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Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses

EntrackrEntrackr · 8m ago
Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses
Medial

Tata 1mg, the digital healthcare platform backed by Tata Digital, continued its growth trajectory in the fiscal year ending March 2025 while straining its losses. Tata 1mg’s consolidated revenue rose 22% to Rs 2,392 crore in FY25 from Rs 1,968 crore in FY24, according to Tata Sons’ Annual Report for the fiscal year. Tata 1mg is a health tech startup for online orders of allopathic, ayurvedic, homeopathic medicines, vitamins, nutrition supplements, and other health products, delivered to the home. 1mg’s revenue was split across two entities: Tata 1mg Technologies, which clocked Rs 2,016.5 crore, and Tata 1mg Healthcare Solutions, which contributed Rs 375.5 crore in FY25. The company's total cost rose by 17% to Rs 2682 crore in FY25, up from Rs 2303 crore in FY24. The Gurugram-based company posted a consolidated loss of Rs 276 crore in FY25, 12% lower than the Rs 313 crore loss reported in FY24. On a unit basis, the company spent Rs 1.12 to earn a rupee of operating revenue in FY25. On the asset side, Tata 1mg reported total assets of Rs 2,025 crore at the end of FY25 while its total liabilities reached Rs 1,190 crore. In the e-health space, Tata 1mg competes with Reliance-backed Netmeds, PharmEasy, and Apollo 24/7. Tata Digital acquired a 55% stake in 1mg in June 2021 but has since gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg, which was last valued at 1.25 billion. Tata Digital reported a standalone revenue of Rs 546.9 crore and a loss of Rs 827.5 crore in FY25, indicating continued investment in its digital commerce bets including 1mg and other verticals such as BigBasket, Cult.fit, and the recently launched Tata Neu.

Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75%

EntrackrEntrackr · 1y ago
Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75%
Medial

Tata 1mg chased growth during FY22 and FY23 and its collection spiked over two-fold in both fiscal years. But the company appears to have prioritized the bottom line in the fiscal year ending March 2024. As a result, its revenue grew by only 21%, and at the same time it cut down losses by 75% in FY24. Tata 1mg’s revenue from operations increased to Rs 1,968 crore in FY24 from Rs 1,627 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Income from the sale of medicines formed 81.3% of Tata 1mg’s total revenue which increased 24% to Rs 1,599 crore in FY24. Lab test fees, patient support programme, advertising, shipping, were other revenue drivers for the Gurugram-based firm. The Prashant Tandon-led company also earned Rs 23 crore from interest, gain of financial assets, and other miscellaneous avenues which pushed its total income to Rs 1,991 crore in FY24. See TheKredible for the detailed revenue breakup. Since 1mg operates with inventory, the cost of procurement of medicines accounted for 56% of the overall expenditure. This cost grew by just 8.5% to Rs 1,289 crore in FY24. Tata 1mg’s spends on employee benefits, information technology, legal, advertising, commissions, packaging, fulfillment, and other overheads took its total cost up by 20.4% to Rs 2303 crore in FY24. Head to TheKredible for the complete expense breakdown. The decent scale and controlled cost helped Tata 1mg to reduce losses by 75% to Rs 313 crore in FY24 from Rs 1,255 crore in FY23. Its EBITDA margin stood at -10.85% in FY24. On a unit level, Tata 1mg spent Rs 1.17 to earn a rupee in the previous fiscal year. Cevat: The primary reason for the substantial losses in FY23 was the FVTPL cost (non-cash in nature), which amounted to Rs 668 crore. Tata Digital acquired a 55% stake in 1mg in June 2021 but since then it gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg which was last valued at 1.25 billion. As per Fintrackr’s estimates, its enterprise value to revenue multiple stood at 4.87X. FY23-FY24 FY23 FY24 EBITDA Margin -71.66% -10.85% Expense/₹ of Op Revenue ₹1.78 ₹1.17 ROCE -341.99 NA While the focus on bottomline is understandable as part of a large umbrella like the Tata Group, where freedom is proportional to financial performance,Tata 1mg’s cost control measures have another reason. It is probably no longer worthwhile to acquire customers at a high cost where customers have basically flunked the loyalty test. That has made most e-commerce players a lot more reticent about indiscriminate discounting and the likes in favor of much more data led, targeted campaigns. Of course, with a turkey as large as Tata Neu around, one would expect Tata 1mg to get a lot more leeway however.

