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Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable

EntrackrEntrackr · 1y ago
Table Space revenue spikes 2X to Rs 780 Cr in FY23; stays profitable
Medial

Co-working space solutions provider Table Space has demonstrated solid financial performance in the last fiscal year as the company’s operating scale grew over 97% and neared the Rs 680 crore revenue mark. At the same time, the Bengaluru-based firm remained profitable during FY23. Table Space’s revenue from operations jumped to Rs 678.5 crore in the fiscal year ending March 2023 from Rs 344 crore in FY22, its consolidated financial statements filed with the RoC show. Founded by Amit Banerji in 2017, Table Space provides customized coworking spaces and claims to have a capacity of more than 10 million square feet with 75 plus centers in over 7 cities including Bengaluru. Rental and lease income formed 75% of the total operating revenue which saw a growth of 69% to Rs 512 crore in FY23 from Rs 303 crore in FY22. Facility management, common area maintenance, and sale of food and beverages were some other revenue drivers for the company. Table Space also earned Rs 90 crore from non-operating activities which tallied its total income to Rs 768.5 crore during the last fiscal year (FY23). See TheKredible for the detailed revenue breakup. Its finance and depreciation costs, concerning the lease accounted for 59% of the overall expenditure which surged 2X to Rs 414 crore in FY23. Table Space’s employee benefits, repair cum maintenance, advertising, legal professional, rent and other overheads catalyzed its overall expense up by 118% to Rs 703.8 crore in FY23 from Rs 321.6 crore in FY22. Head to TheKredible for the complete expense breakdown. The decent scale and two-fold growth in other income helped Table Space to increase its profits marginally to Rs 45.9 crore in FY23 from Rs 44.5 crore in FY22. Its ROCE and EBITDA margin stood at 9% and 62.3%. The company spent Rs 1.04 to earn a rupee in FY23. Table Space has raised around $330 million across several rounds including a $300 million round from Hillhouse. According to the startup data intelligence platform TheKredible, Hillhouse is the largest stakeholder with 31.49%. Its core team including Amit Banerji, Karan Chopra, Srinivas Prasad, and Narendra Kumar Kamaraju commands 56.48% of the company. The company competes with the likes of Smartworks, Awfis, IndiQube, WeWork and others. Table Space continues the trend of co-working platforms delivering strong growth, even as it has seen margins shrink at the same time. But being profitable matters, and the firm is poised to benefit all the more from the growth momentum thanks to that. However, the high income from non operating activities might also not be sustainable, which will put further pressure on the bottomline. All out growth versus well considered growth is still a much better problem to have than growth versus survival, however.

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Baazi Games’ revenue crossed Rs 200 Cr in FY23; profit grew nearly 4X

EntrackrEntrackr · 1y ago
Baazi Games’ revenue crossed Rs 200 Cr in FY23; profit grew nearly 4X
Medial

Baazi Games—which runs skill-based real money gaming platforms PokerBaazi, SportsBaazi, and CardBaazi—saw its scale jump nearly five-fold between FY21 and FY23. With this, the company joins the list of leading players in the space that have earned over Rs 200 crore in topline and are also profitable. Some of the top profitable companies in the real-money gaming space are Dream11, Gameskraft, A23, and Gameberry Labs. Baazi Games’ revenue from operations grew 2.8X to Rs 232 crore during the fiscal year ending March 2023 in sharp contrast with Rs 83 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Established in 2014, Baazi Games operates skill gaming platforms including PokerBaazi, SportsBaazi, and CardBaazi. PokerBaazi is an online poker platform, while CardBaazi offers a variety of card games. SportsBaazi, formerly BalleBaazi, allows users to play live games while watching sports. The company also has other ventures like CasinoKart, PB School, Baazi Poker, and Tour. It made 99% of its revenue through gaming while the remaining part came from the sale of traded goods and services. To get some visibility in the market, Baazi Games also spent most of its expenses on advertising, similar to the other players in the space. This cost jumped 3.4X to Rs 118 crore during FY23 from Rs 34.41 crore in FY22. Outsourcing and subcontracting costs for the company also ballooned multi-fold to Rs 46.68 crore in FY23. Spending on employee benefits spiked 2X to Rs 20.88 crore during the year from Rs 10.16 crore in FY22. The company also spent a significant amount on the payment gateway, website, server charges, and more. Overall, the total expenditure of the company surged 2.7X to Rs 210 crore in FY23 from Rs 78 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance about the company. Despite rising expenses, the company managed to grow its bottom line by a significant margin. Its profits grew 3.8X to Rs 17.46 crore during FY23 as compared to Rs 4.53 crore in FY22. However, the operating cash flows of the company declined 68% to Rs 15.28 crore during the last fiscal year. The EBITDA margin and ROCE of the company also improved to 10.36% and 67.45%, respectively, during the year which can be ascribed to the up trend in scale. FY22-FY23 FY22 FY23 EBITDA Margin 7.63% 10.36% Expense/₹ of Op Revenue ₹0.94 ₹0.91 ROCE 36.91% 67.45% On a unit level, the Baazi Games spent Re 0.91 to earn a rupee of operating revenue in FY23.

