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Ullu’s revenue stagnates at Rs 100 Cr in FY24; profit declines by 16%

EntrackrEntrackr · 6m ago
Ullu’s revenue stagnates at Rs 100 Cr in FY24; profit declines by 16%
Medial

Following a two-fold growth in FY23, over-the-top (OTT) platform Ullu recorded a modest 7% year-on-year revenue increase for the fiscal year ending March 2024. However, the Mumbai-based company saw its profit decline by over 16% during the same period. Ullu's revenue from operations grew to Rs 99.7 crore in the last fiscal year, from Rs 93 crore in FY23, according to its financial statement sourced from the Registrar of companies (RoC) shows. Ullu is a subscription-based platform offering a wide range of video streaming content filled with a lot of soft porn. Sale of content was the major source of revenue for the company as it accounted for 99.9% of the total operating revenue. This income increased by 7.7% to Rs 99.5 crore in FY24 from Rs 92.44 crore in FY23. Revenue from product sales dropped sharply by 82.9% to Rs 12 lakh in FY24. However, the company earned an additional Rs 50 lakh from interest income, bringing the total revenue to Rs 100.18 crore. On the expense side, cost of materials (content creation) remained the largest expense, climbing 28.7% to Rs 46.24 crore, representing 55.4% of the total costs. Advertising expenses fell by 25.7% to Rs 14.95 crore, while employee benefit expenses surged 41% to Rs 11.89 crore. Other significant expenses such as legal professional charges and rent stood at Rs 2.83 crore and Rs 2.38 crore, respectively. Overall, Ullu's total expenses grew by 15.5% to Rs 83.5 crore in FY24. In the end, Ullu's profit decreased by 16.2% to Rs 12.68 crore from Rs 15.13 crore in FY23. Its ROCE and EBITDA margin stood at 44.3% and 17.54%, respectively, during the last fiscal year. Ullu's EBITDA declined by 20.8% to Rs 17.57 crore in FY24 from Rs 22.19 crore in FY23, with the EBITDA margin narrowing to 17.54%. On a per-unit basis, Ullu spent Rs 0.84 to earn a rupee of revenue in FY24. The company's total assets slightly dipped to Rs 70.11 crore in FY24 from Rs 71.63 crore in FY23. Meanwhile, cash and bank balances decreased significantly, down 71.7% to Rs 2.66 crore in the last fiscal year. In February, Ullu filed a draft red herring prospectus (DRHP) with the BSE SME for an initial public offering (IPO). The company proposed to raise funds via fresh issue of up to 62,62,800 equity shares. Notably, the company's DRHP doesn't have any offer for sale (OFS) component. While ambitions of raising public funding is as audacious as it gets, considering a business model built around dropping inhibitions it is no surprise. In the age of OnlyFans crossing $7 billion in revenues, Ullu might just have discovered the limits to growth as an organised player. Customers paying for the content it offers can keep convincing themselves that they like the jokes or the storyline as well, but the truth is, as Ullu grows, the pressure to conform only becomes greater. It faces a challenge of owning up to its ability and success selling smut, or watching a more brazen upstart take over even as Ullu falls into any one of the moral pitfalls it dances around every day. And as we keep saying, in the smut business, size remains a red herring, sure to attract the kind of official attention no amount of borderline porn will.

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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

BillDesk’s growth slows in FY24; PAT drops to Rs 121 Cr

EntrackrEntrackr · 1m ago
BillDesk’s growth slows in FY24; PAT drops to Rs 121 Cr
Medial

BillDesk’s revenue from operations decreased to Rs 2,334 crore during the fiscal year ending March 2024 from Rs 2678 crore in FY23, as per the company’s consolidated financial statements with the Registrar of Companies. BillDesk makes money by charging fees for processing and settling electronic transactions, which contributed over 70% of its total operating revenue of Rs 1,591 crore in FY24. Around 16% of its earnings came from managing loyalty programs for clients, while the remainder was generated through the sale of products such as PINS and e-top-up subscriptions, along with other operating activities. Billdesk earned Rs 112 crore in non-operating income from interest and gains on financial assets. Its total revenue stood at Rs 2,446 crore in FY24, down from Rs 2,765 crore in FY23. For the payment company, bank fees and services had been the largest cost center, accounting for 78.8% of the overall expenditure. In line with the drop in scale, this cost declined by 16% to Rs 1,804 crore in FY24. Despite the reduced scale, employee benefit expenses rose by 22.4% to Rs 300 crore. Spending on data, communication, legal, and information technology pushed the company’s total expenses to Rs 2,289 crore during the fiscal year. The decline in scale, coupled with higher employee expenses, led BillDesk to report a 14.8% drop in profit to Rs 121 crore in FY24 from Rs 142 crore in FY23. Its Return on Capital Employed (ROCE) and EBITDA margins also dipped slightly, settling at 5.77% and 9.24%, respectively. On a per-unit basis, the company spent Rs 0.98 to earn every rupee during the year. By the end of FY24, BillDesk's total current assets stood at Rs 2,612 crore, which included Rs 930 crore in cash and bank balances.