Redcliffe Labs crosses Rs 350 Cr revenue in FY24, narrows losses significantly

EntrackrEntrackr · 1y ago
Redcliffe Labs crosses Rs 350 Cr revenue in FY24, narrows losses significantly
Medial

Online diagnostic platform Redcliffe, backed by Leapfrog Investments, reported modest growth during the fiscal year ending March 2024, achieving a 28% reduction in losses, largely attributed to a significant cut in advertising and material costs. Redcliffe’s revenue from operations grew by 11% to Rs 348.38 crore in FY24 from Rs 313.86 crore in FY23, as per its consolidated financial statements sourced from the Registrar of Companies (RoC). Redcliffe Labs operates a network of laboratories specializing in pathological testing across various branches of biochemistry and radiology. Around 98% of its operating revenue came from these services, contributing Rs 341.02 crore in FY24. The sale of products and other operating income accounted for Rs 2.16 crore and Rs 5.20 crore, respectively, during the last fiscal year. The company’s total income crossed Rs 353 crore in FY24 with other non-operating income worth Rs 5.3 crore including interest income and excess provisions written back. The Noida-based company’s advertising costs fell by 45% to Rs 65.38 crore, and material costs, which declined by 15% to Rs 106.31 crore in FY24. However, there was a notable increase in laboratory test charges and depreciation costs which grew by 62.2% and 3X respectively. Overall, the company successfully controlled its total expenses, which dropped 14% to Rs 556.16 crore in FY24 from Rs 647.30 crore in FY23. In the end, the company managed to decrease its losses by 28% to Rs 250 crore in FY24 from Rs 345 crore in FY23. Its ROCE and EBITDA margin stood at -544.68% and -57.55%, respectively. On a unit basis, Redcliffe Labs spent Rs 1.6 to earn a rupee in FY24. Redcliffe recorded cash and bank balances of Rs 15.87 crore and had current assets worth Rs 89.64 crore as of FY24. According to TheKredible, Redcliffe Labs has amassed total funding of $113 million to date, including investments from LeapFrog. The company recently secured $42 million in a Series C funding round and acquired Bengaluru-based Celara Diagnostics for approximately $7 million. Entrackr exclusively reported the development. Among venture-funded companies, Redcliffe competes with PharmEasy-owned Thyrocare, Healthians, and 1mg. Tata 1mg’s revenue from operations increased to Rs 1,968 crore in FY24 from Rs 1,627 crore in FY23 while Healthians achieved EBITDA profitability with Rs 243 crore revenue in FY24. Thyrocare, which is a public company, reported 20% jump in revenue to Rs 177.4 crore in Q2 FY25 with a profit after tax of Rs 26.4 crore. While founded in 2018, Redcliffe Labs saw real interest, and backing for its plans in the year after Covid struck, when diagnostic labs were considered as good as money printing machines by some investors. That has meant the usual spike in funding, followed by the struggle we are seeing in the past two years, as momentum has all but died out, and much like edtech, the legacy players including hospitals have fought back to reclaim their space. On a smaller base as compared to its peers, Redcliffe’s topline growth remains unimpressive, and the bottomline pressure will continue to hurt. While it has done its own share of acquisitions to buy its way out of stagnation, that has clearly not worked, to no one’s surprise. The whole category faces a challenge of growth today, even if the overall size is much much larger than pre-2020, and looks set to remain that way. The only issue is the scramble for share among many more players, including those who raised money at hefty post-covid valuations, making growth difficult. Despite many promises, no firm has stood out for a breakthrough offering like faster speed, lower costs or specialised accurate diagnosis, to stand out. Fy25 promises to be yet another year of attrition, and for Redcliffe, the best hope might yet remain a respectable acquisition by a larger player, than trying to cut its own pathway ahead.

