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CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25

EntrackrEntrackr · 5m ago
CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25
Medial

CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25 CarTrade released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Wednesday. The company reported a 26% year-on-year revenue growth compared to Q3 FY24, with a major turnaround in its bottom line. CarTrade’s revenue from operations surged 26.6% to Rs 176 crore in Q3 FY25 in contrast to Rs 139 crore in Q3 FY24, as per the firm’s unaudited consolidated financial results sourced from the National Stock Exchange (NSE). The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. Income from the consumer segment formed 39% of the total operating revenue which increased to Rs 68 crore in Q3 FY25 from Rs 50 crore in Q3 FY25. Income from the remarketing and classified segment stood at Rs 58 crore and Rs 50 crore in the third quarter of the ongoing fiscal year. CarTrade also added Rs 17 crore from other non-operating businesses which tallied its overall revenue to Rs 193 crore in Q3 FY25, compared to Rs 152 crore in Q3 FY24. On the expense front, employee benefits expenses formed 53% of the overall spending which went up a modest 7.3% to Rs 73 crore during the period. This cost also includes share-based expenses of Rs 3.36 crore. CarTrade’s overall expenses increased 12% to Rs 140 crore in Q3 FY24 from Rs 125 crore during Q3 FY24. The strong growth and controlled spending enabled CarTrade to achieve a turnaround and post a net profit of Rs 45.5 crore in Q3 FY25, compared to a loss of Rs 23.5 crore in Q3 FY24. However, the company had already recorded a revenue of Rs 472 crore and a net profit of Rs 99 crore during the nine months of the ongoing fiscal year. CarTrade recorded a 4.78% hike in its share price today and is trading at Rs 1,433.3 (as of 12:47) with a total market capitalization of Rs 6,789 crore or $800 million.

McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%

EntrackrEntrackr · 3m ago
McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%
Medial

McCain India’s revenue from operations increased by a modest 3% YoY growth to Rs 1,214 crore in FY24, as per its standalone financial statements sourced from the Registrar of Companies (RoC). Among fried snack brands in India, McCain is a major player. The brand has expanded its portfolio to include a range of options, with revenues surpassing Rs 1,200 crore in FY24. Revenue from operations was Rs 1,172 crore in FY23. Income from the sale of its fried products was the sole revenue for McCain. It sells its products through retail, foodservice partnerships, and digital channels such as BlinkIt, Swiggy Instamart, and Zepto. The company also added Rs 31 crore, mainly from interest on deposits, resulting in an overall revenue of Rs 1245 crore in FY24, compared to Rs 1189 crore in FY23. Material procurement remained the largest cost driver, accounting for 43.8% of total expenses, rising to Rs 493 crore in FY24. Employee benefit expenses grew by 19%, reaching Rs 100 crore in FY23. Advertising cost surged by 63% to Rs 88 crore in FY24. Total expenditure was Rs 1,125 crore in FY24, up from Rs 1,020 crore in FY23. Net profits reduced by 29.4% to Rs 89 crore in FY24, compared to Rs 126 crore in FY23. Its ROCE and EBITDA margin stood at 15.28% and 4.58% respectively. It spent Rs 0.93 per rupee earned in FY24.

Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%

EntrackrEntrackr · 7m ago
Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%
Medial

Pratilipi demonstrated strong financial performance in the last fiscal year, with the company's revenue spiking nearly 66%. Moreover, the Bengaluru-based storytelling platform reduced its losses by over 62% during the fiscal year ending in March 2024. Pratilipi ’s revenue from operations grew to Rs 57.8 crore in FY24 from Rs 35 crore in FY23, its financial statement filed with the RoC shows. Pratilipi is an online storytelling platform which essentially focuses on text and audio storytelling in Indian languages such as Hindi, Gujarati, Bengali, Marathi, and Malayalam across various formats including audiobooks, podcasts, comics, web series and movies. Revenue from content and premium subscription services soared 2X to Rs 34.97 crore in FY24 and accounted for 60.5% of total operating revenue. Brand advertising services grew by 79% to Rs 7.53 crore, while the sale of books went up by 62% to Rs 10.62 crore in the last fiscal year. The company made an additional Rs 70 lakh from interest income which pushed its total revenue to Rs 58.5 crore in FY24. Looking at the expenses, employee benefit expenses, the largest cost segment, dropped by 21% to Rs 46.94 crore in FY24. Advertising expenses saw a steep decline of 62% to Rs 19.36 crore in the last fiscal year . Cloud services and software charges also fell down significantly. Overall, Pratilipi’s total expenses fell by 39% to Rs 116.7 crore in FY24. Due to tight control in expenses, the company’s net loss decreased by 62% to Rs 58.13 crore in FY24 from Rs 152.6 crore in FY23. Its ROCE and EBITDA margin stood at -81.01% and -89.74%, respectively. On a unit basis, Pratilipi spent Rs 2.02 to earn a rupee in FY24. The company reported Rs 2.3 crore in cash and bank balances and had a current asset of Rs 33.26 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised over $80 million to date. Its leading investors include Krafton, Nexus Venture Partners, Omidyar Network, Shunwei Capital and Tencent. Pratilipi's CEO, Ranjeet Pratap Singh, recently said that the company aims to launch an initial public offering (IPO) in January 2026, depending on market conditions. He also mentioned plans to raise $12 million in a pre-IPO funding round, potentially at a lower valuation.