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%

EntrackrEntrackr · 4m ago
Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59%
Medial

Ranveer Allahbadia’s Monk-E nears Rs 100 Cr revenue in FY24, profit jumps 59% Monk Entertainment, co-founded by YouTuber Ranveer Allahbadia (BeerBiceps) and Viraj Seth, has capitalized on this trend, generating Rs 100 crore in revenue in the last fiscal year. Monk Entertainment’s revenue from operations recorded a modest 2.2% growth to Rs 97.8 crore in FY24 from Rs 95.8 crore in FY23, its annual financial statements filed with the Registrar of Companies (RoC) show. Monk-E, a full-stack creative digital media agency, specializes in talent management, video production, social media management, and influencer marketing. In FY24, the company generated 86.6% of its revenue from India, with the rest coming from international markets. On the cost side, influencer marketing charges made up 84% of the total expenses, though the cost dipped 2% year-on-year to Rs 77.4 crore in FY24 from Rs 79 crore in FY23. Meanwhile, employee benefit expenses grew 38% to Rs 7.7 crore during the same period. Out of the total influencer marketing charges, Allahbadia and his venture BeerBiceps Media received Rs 7.77 crore for providing technical services to Monk-E. Commission, legal fees, rent, advertising, and other overheads pushed Monk-E's total costs to Rs 92 crore in FY24. Monk-E recorded a 58.9% year-on-year profit increase, with profits rising to Rs 7.23 crore in FY24 from Rs 4.55 crore in FY23. Its ROCE stood at 35.4%, while the EBITDA margin reached 7.86%. On a unit level, the company spent Re 0.94 to earn a rupee. By the end of FY24, Monk-E's total current assets were reported at Rs 28.46 crore, including Rs 5.5 crore in cash and bank balances. While it's probably too early to speculate about the impact on the firm from Allahbadia’s recent controversy, the scale of Monk-E shows how much is at stake. It is crucial for viewers to apply better discretion before believing everything they see and hear from these new-age channels.

EaseMyTrip revenue declines 15% in Q4 FY25

EntrackrEntrackr · 1m ago
EaseMyTrip revenue declines 15% in Q4 FY25
Medial

EaseMyTrip revenue declines 15% in Q4 FY25 Online travel aggregator (OTA) platform EaseMyTrip saw a slight year-on-year decline in both revenue and profit during the fourth quarter of FY25, indicating stagnant growth during the period. EaseMyTrip’s operating revenue decreased by 15% to Rs 139 crore in Q4 FY25 from Rs 164 crore in Q4 FY24, as per its consolidated financial statements filed with the National Stock Exchange (NSE). For the full fiscal year (FY25), EaseMyTrip’s operating revenue remained stable at Rs 587 crore in FY25 as compared to Rs 590 crore in FY24. Air ticketing contributed 68% to the company’s revenue but declined by 28% to Rs 94 crore in Q4 FY25, down from Rs 132 crore in Q4 FY24. Meanwhile, hotel packages accounted for 16.5% of the total revenue, bringing in Rs 23 crore. To the tune of scale, its total expense increased by 12% to Rs 131 crore in Q4 FY25 from Rs 117 crore in Q4 FY24. Service cost, payment gateway, employee benefit and costs were other major overheads for EaseMyTrip during the last quarter. For the full fiscal year ending March 2025, the total expenses rose to Rs 460 crore. EaseMyTrip booked profit before tax (PBT) of Rs 12 crore in Q4 FY25 as compared to a loss of Rs 17 crore in Q4 FY24. During FY25, the firm’s profit before tax stood at Rs 143 crore in FY25 from Rs 142 crore in FY24. EaseMyTrip closed the last trading session at Rs 11.28, with a 0.71% increase in its share price. The company’s total market capitalization stood at Rs 3,997 crore.

Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips

EntrackrEntrackr · 7m ago
Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips
Medial

Temasek’s Fullerton recently acquired the troubled fintech firm Lendingkart in a distress sale. The company’s valuation plummeted to around $100 million in the deal, down from its peak of $690 million. While the reasons behind this downfall may become clearer when the firm discloses its FY25 numbers, the company’s profit after tax (PAT) slipped 6% during the fiscal year ending March 2024. We will analyze the company’s expenses in detail in the second half of the story. For now, let’s focus on its revenue streams and their growth. Lendingkart’s revenue from operations increased by 36% to Rs 1,090 crore in FY24 from Rs 798 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Lendingkart is a non-banking finance company (NBFC) that provides working capital and business loans to SMEs across India. It offers loans with an average ticket size of Rs 5 lakh to Rs 6 lakh to MSMEs and has disbursed over Rs 18,700 crore to more than 300,000 businesses. Revenue from co-lending was the primary contributor, accounting for 54% of the operating revenue, which surged by 88% to Rs 591 crore in FY24. Revenue from interest on term loans shrank by 2.86% to Rs 407.81 crore FY24, while commission income spiked 34X to Rs 22.58 crore in FY24. It also made Rs 69.15 crore from other operating activities. The company generated another Rs 127 crore in FY24 from non operating activities which took its total revenue to Rs 1,217 crore in FY24. On the expense side, finance cost was the major factor, which increased by 16.82% to Rs 293.53 crore in FY24. Employee benefit expenses grew by 75.70% to Rs 199 crore while legal charges increased 58.25% to Rs 125.62 crore FY24. Overall, the firm’s total expenses spiked 49.4% to Rs 1,022.7 crore in FY24 from Rs 684.4 crore in FY23. Note: The company recorded Rs 171.67 crore in FY24 and Rs 67.12 crore in FY23 under impairment losses, these amounts have been excluded from the expense or profit calculations. The rising expenses on employee benefits took a toll on Lendingkart's profit which slipped by 6% to Rs 174.92 crore in FY24 from Rs 185.93 crore in FY23. Its ROCE and EBITDA margin stood at 23.33% and 44.39%, respectively. On a unit basis, the company spent Re 0.94 to earn a rupee in FY24. The Ahmedabad-based company reported Rs 768.5 crore in cash and bank balances and had a current asset of Rs 2,110 crore as of FY24. According to TheKredible, Lendingkart has raised a total of Rs 3,217 crore (approximately $452 million) in funding to date. Its leading investors include Temasek, Bertelsmann, Mayfield, and Saama Capital.

Mamaearth-parent Honasa posts Rs 533 Cr revenue in Q4 FY25; Profit falls 17%

EntrackrEntrackr · 1m ago
Mamaearth-parent Honasa posts Rs 533 Cr revenue in Q4 FY25; Profit falls 17%
Medial

Honasa Consumer Limited, the parent company of Mamaearth, has reported a 13% growth in scale, while its year-on-year (YoY) profits decreased by 17% during the same period. Honasa Consumer Limited, based in Gurugram, announced its financial results for the fourth quarter of the last fiscal year (Q4 FY25). The company reported a 13% growth in scale, while YoY profits decreased by 17%. Mamaearth’s Q4 FY25 revenue from operations increased 13% YoY to Rs 533 crore from Rs 471 crore in Q4 FY24. For the full fiscal year (FY25), operating revenue increased 8% to Rs 2,067 crore from Rs 1,920 crore in FY24. The company also added Rs 20 crore from non-operating activities, tallying its overall revenue to Rs 554 crore for Q4 FY25. For FY25, total income was Rs 2,146 crore. The cost of procurement accounted for 30% of the overall expenditure, increasing 11% YoY to Rs 156 crore in Q4 FY25 from Rs 141 crore in Q4 FY24. Spending on employee benefits, marketing, legal, rent, and other overheads led to a 16% YoY rise in total expenditure to Rs 522 crore in Q4 FY25 from Rs 451 crore in Q4 FY24. Total expenses for FY25 were Rs 2,056 crore. The company reported a profit after tax of Rs 25 crore in Q4 FY25, a 17% decrease from Rs 30 crore in Q4 FY24. Profit for FY25 decreased to Rs 73 crore compared to Rs 110 crore in FY24. Recently, the company elevated Karan Bajwa and Avinash Dhagat to CXO roles, following Anuja Mishra's (CMO) resignation. Mamaearth parent’s shares closed at Rs 275, with a marketing capitalization of Rs 8,944 crore ($1.04 billion).

Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25

EntrackrEntrackr · 1m ago
Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25
Medial

Nazara posts Rs 520 Cr revenue and Rs 4 Cr PAT in Q4 FY25 Gaming and sports media firm Nazara Technologies reported a 95% year-on-year rise in operating revenue for Q4 FY25. However, the Mumbai-based company’s profit remained modest at Rs 4 crore in the final quarter of the previous fiscal year. Nazara’s operating revenue rose by 95.3% to Rs 520 crore in Q4 FY25 from Rs 266 crore in Q4 FY24, according to its audited consolidated financial statements sourced from the National Stock Exchange (NSE). E-sports accounted for 41.5% (Rs 216 crore) of the company’s total operating revenue, while the gaming segment held a 30% share (Rs 156 crore), followed by ad tech, which contributed 28% (Rs 148 crore). Nazara also earned Rs 18 crore from interest and gains on financial assets during the quarter, bringing its overall revenue to Rs 539 crore. However, the company posted a 40.8% YoY increase in its total income to Rs 1,715 crore in FY25, compared to Rs 1,218 crore in FY24. On the line of scale, Nazara’s total expenses surged by 85.3% to Rs 528 crore in Q4 FY25, compared to Rs 285 crore in the same quarter last year. Content and commission costs together stood at Rs 186 crore, while employee benefit expenses rose to Rs 80 crore. Notably, marketing expenses saw a sharp 3.5X jump, reaching Rs 151 crore in Q4 FY25. Despite a 95% year-on-year revenue growth in Q4, the company’s profit remained flat at Rs 4 crore in Q4 FY25. For the full fiscal year, its net profit declined to Rs 51 crore in FY25 from Rs 74.7 crore in FY24. Last week, the Competition Commission of India (CCI) also approved the acquisition of a majority stake and control over Nazara Technologies Limited by Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol Private Limited. Nazara is currently trading at Rs 1,270 (as of 03.41 PM) with a total market capitalization of Rs 11,127 crore (approximately $1.3 billion).

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24

EntrackrEntrackr · 3m ago
Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24
Medial

Decathlon India posts Rs 4,008 Cr revenue and Rs 197 Cr PAT in FY24 Decathlon has made a turnaround in FY24, reporting a profit of Rs 197 crore, a sharp recovery from a Rs 18 crore loss in FY23. However, its revenue growth remained flat, registering a 2.2% year-on-year increase for the fiscal year ending March 2024. Decathlon India’s revenue from operations grew to Rs 4,008 crore in FY24 from Rs 3,920 crore in FY23, its annual standalone financial statements sourced from the Registrar of Companies (RoC) show. Decathlon India operates on a direct-to-consumer model, managing the design, manufacturing, and sale of its sports gear through large retail stores and an e-commerce platform. The company currently operates 90 stores across India. The sale of sports products was the sole source of revenue for Decathlon India. It also added Rs 58 crore from interest on investments and other non-operating income which tallied its overall to Rs 4,066 crore in FY24. The cost of procurement was the latest cost center forming 64.4% of the overall expenditure. This cost was reduced by 4.3% to Rs 2,448 crore in FY24, compared to Rs 2,559 crore in FY23. Decathlon India spent Rs 327 crore on employee benefits. Its controlled spending on power, rent, repairs, fuel, advertising, information technology, freight, franchisee fees, and legal/professional expenses led to an overall cost reduction of 4.5% to Rs 3,797 crore in FY24 from Rs 3,975 crore in FY23. Despite modest revenue growth, Decathlon India’s cost-control measures enabled it to post a net profit of Rs 197 crore in FY24, a sharp recovery from a Rs 18.6 crore loss in FY23. On a unit level, the company spent Re 0.95 to earn a rupee, with improved ROCE at 17.79% and EBITDA at 14.49%. By the end of the last fiscal year (FY24), its total current assets stood at Rs 1,247 crore, including Rs 325 crore in cash and bank balances. Last year, Decathlon India CEO Sankar Chatterjee mentioned that the company plans to double its revenue to Rs 8,000 crore within the next 3 to 5 years.

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