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%

EntrackrEntrackr · 6m ago
Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37%
Medial

Flipkart Internet reports Rs 20,493 Cr revenue in FY25; losses down 37% Flipkart Internet, the B2B arm of Walmart-owned Flipkart, reported a 14% year-on-year rise in revenue, crossing the Rs 20,000 crore mark in the fiscal year ending March 2025. The Bengaluru-based firm also reduced its losses by 37%, bringing them below Rs 1,500 crore during the same period. Flipkart Internet’s revenue from operations increased to Rs 20,493 crore in FY25, from Rs 17,907 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Flipkart’s revenue is driven by marketplace, logistics, and advertising services. Income from marketplace services more than doubled to Rs 7,751 crore in FY25 from Rs 3,734 crore in FY24, contributing 38% to operating revenue. Advertising income surged 27% to Rs 6,317 crore, making up 31% of the topline. However, revenue from logistics services declined by 38% to Rs 4,224 crore, reducing its share to 21%. The firm made an additional Rs 314 crore from non-operating sources, which pushed its total revenue to Rs 20,807 crore in the last fiscal year (FY25). On the cost side, the largest cost head remained logistics service charges, which increased 9% to Rs 7,144 crore, accounting for 32% of total expenses. Employee benefit expenses declined 8% to Rs 4,748 crore, while marketing costs rose sharply by 37% to Rs 4,100 crore, making up 18% of overall costs. Collection charges stood at Rs 2,693 crore (12.1% of expenses) and legal/professional fees at Rs 1,394 crore. Overall, Flipkart Internet’s total expenses grew 8% to Rs 22,311 crore in FY25 from Rs 20,627 crore in FY24. Flipkart Internet managed to cut its losses by 37% to Rs 1,494 crore in FY25, from Rs 2,359 crore in FY24. Its EBITDA losses narrowed to Rs 1,078 crore in FY25 from Rs 1,869 crore in FY24, with the EBITDA margin improving from -10.25% to -5.18%. On a unit level, Flipkart spent Rs 1.09 to earn a rupee in FY25, better than Rs 1.15 in FY24. The company’s current assets stood at Rs 11,952 crore, while cash and bank balances rose to Rs 187 crore.

Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24

EntrackrEntrackr · 1y ago
Amazon India marketplace posts Rs 588 Cr adjusted EBITDA in FY24
Medial

Amazon India’s marketplace revenue has continued to outpace Flipkart Marketplaces, with collections from its platform and related services crossing the Rs 25,000 crore mark and registering an adjusted EBITDA of Rs 588.6 crore in FY24. However, Flipkart’s top-line growth was significantly higher than that of Amazon Seller Services during the fiscal year ending March 2024. Amazon India’s revenue from operations grew 14.5% to Rs 25,406 crore in FY24 in contrast to Rs 22,198 crore booked in FY23, its standalone financial statements filed with the Registrar of Companies show. The entity generated 82.4% of the revenue from marketplace services while the remaining came from the services rendered to related parties including platform services, marketing, and royalty revenues. The firm also generated a non-operating income worth Rs 186.8 crore, pushing the overall revenue to Rs 25,592.8 crore in FY24. Amazon Seller Services is engaged in marketplace and marketing support services. Its ultimate holding company is Amazon.com, Inc., which is based in the United States of America. Moving over to the spending, delivery charges were the largest cost element forming 25.8% of the total expenses. The cost went up 9.1% to Rs 7,487.9 crore in FY24 from Rs 6,863.1 crore in FY23. Sales promotion and legal cum professional costs were the other two significant elements which formed around 12% each and stood at Rs 3,586.1 crore and Rs 3,530.2 crore, respectively, in FY24. During the year, Amazon Seller Services spent Rs 2,771.2 crore on employee benefits which also include share-based payments (ESOP cost) of Rs 682.7 crore. Amazon India marketplace arm’s total expenses increased 6.5% to Rs 29,062.3 crore during FY24 from Rs 27,283.6 crore in FY23. In the end, the company managed to control its losses by 28.5% to Rs 3,469.5 crore in FY24 as compared to Rs 4,854.1 crore in FY23. Its operating cash flows also turned positive to Rs 724.1 crore during the last fiscal year against Rs -1,542.1 crore in FY23. It is worth noting that the company reported an EBITDA loss of Rs 94.1 crore in FY24, excluding the ESOP cost (non-cash expenses), the company turned profitable on the operational level with an adjusted EBITDA of Rs 588.6 crore during the year. The highlights of the improved bottom line can also be seen in the EBITDA margin which strengthened to -0.37%. On a unit level, Amazon’s Indian entity spent Rs 1.14 to earn a rupee of operating revenue in FY24. The entity’s rival, Flipkart's marketplace arm reported Rs 17,907 crore in revenue with 21% YoY growth while the company’s losses shrank over 40% to Rs 2,358 crore in FY24.