Allen nears Rs 3,500 Cr revenue in FY24, profit shrinks 44%

EntrackrEntrackr · 7m ago
Allen nears Rs 3,500 Cr revenue in FY24, profit shrinks 44%
Medial

Offline coaching institutes have been finding it tough to scale their profits, and Allen Career Institute is no exception. The Bodhi Tree-funded firm reported a 44% year-on-year decline in profit for the fiscal year ending March 2024. In the second half of this story, we’ll delve into the expense patterns that led to this decline. For now, let’s focus on its revenue and sources. Allen’s revenue from operations increased 42% to Rs 3,244.7 crore in FY24, as compared to Rs 2280.8 crore in the previous fiscal year, its financial statement filed with the Registrar of Companies shows. This growth was driven by a 42.2% increase in service income, reaching Rs 3,215 crore, which accounted for 99% of the revenue, and a 51% rise in product sales to Rs 8 crore. Income from product sales vertical grew by 51.4% year-on-year in the last fiscal year. With a 98.9% increase in interest income, the company’s total revenue reached Rs 3,473.2 crore in the last fiscal year. Employee benefit costs were the largest expense for the company, rising 68% to Rs 1958 crore in FY24. The cost of materials increased by 74.2% to Rs 123.5 crore. However, its marketing expenses spiked by 2.3X to Rs 117.9 crore. Overall, the company’s total expense surged 63% to Rs 3252 crore in FY24 from Rs 1993 crore in FY23. Due to higher spending and relatively lower revenue growth, the company’s profit declined by 44%, falling to Rs 135.9 crore in FY24 from Rs 243.7 crore in FY23. While its EBITDA remained stable at Rs 629.8 crore, margins declined to 18.13% in the last fiscal year. Further, the firm’s ROCE declined to 9.26% from 14.7% in FY23. On a unit basis, Allen spent Re 1 to earn a rupee of operating revenue in the fiscal year ending March 2024. Allen's financial position remained stable, with total assets rising by 10.8% to Rs 5,759 crore and cash and bank balances improving by 19.8% to Rs 1,958 crore. Current assets also grew by 8.2% to Rs 2,795 crore, while capital employed expanded by 15.9% to Rs 3,630 crore. While Allen maintained revenue growth and a stable financial position, the significant rise in costs and a drop in margins underline the challenges of scaling in the offline coaching industry. The decline in profitability signals a need for further optimization as the company navigates an evolving education sector landscape. Allen Career Institute is reportedly in early discussions to acquire Unacademy amid a 31% year-on-year decline in admissions to Kota-based institutes in 2024. The waning popularity of the city-based coaching culture is set to impact the top and bottom lines of Allen, and FIITJEE(FY25). However, they remain better positioned compared to their online counterparts, Byju's and Unacademy. FIITJEE, Allen's closest competitor, operates at approximately one-fourth of Allen's scale. While FIITJEE has yet to disclose its FY24 financials, it reported a 21% year-on-year revenue growth to Rs 542 crore in FY23. In the same fiscal year, Allen's income stood at Rs 2,277 crore. Another competitor, Aakash, which was acquired by BYJU'S, anticipated crossing the Rs 3,000 crore revenue mark in FY23. However, its audited financials for FY23 and FY24 are yet to be released. Allen’s PE deal in some ways marked the peak of the edtech boom, as the last of the large firms that had held out until then before taking the plunge. It is showing signs of the same, with pressure to spend their way to some sort of leadership, even at the cost of margins that the firm always had before the funding. The Unacademy deal, if it works out, will be yet another investor-backed deal no doubt, to beef up the balance sheet size. Will that really be the solution the firm is looking for to combat future risks? One has to wonder, considering just how fast the market is evolving, and the challenges of integrating such a firm within the Allen culture.

Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double

EntrackrEntrackr · 4m ago
Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double
Medial

