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Xiaomi India profit plunges 77% to Rs 239 Cr

YourStory

YourStory · 11m ago

Xiaomi India profit plunges 77% to Rs 239 Cr

Chinese smart device manufacturer Xiaomi Technology experienced a significant decrease in profit in India, with a decline of 77% in the 2022-23 fiscal year compared to the previous year. The company's revenue from operations also dropped by approximately 32% during the same period. Despite a decrease in smartphone shipments, Xiaomi still holds a 21% market share in the Indian smartphone market. The company aims to double its device sales in the next decade.

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Chaayos earned INR 239 Cr in FY23 by catering to India’s chai and snack cravings

Inc42 · 1y ago

Chaayos earned INR 239 Cr in FY23 by catering to India’s chai and snack cravings

Chaayos, a Delhi NCR-based tea-cafe chain, experienced a 77% increase in operating revenue to INR 239 Cr in FY23 compared to INR 135 Cr in FY22. The startup's total revenue, including other income, reached INR 253.4 Cr in FY23, an 81% surge from INR 140.1 Cr in FY22. However, Chaayos also reported a higher net loss of INR 96 Cr in FY23, up from INR 71 Cr in FY22. The startup's total expenditure rose by 65% to INR 348.9 Cr, driven by increased procurement costs, employee benefit expenses, and rent costs for its over 200 cafe outlets. Chaayos has secured funding from investors like Tiger Global and Alpha Wave.

Rare Rabbit Posts INR 32 Cr Profit In FY23, Sales Cross INR 350 Cr Mark

Inc42 · 1y ago

Rare Rabbit Posts INR 32 Cr Profit In FY23, Sales Cross INR 350 Cr Mark

Bengaluru-based fashion brand House of Rare, which operates the apparel brand Rare Rabbit, has seen a significant increase in its net profit for the financial year ending in March 2023. The startup's profit reached INR 32.2 Cr, nearly doubling from INR 17.5 Cr in the previous year. This growth is attributed to a surge in sales, with a 77% year-on-year increase to INR 376 Cr. The company's EBITDA margin stood at 14.9%.

Rare Rabbit Bags INR 150 Cr From A91 Partners, Gruhas

Inc42 · 1y ago

Rare Rabbit Bags INR 150 Cr From A91 Partners, Gruhas

The startup secured INR 150 Cr as the first tranche of a planned INR 500 Cr funding round, with a pre-money valuation of INR 2,200 Cr ($264 Mn). Rare Rabbit’s revenue surged 77% YoY to INR 376 Cr in FY23, while profit increased 84% to INR 32.2 Cr, per Inc42 estimates.

SoftBank-backed Meesho losses halved to Rs 1,675 cr in FY23, revenue grew 77% to Rs 5,735 cr

Money Control

Money Control · 1y ago

SoftBank-backed Meesho losses halved to Rs 1,675 cr in FY23, revenue grew 77% to Rs 5,735 cr

E-commerce platform Meesho reported a revenue growth of 77% from Rs 3,232 crore in FY22 to Rs 5,735 crore in FY23. The company's losses also reduced by 49% to Rs 1,675 crore in FY23. Meesho attributed the growth to increased transactions by existing customers and successful monetization efforts. Cost-cutting measures, including lower customer acquisition costs and reduced spend on server infrastructure, contributed to the reduction in losses. Meesho's revenue in the first half of FY24 stood at Rs 3,521 crore, with losses of Rs 141 crore.

Infibeam posts Rs 742 Cr gross revenue, Rs 27.7 Cr profit in Q1 FY24

Entrackr

Entrackr · 1y ago

Infibeam posts Rs 742 Cr gross revenue, Rs 27.7 Cr profit in Q1 FY24

During Q1 FY24, Infibeam Avenues reported a gross revenue of Rs 742 crore and a profit of Rs 27.7 crore. The company's robust performance was attributed to its digital payment solutions, e-commerce platforms, and technology services. Infibeam's revenue growth reflects its successful efforts in capitalizing on the increasing digital adoption and e-commerce trends in India. However, the net profit of fintech company Infibeam declined by 31.4%to Rs 35 crore in Q1 FY24 from Rs 51 crore in Q4 FY23.