Nazara's profits drop 54% in Q3 FY25

EntrackrEntrackr · 1y ago
Nazara's profits drop 54% in Q3 FY25
Medial

Fintrackr Nazara's profits drop 54% in Q3 FY25 Nazara’s operating revenue increased % to Rs 535 crore in Q3 FY25 from Rs 320 crore in Q3 FY24, its unaudited consolidated financial statements sourced from National Stock Exchange (NSE) show. Gaming and sports media company Nazara Technologies reported a year-on-year increase of 67% in operating revenue for Q3 FY25 compared to Q3 FY24. However, the Mumbai-based company’s profits declined by 53.6%. Nazara’s operating revenue rose by 67% to Rs 535 crore in Q3 FY25 from Rs 320 crore in Q3 FY24, according to its unaudited consolidated financial statements sourced from the National Stock Exchange (NSE). E-sports accounted for 43.5% (Rs 232.6 crore) of the company’s total operating revenue, while the gaming segment held a 29% share (Rs 155 crore), followed by ad tech, which contributed 2% (Rs 10.5 crore) to the topline. Nazara also earned Rs 22 crore from interest and gains on financial assets during the quarter, bringing its overall revenue to Rs 556.6 crore. The company’s total expenses rose by 76% to Rs 531 crore in Q3 FY25, up from Rs 301 crore in Q3 FY24. Content, events, and web servers collectively accounted for 32% (Rs 169 crore) of total expenses, while employee benefits contributed 17% (Rs 88.6 crore). Notably, marketing expenses grew 3.5X to Rs 145 crore, compared to Rs 41 crore in Q3 FY24. Despite the increase in scale, the company’s profit fell by 53.6% year-on-year, dropping to Rs 13.7 crore in Q3 FY25 from Rs 29.5 crore in Q3 FY24. At the end of the trading day, the company's stock closed at Rs 930.65, bringing its total market capitalization to Rs 7,957.18 crore (approximately $916 million).

Apple India posts $8 Bn revenue and $330 Mn profit in FY24

EntrackrEntrackr · 1y ago
Apple India posts $8 Bn revenue and $330 Mn profit in FY24
Medial

