22.5% Expense/โ‚น of Op Revenue โ‚น1.26 โ‚น1.41 ROCE -7% -26% As per startup data intelligence platform Thekredible, M2P Fintech has raised debt funding of Rs 35 crore from Anicut capital. Beenext is the largest stakeholder with 13.24% while Tiger Global and Insight partners hold 8.91% and 6.48%, respectively. In January 2022, the Bengaluru-based company raised $56 million in an equity round led by Insight Partners at a valuation of $600 million.

Traya posts 236 Cr revenue in FY24; turns profitable

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Traya posts 236 Cr revenue in FY24; turns profitable
Medial

Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Trayaโ€™s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Trayaโ€™s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%

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Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46%
Medial

Edtech company Vedantu has released its financial results for the fiscal year ending March 2023. The Bengaluru-based firm faced challenges in scaling, with its revenue dropping by 7.8% in FY23. However, the company managed to control its losses by 46% during the same period. Vedantuโ€™s revenue from operations decreased by 7.8% to Rs 153 crore in FY23 from Rs 166 crore in FY22, its consolidated financial statements accessed from the Registrar of Companies (RoC)show. Income from online tutoring of various courses accounted for 94% of its total operating revenue which declined 13.3% to Rs 144 crore in FY23. The rest of the collections comes from the sale of books, hostel fees, and e-learning project income in FY23. The company also made Rs 22 crore from interest and gain on financial assets tallying its total income to Rs 175 crore in FY23. Similar to other large edtech startups, its employee benefits emerged as the largest cost center forming 56.7% of the total expenditure which declined by 35.8% to Rs 314 crore in FY23. The firmโ€™s spending on legal, advertising cum promotional, training, information technology, and overheads pushed its overall expenditure to Rs 553 crore in FY23 from Rs 888 crore in FY22. See TheKredible for the detailed expense breakup. Despite the decline in scale, the Tiger Global-backed company managed to control its advertising and employee benefits which led Vedantuโ€™s losses to decrease by 46.4% to Rs 373 crore in FY23 from Rs 696 crore in FY22. Its ROCE and EBITDA margins stood at -68% and -198.9% respectively. On a unit level, it spent Rs 3.61 to earn a rupee in FY23. FY23-FY24 FY22 FY23 EBITDA Margin -356.97% -199.30% Expense/โ‚น of Op Revenue โ‚น5.35 โ‚น3.62 ROCE -118.31% -68.44% Vedantu has not been able to raise a new round since its last equity funding in September 2021. The company also turned unicorn in the $100 million Series E round. In 2022, the company faced back to back firings and laid off more than 1,000 employees across three-four phases. The company also took over Deeksha, Pedagogy and Instasolv in the 2021-22 period. For Deekshaโ€™s acquisition, it spent around $40 million. In December, Vedantu announced its expansion plan to open more than 30 offline centers for JEE, and NEET in multiple cities across the country.

Amazon India logistics unit posts Rs 4,889 Cr income in FY24

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Amazon India logistics unit posts Rs 4,889 Cr income in FY24
Medial

Amazon Transportation Services reported a marginal growth in its revenue during the fiscal year ending March 2024. At the same time, the company reduced its losses by over 6% during the same period. AmazonTransport Services aka ATSโ€™s revenue from operations grew 7.6% to Rs 4,888.9 crore in FY24 from Rs 4,543.3 crore in FY23, its standalone financial statement sourced from Tofler shows. Apart from operational income, ATSโ€™s other income spiked 66% to Rs 57.3 crore in FY24 from Rs 34.5 crore in the previous fiscal year. This brought the total income for FY24 to Rs 4,946.2 crore. Amazon Transportation Services provides logistics and delivery solutions, supporting Amazon's e-commerce operations. Its services include order pickup, sorting, and last-mile delivery across India. It makes money via offering aforementioned services to Amazon India. The companyโ€™s total expenses excluding depreciation stood at Rs 4,690.8 crore in FY24 from Rs 4,310.2 crore in FY23, marking an 8.8% rise. Depreciation expenses, however, decreased by 10.2%, standing at Rs 313.7 crore for FY24, down from Rs 349.4 crore in FY23. Despite the growth in revenue, ATS managed to reduce its losses by 6.3% to Rs 80.3 crore in FY24 from Rs 85.7 crore in FY23. Its outstanding losses reached Rs 469.8 crore as of the end of FY24. Other equity components, including the share-based compensation reserve, increased 26% to Rs Rs 490.4 crore in the last fiscal year. While ATSโ€™s parent company, Amazon Corporate Holdings continues to support its operations, the persistent losses indicate ongoing challenges in reaching profitability despite YoY revenue growth. In the past five years, Amazon India (through transport services) has expanded its partnership with Indian Railways, increasing from a single train in 2019 to over 120 trains by 2024, now covering 130 intercity routes across 91 cities.

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