Fintrackr All Stories Cyber attack hits Safexpay in FY24: revenue shrinks 67%, losses double Mumbai-based fintech company Safexpay faced a tough fiscal year in FY24, with its revenue dropping sharply by 67% after its payment gateway was hacked in October 2023. Meanwhile, the company's losses doubled during the same period. Safexpay's operating revenue declined by 67% to Rs 88.5 crore down from Rs 269.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Safexpay operates as a fintech company providing payment gateway solutions, digital banking, and API-based payment infrastructure for businesses, enabling secure transactions, recurring payments, and multi-currency support across various payment methods. The steep decline in revenue was mainly due to a sharp reduction in payment gateway transaction volumes, which led to a 79.57% drop in related income. Notably, the company's payment gateway was hacked, leading to significant financial and reputational damage. According to media reports, the Thane Police are investigating a Rs 16,180 crore scam linked to the breach. On the cost side, Safexpay’s total expenses decreased by 52.41% to Rs 143 crore in FY24 from Rs 300.5 crore in FY23. Employee benefit expenses fell by 17.46% to Rs 26 crore, while payment gateway charges, the firm's largest cost component, dropped by 79.57% to Rs 48 crore. Due to a hack in its core payment gateway business, legal expenses surged 5.5X to Rs 11 crore, while bad loans increased nearly tenfold to Rs 16 crore. The company also incurred a cost of Rs 21 crore after hackers breached Safexpay’s account and siphoned off the funds. Despite cost-cutting measures, Safexpay struggled to offset revenue declines, causing its net loss to widen to Rs 44 crore in FY24, compared to Rs 22 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margin deteriorated to -186% and -42.12%, respectively. On a unit level, the firm spent Rs 1.62 to earn a single rupee in FY24. The Mumbai-based company reported current assets worth Rs 77 crore in FY24 which included Rs 10.5 crore in cash and bank balance. According to TheKredible, Safexpay has raised a total of $6 million of funding to date having Ardor Advisors and Choithram International as its lead investors. The company’s founder owns 44% of the company. The hit that Safexpay is having to endure is the kind of blow that can be fatal. Especially in the fintech business where one could argue that credibility is worth a lot more than money in the bank in this case. Safexpay faces a battle for survival no doubt, and one would have to say that the odds are lengthening unless it can find a long-term backer.

Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr · 6m ago
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. Traya’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. Traya’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.

Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24%

EntrackrEntrackr · 1y ago
Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24%
Medial

After years of stagnant growth and change in business, Hike posted a notable increase in its scale in the last fiscal year. Hike’s Rush Gaming Universe (RGU)—which hosts multiple skill-based casual games—grew nearly 8X and crossed the Rs 150 crore revenue mark in FY23. The firm’s losses, however, also stood close to Rs 150 crore in the same period. Hike’s revenue from operations skyrocketed 7.8X to Rs 150.5 crore during the fiscal year ending March 2023 as opposed to Rs 19.21 crore in FY22, according to its standalone financial statement with the RoC. Hike generates revenue from commission on entry fees, winning amount and membership fees for joining the application as a VIP member. Previously, Hike used to be a P2P messaging application but in January 2021 it shut down the product and switched to a different domain by introducing two new platforms Vibe and Rush. Vibe is a social media platform to watch videos together whereas Rush is a real money skill-based gaming platform which hosts multiple casual games. The company also earned Rs 1.4 crore via interest and gain on investments and other non-operating income during the year. Including these, its overall revenue reached nearly Rs 152 crore in FY23. As per startup data intelligence platform TheKredible, marketing expenses emerged as the largest cost element for Hike which grew 4X to Rs 142.65 crore in FY23 from Rs 35.86 crore in FY22. Its employee benefit expenses accounted for 35% of the total expenditure and went up 46.2% to Rs 104.42 crore in FY23. Importantly, this cost also includes employee share based payment (settled in equity) of Rs 26.71 crore. Due to the GST crackdown on real money gaming companies coupled with a challenging funding environment, Hike’s Rush Gaming Universe (RGU) had fired around 55 people or 22% of the total workforce. To check complete Expense Breakdown visit thekredible.com View full data Hike’s expenses on server, information technology consultancy, payment gateway and other overheads catalyzed its total expenditure by over 2X to Rs 299.3 crore in FY23 as compared to Rs 140.4 crore in FY22. Visit TheKredible for complete expense breakdown and YoY performance. Despite rising expenses, the company’s losses didn’t increase at that pace. Its losses increased 24% to Rs 147.3 crore during FY23 as compared to Rs 118.7 crore in FY22. Moreover, its outstanding losses mounted to Rs 1,923 crore in the last fiscal year. Hike’s cash outflows from operations, however, declined by 9.5% to Rs 94.5 crore during FY23. Its EBITDA margin improved to -93.92% during the year which can be ascribed to the rising scale. FY22-FY23 FY22 FY23 EBITDA Margin -525% -93.92% Expense/₹ of Op Revenue ₹7.31 ₹1.99 ROCE -61.20% -136.21% On a unit level, the firm spent Rs 1.99 to earn a rupee of operating revenue in FY23. Hike turned unicorn in 2016 when Temasek led a $175 million funding round at a $1.4 billion valuation. In January 2021, it shut down its chat services to enter the real money skill-based gaming space. Since then, it has raised three undisclosed funding rounds from various investors. Its last funding round came in May 2022 led by Web3 investor Jump Crypto to develop Rush Gaming Universe (RGU) — a web3 based social gaming metaverse. Hike’s efforts to find a perfect fit seem to have paid off as the company generated a healthy revenue — even though it took a long time to get there. The company’s losses, however, are still a point of concern. From the time it first raised money in 2013 to the present day, Hike has seen its earliest investor Bharti Airtel grow five times in revenue. Even Softbank, the other early backer, has written off its interest in the firm sometime back as inconsequential. While that takes some pressure off, there is no denying that its legacy weighs heavily on Hike, even when it seemingly is the closest to discovering a viable business model. Will it be able to sustain this new momentum long enough to finally deliver a worthwhile return to any of its investors? Time will tell.

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