Infra.Market posts Rs 11,846 Cr gross revenue in FY23; remains profitable

EntrackrEntrackr · 1y ago
Infra.Market posts Rs 11,846 Cr gross revenue in FY23; remains profitable
Medial

Construction goods and services platform Infra.Market maintained its growth trajectory with over 9X surge in gross scale during the last two fiscal years, rising from Rs 1,240 crore in FY21 to Rs 11,846 crore in FY23. Despite the hyper-growth, the Mumbai-based company has remained profitable for the past several fiscal years. While the firm’s profit dipped nearly 17% in FY23, Infra.Market’s gross revenue surged 90% to Rs 11,846 crore in the said fiscal year from Rs 6,236 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. Infra.Market sells construction materials, infrastructure goods, and technical equipment which accounted for over 96% of its total operating revenue. Collections from these verticals grew nearly 89% to Rs 11,383 crore in FY23 from Rs 6,002 crore in FY22. The company has over 4,000 retail stores with more than 25 exclusive brand outlets across 22 states which is backed by over 100 dedicated manufacturing units. The cost of procurement of materials formed 86% of the overall expenditure. This cost surged 82.1% to Rs 9,974 crore in FY23. As the company hired aggressively to keep up with the growth, its employee benefits grew around 2X to Rs 279 crore in FY23. Infra.Market freight, legal-professional, power-fuel, information technology, and other overheads pushed its total expenditure up by 91.6% to Rs 11,607 crore in FY23 from Rs 6,058 crore in FY22. Check TheKredible for the detailed expense breakup. The notable growth and controlled cost helped Infra.Market to maintain profits which stood at Rs 155 crore during the previous fiscal year. Its ROCE and EBITDA margin stood at 15% and 5.7%, respectively. On a unit level, it spent Rs 0.98 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 6% 5.7% Expense/₹ of Op Revenue ₹0.97 ₹0.98 ROCE 10% 15% Infra.Market has raised over $500 million across rounds in a mix of equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global is the largest external stakeholder with 21.33% stake followed by Accel and Nexus Ventures which command 16.87% and 8.46% shares, respectively. Head to TheKredible to see the complete shareholding. In the B2B e-commerce (industrial supply) business, Infra.Market competes with the likes of Zetwerk, OfBusiness and Moglix. Zetwerk’s gross revenue from operations grew 130% to Rs 11,448.6 crore in FY23 with a loss of Rs 108 crore. OfBusiness emerged as the largest player in this space with Rs 15,342 crore revenue and Rs 463 crore profit while Moglix reported Rs 4,595 crore in revenue and Rs 193 crore loss in the last fiscal year. With all key players achieving significant balance sheet size on the back of positive PAT or small losses, the segment is set to consolidate, with the possibility of smaller players being absorbed by the top 3 or 4. The category as a whole has enough space to grow, considering the small size of the organised sector and the many emerging opportunities from India’s push to be a manufacturing hub. Players will be willing to bide their time before they seek margin improvement, as they strengthen their positions in their key segments. Be it Zetwerk in say, renewable energy, or construction industry for another etc. Comfortably placed among the top 3, Infra.Market can be expected to continue to deliver healthy topline growth on the back of a fast growing economy in India. Faster bottomline growth or better margins will require a lower share for procurement of materials, something that we believe will not happen quickly.