Live-events revenue zooms 10X in BookMyShow’s recovery year

The Arc Web

The Arc Web · 1y ago

Live-events revenue zooms 10X in BookMyShow’s recovery year

BookMyShow, an Indian movie and events ticketing platform, reported a significant increase in total revenues for FY23, reaching Rs 1,027 crore, a growth of 239%. The company also achieved a net profit of Rs 85 crore, after incurring a loss of Rs 92 crore in the previous year. Online ticketing revenues accounted for 63% of the total operating revenues, while income from live events experienced a significant surge, becoming the largest-growing segment. BookMyShow's advertising and marketing revenue also witnessed a substantial increase. Despite competition, the company has maintained its edge in the market.

Yatra profits plunges 27% in Q1 FY25; revenue continues to fall

Entrackr

Entrackr · 10m ago

Yatra profits plunges 27% in Q1 FY25; revenue continues to fall

Online travel aggregator Yatra has continued to lose scale as well as profits quarter on quarter. The Gurugram-based firm’s revenue declined 6.4% during the first quarter of FY25. At the same time, its profits plunged 27.5%. Yatra’s revenue from operations decreased to Rs 100.8 crore in Q1 FY25 from Rs 107.67 crore in Q4 FY24, its consolidated unaudited financials sourced from National Stock Exchange (NSE) shows. Yatra recorded Rs 422.3 crore of revenue in the fiscal year ending March 2024 with the profits of Rs 4.4 crore. Income from air ticketing was the largest source of revenue followed by hotel, packages and other services. It also made Rs 8 crore from financial sources tallying the firm’s overall income to Rs 109 crore in Q1 FY25. The travel aggregator firm spent 32% of the overall expenditure on employee benefits followed by service and payment gateway costs. Its spending on marketing, legal, information technology, and other costs pushed its overall expense to Rs 104.75 crore in Q1 FY25 against Q4 FY24. The continued depletion of scale cannibalized Yatra’s profit by 27.47%, bringing it down to Rs 4.04 crore in Q1 FY25 against Rs 5.57 crore in Q4 FY24. On a unit level, the firm spent Rs 1.04 to earn a rupee in Q1 FY25. Yatra is currently trading at Rs 132.5 with a 4.9% decline in its share price (as of 12.58 PM today). As per Fintrackr’s estimates, its total market capitalization stood at Rs 2,079 crore (approximately $250 million).

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

Entrackr

Entrackr · 3m ago

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

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.

Cashify crosses Rs 800 Cr revenue in FY23, losses spike 50%

Entrackr

Entrackr · 1y ago

Cashify crosses Rs 800 Cr revenue in FY23, losses spike 50%

Cashify, the re-commerce marketplace, has secured $98 million in funding from NewQuest Capital, Prosus, and Amazon. The funding helped drive its growth, with revenue reaching Rs 816 crore in FY23, a 63.9% increase from the previous year. Cashify enables customers to buy and sell old electronic devices, partnering with brands like Xiaomi, OnePlus, and Samsung for exchange programs. Used mobile phones and gadgets accounted for 93% of operating revenue, which reached Rs 762 crore. However, losses surged by 49.5% to Rs 148 crore in FY23.

Fintech unicorn InCred’s profit quadruples to INR 121 Cr in FY23

Inc42 · 1y ago

Fintech unicorn InCred’s profit quadruples to INR 121 Cr in FY23

Fintech unicorn InCred Financial Services saw its net profit quadruple to INR 120.9 crore in the financial year 2022-23 (FY23) from INR 30.8 crore in FY22. The company reported a 77% increase in operating revenue to INR 864.6 crore in FY23. InCred operates in the BFSI sector with three entities: InCred Finance, InCred Capital, and InCred Money. The company recently acquired wealthtech startup Orowealth and raised $60 million in its Series D funding round. Expenses also increased by 32.5% to INR 633.5 crore in FY23.

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