Apple India has consistently grown its operating scale and profit after tax over the past five to six fiscal years, and FY24 was no exception. The local entity of the smartphone, laptop, and watch maker reported a 36% increase in operating revenue, surpassing Rs 66,700 crore (approximately $8 billion) threshold in the last fiscal year. Moreover, Apple India posted a significant profit of Rs 2,746 crore ($330 million) during the fiscal year ending March 2024. Apple India’s revenue from operations grew to Rs 66,727 crore in FY24 from Rs 49,188 crore ($6 billion) in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. According to an IDC report, Apple achieved its highest-ever quarterly shipments in India during the September quarter of 2024 with 4 million units. By the third quarter of 2024, the company held an 8.6% share of the smartphone market in the country. Revenue from product sales increased by 36.53% to Rs 63,297.25 crore ($7.6 billion), contributing 94.86% of the total operating revenue. Service sales grew by 21.41% to Rs 3,430.45 crore ($413 million), accounting for the remaining 5.14%. It also earned Rs 393 crore from non-operating sources, pushing its total revenue to Rs 67,121 crore. On the expense side, material costs remained the largest expense category, accounting for 84.6% of the total expenses. These costs grew by 34.87% to Rs 53,658.6 crore ($6.4 billion) in FY24. Employee benefit expenses increased by 18.22% to Rs 2,599.6 crore ($313 million) during the same period. Advertising expenses rose sharply by 61.22% to Rs 728.7 crore ($87 million), while license fees (royalty paid to Apple Global by Apple India) doubled to Rs 4,490 crore ($540 million). Warranty claims amounted to Rs 374.2 crore ($45 million) in FY24. Overall, the company’s total expenses for the year increased by 36.5%, reaching Rs 63,397 crore ($7.6 billion) in FY24. Apple India’s profit increased by 23% to Rs 2,745.7 crore ($330 million) in FY24 from Rs 2,229.6 crore ($268 million) in FY23. Its ROCE and EBITDA margin stood at 71.96% and 6.43%, respectively. On a per-unit basis, Apple India spent Rs 0.95 to earn a rupee of operating revenue in FY24. The company reported Rs 2,912 crore ($350 million) in cash and bank balances and Rs 13,551 crore ($1.6 billion) in current assets at the end of FY24. Apple recently established a wholly owned subsidiary in India named Apple Operations India, highlighting the company’s commitment to expanding its presence and operations in the country. Meanwhile, Tata has agreed to acquire a 60% majority stake in Pegatron’s iPhone manufacturing facility in Tamil Nadu. Last year, Tata acquired a 100% stake in Wistron India, positioning itself as one of Apple’s largest contract suppliers, alongside Taiwan’s Foxconn.

ZingHR turns profitable in FY25, revenue grows 21%

EntrackrEntrackr · 5m ago
ZingHR turns profitable in FY25, revenue grows 21%
Medial

ZingHR turns profitable in FY25, revenue grows 21% Cloud-based HRtech firm ZingHR has continued its growth momentum and achieved profitability in FY25 from a loss of Rs 7 crore in the previous fiscal year. ZingHR’s revenue from operations grew 21% to Rs 150 crore in FY25 from Rs 124 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). ZingHR offers staffing and talent acquisition services across various sectors, including BFSI, retail, and IT. The company generates its revenue exclusively from the sale of subscription-based software. Zing HR’s employee benefits remained the largest cost component, accounting for 53% of total expenses. To the tune of scale, this cost remained stable at Rs 80 crore in FY25 as compared to Rs 81 crore in FY24. Among other major expenses, server and data security charges rose 42% to Rs 17 crore, while legal and professional fees nearly doubled to Rs 17 crore. Product maintenance charges grew 22% to Rs 11 crore, and rent expenses increased by 33% to Rs 4 crore. Overall, the company’s total expense rose 13% to Rs 150 crore in FY25 from Rs 133 crore in FY24. With the help of revenue growth, the company managed to achieve profitability. ZingHR posted a profit of Rs 1 crore in FY25 in contrast to a loss of Rs 7 crore in FY24. Its ROCE and EBITDA margin improved to 1.21% and 0.80% respectively. On a unit basis, ZingHR spent Re 1 to earn a rupee of revenue during the year, an improvement from Rs 1.07 in FY24. The company’s total assets grew to Rs 80 crore in FY25, from Rs 71 crore in the preceding year, while its current assets were valued at Rs 58 crore. Cash and bank balances stood at Rs 8 crore as of March 2025. ZingHR has raised $14 million in funding to date, with Tata Capital as its lead investor, holding a 35.82% stake. Competing in the same space as ZingHR, Darwinbox’s total revenue grew to Rs 534 crore in FY25 from Rs 334 crore in FY24 as 63% of the company’s revenue comes from international markets. The company’s adjusted net loss improved by 7% over FY24 in the same period.

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