Flipkart-owned Cleartrip spent Rs 988 Cr to earn Rs 97 Cr in FY24

EntrackrEntrackr · 11m ago
Flipkart-owned Cleartrip spent Rs 988 Cr to earn Rs 97 Cr in FY24
Medial

While all online travel agents (OTAs) including MakeMyTrip, Ixigo, Yatra and EaseMy Trip have been profitable for past several quarters, Cleartrip has recorded over Rs 800 crore loss in the fiscal year ending March 2024, despite achieving 98% year-on-year revenue growth. For background, Cleartrip was acquired by Flipkart in April 2021 for $40 million in a distress sale. Cleartrip’s net revenue from operations grew by 98% to Rs 97 crore in FY24 from Rs 49 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Focusing on its gross operations, Cleartrip collected Rs 369 crore in service charges from customers and Rs 240 crore in commissions and incentives in FY24. However, the company provided discounts totaling Rs 525 crore on its services and incentives, which was unexpected and brought its net operating revenue down to Rs 97 crore for FY24. This covers the revenue side; now let’s look at the major cash burn for the Flipkart-owned company in FY24. Cleartrip allocated 40% of its total costs to employee benefits in FY24, which surged by 61.3% to Rs 400 crore. This amount includes Rs 180 crore in non-cash ESOP costs. Excluding ESOPs, Cleartrip’s expenditure on salaries and wages stood at Rs 220 crore in the fiscal year ending March 2024. The firm spent Rs 128 crore on advertising and marketing, while its commissions and brokerage costs amounted to Rs 70 crore in FY24. Cleartrip also allocated Rs 91 crore to payment gateway charges, which is notable given that its revenue stood at only Rs 97 crore. Its outsourcing, information technology, legal and other overheads took the overall cost up by 26.7% to Rs 988 crore in FY24 from Rs 780 crore in FY23. See TheKredible for the detailed expense chart. Cleartrip refused to comment on queries sent by Entrackr. The increase in overall cost outpaced the revenue growth which led its losses to increase by 18.4% to Rs 810 crore in FY24, compared to Rs 684 crore in FY23, while its EBITDA margin stood at-399%. In FY24, its expense-to-earning ratio was recorded at Rs 10.1 as compared to Rs 15.9 in the previous fiscal year. On the competition side, MMT reported revenue of $792 million (Rs 6,650 crore) in FY24, along with $216.7 million (Rs 1,820 crore) in profits. Meanwhile, Ixigo, EaseMyTrip, and Yatra have recorded Rs 656 crore, Rs 590 crore, and Rs 448 crore in revenue, respectively.

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%

EntrackrEntrackr · 9m ago
FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23%
Medial

FabHotels gross revenue crosses Rs 550 Cr in FY24, losses widen 23% Casa2 Stays, the parent firm of FabHotels, reported a 34% increase in gross revenue for the fiscal year ending March 2024. However, its loss rose by 23%, driven by a twofold increase in employee benefit expenses. FabHotels’ gross revenue increased to Rs 552 crore in FY24 from Rs 412 crore in the previous fiscal year (FY23), according to its financial statement sourced from the Registrar of Companies (RoC). The revenue for FY23 appears different this year as it marks FabHotels’ first set of financial statements prepared in compliance with Indian Accounting Standards (Ind AS). FabHotels, a budget hotel chain with over 600 properties across more than 50 cities in India, generated 99.4% of its gross revenue from accommodation bookings. Gross revenue increased by 33.35% to Rs 549 crore in FY24. Meanwhile, other revenue sources contributed Rs 3.3 crore. The company also recorded an additional income of Rs 11 crore from interest on deposits and liabilities written off, which pushed its overall revenue to Rs 563.6 crore in the last fiscal year. Accommodation expenses remained the largest cost component forming 74% of the overall cost, which grew by 32% to Rs 435 crore. FabHotels’ employee costs shot up 2X to Rs 92 crore in FY24. This includes Rs 15 crore as ESOP cost. Its commission expenses rose by 8% to Rs 27 crore, while other costs added Rs 34 crore. Overall, total expenses grew by 38.5% to Rs 588 crore in FY24 from Rs 424.7 crore in FY23. The two-fold jump in employee benefits led FabHotel to increase its losses by 23% to Rs 114 crore in FY24, compared to Rs 93 crore in FY23. Its ROCE and EBITDA Margin were recorded at -84.09% and -19.52%, respectively. On a unit basis, the company spent Rs 1.06 to earn a rupee of revenue. At the end of FY24, FabHotel’s current assets stood at Rs 172 crore, including cash and bank balances worth Rs 94 crore. FabHotel has raised around $70 million to date. Accel is the largest external stakeholder with 21.39% followed by Goldman Sachs. FabHotels competes directly with Treebo and Bloom Hotels. In FY24, Treebo surpassed Rs 100 crore in revenue, while Bloom Hotels achieved a 73.6% increase in operational revenue to Rs 250 crore and recorded a profit of Rs 14 crore. FabHotels, with its budget offerings and reach, faces a moment of truth to deliver sustainable profitability that can power future growth. The hospitality sector leaves very little margin for major misses now. FabHotels has placed its bets, with little leeway to change much now. Judgement awaits in the next few months and year, perhaps.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

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