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Isprava doubles its revenue in FY24 with hefty profits

EntrackrEntrackr · 9m 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.

Unpacking Oyo profitability and its financial position in FY24

EntrackrEntrackr · 1y ago
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. Oyo’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 firm’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 company’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, Oyo’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/₹ of Op Revenue ₹1.24 ₹1.06 ROCE -8.60% 13.40% With the improved bottom line, Oyo’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 company’s founder Ritesh Agarwal.

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