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Zoomcar’s scale shrinks 19% in Q3 FY24, improves bottom line

EntrackrEntrackr · 1y ago
Zoomcar’s scale shrinks 19% in Q3 FY24, improves bottom line
Medial

Zoomcar has announced its financial results for the quarter ending December 2023 or Q3 FY24. The company’s scale slipped nearly 19% on a yearly basis but it also turned profitable during the period. The improvement in the bottomline is the result of a one-time gain. We will detail this later in the story, for now, let’s decode its revenue streams and operations. The NASDAQ-listed company’s net revenue declined 18.8% to $2.42 million (Rs 20 crore) during the third quarter of the ongoing financial year in contrast to $2.98 million (Rs 24.7 crore) recorded in Q3 FY23, as per the company’s filings sourced from the US’ Securities and Exchange Commission. “Our third fiscal quarter results capped a strong performance in our ongoing efficiency efforts as we achieved record gross profit and non-GAAP contribution profit while also paving the way for meaningful revenue growth over the next several quarters,” said Greg Moran, CEO and co-founder of Zoomcar. In December, Zoomcar inked a merger agreement with Innovative International Acquisition Corp and subsequently became a publicly listed entity. The decade-old company operates across more than 50 cities globally (majorly in India) and has over 3 million active users and over 25,000 vehicles registered on its marketplace. Coming to expenses, operating cost of the company (excluding G&A costs) shrank 24% to $2.2 million (Rs 18.26 crore) in Q3 of FY24 from $2.9 million (Rs 24 crore) in the same quarter of the last fiscal year. As per the company, the decrease in operating expenses was a result of a decrease in sales and marketing costs and technology and development costs. At the end, Zoomcar posted $14.4 million (Rs 119.52 crore) profits as compared to $8.7 million (Rs 72.21 crore) net loss in the same period last year. This improvement was primarily due to a one-time gain of $28.9 million from a deSPAC transaction, which involved financial instrument conversions at fair market value. Additionally, the company enhanced its gross margin profile and saw a decrease in host accident-related reimbursements during the period. As per the filings, adjusted EBITDA loss of the company improved to $4 million from $5.2 million in the same period last year, this could be attributed to the cost reduction measures the company had undergone during the period. As of December 31, 2023, the company had total negative working capital of $26.2 million, including $6.1 million in cash. The Indian entity of Zoomcar saw its revenue decline for the first time in FY23. As per its regulatory filing in India, the company’s revenue from operations declined to Rs 69 crore ($8.3 million) in FY23 from Rs 95 crore ($11.4 million) in FY22.

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Yatra profit spikes 10X in Q3 FY25; revenue doubles

EntrackrEntrackr · 5m ago
Yatra profit spikes 10X in Q3 FY25; revenue doubles
Medial

Yatra’s revenue from operations increased to Rs 235 crore in Q3 FY25 from Rs 110 crore in Q3 FY24, its consolidated unaudited financials sourced from National Stock Exchange (NSE) shows. The Gurugram-based firm managed to double its year-on-year revenue during the third quarter of FY25, compared to the same quarter of the previous fiscal (Q3 FY24). Income from hotels and packages was the largest revenue source followed by air ticketing and other allied services. It also made Rs 6 crore from financial sources tallying the firm’s overall income to Rs 241 crore in Q3 FY25 from Rs 119.2 crore in Q3 FY24. For more context, Yatra has reported a revenue of Rs 572 crore with a positive bottom line of Rs 21.3 crore in the first nine months of the ongoing fiscal year (FY25). The travel aggregator firm spent 56% of the overall expenditure on service costs which stood at Rs 131 crore, followed by employee benefits which were recorded at Rs 39 crore. Its spending on marketing, legal, information technology, and other costs pushed its overall expense to Rs 231 crore in Q3 FY25. The twofold year-on-year scale helped Yatra to register a 10X surge in its profits, bringing it to Rs 10 crore in Q3 FY25 against Rs 1 crore in Q3 FY24. On a unit level, the firm spent Re 0.98 to earn a rupee in Q3 FY25. Yatra is currently trading at Rs 93.21 with a 0.52% increase in its share price. Its total market capitalization stood at Rs 1,462 crore.

CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25

EntrackrEntrackr · 5m ago
CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25
Medial

CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25 CarTrade released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Wednesday. The company reported a 26% year-on-year revenue growth compared to Q3 FY24, with a major turnaround in its bottom line. CarTrade’s revenue from operations surged 26.6% to Rs 176 crore in Q3 FY25 in contrast to Rs 139 crore in Q3 FY24, as per the firm’s unaudited consolidated financial results sourced from the National Stock Exchange (NSE). The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. Income from the consumer segment formed 39% of the total operating revenue which increased to Rs 68 crore in Q3 FY25 from Rs 50 crore in Q3 FY25. Income from the remarketing and classified segment stood at Rs 58 crore and Rs 50 crore in the third quarter of the ongoing fiscal year. CarTrade also added Rs 17 crore from other non-operating businesses which tallied its overall revenue to Rs 193 crore in Q3 FY25, compared to Rs 152 crore in Q3 FY24. On the expense front, employee benefits expenses formed 53% of the overall spending which went up a modest 7.3% to Rs 73 crore during the period. This cost also includes share-based expenses of Rs 3.36 crore. CarTrade’s overall expenses increased 12% to Rs 140 crore in Q3 FY24 from Rs 125 crore during Q3 FY24. The strong growth and controlled spending enabled CarTrade to achieve a turnaround and post a net profit of Rs 45.5 crore in Q3 FY25, compared to a loss of Rs 23.5 crore in Q3 FY24. However, the company had already recorded a revenue of Rs 472 crore and a net profit of Rs 99 crore during the nine months of the ongoing fiscal year. CarTrade recorded a 4.78% hike in its share price today and is trading at Rs 1,433.3 (as of 12:47) with a total market capitalization of Rs 6,789 crore or $800 million.

EaseMyTrip post Rs 161 Cr revenue and Rs 46 Cr profit in Q3 FY24

EntrackrEntrackr · 1y ago
EaseMyTrip post Rs 161 Cr revenue and Rs 46 Cr profit in Q3 FY24
Medial

Online travel aggregator (OTA) platform EaseMyTrip on Friday announced its financial results for the quarter ending December 2023 (Q3 FY24). The results show a decent growth in scale and a marginal decline in profit during the quarter. EaseMyTrip ’s revenue from operations increased 13.5% to Rs 160.8 crore in Q3 of FY24 from Rs 141.7 crore in the last quarter (Q2 FY24), as per its consolidated financial statements with the National Stock Exchange. When compared to the third quarter of the previous fiscal year (Q3 FY23), its revenue from operations rose 18.1% from Rs 136.1 crore. EaseMyTrip collected 78% of its revenue from air passage which grew 8% to Rs 125.7 crore during the quarter while revenue from hotel packages spiked 54% to Rs 20.9 crore. The remaining Rs 14.18 crore was generated via other operating services. Including non-operating income of Rs 4.52 crore, the company’s overall collection approached Rs 165.3 crore in Q3 FY24. On the expense side, employee benefits expenses accounted for 21% of the overall spendings which went up 18.5% to Rs 22.16 crore during the period. It spent Rs 16.47 crore on service costs which represent the cost of tour packages, bus and other services. The company also incurred advertising – promotion and payment gateway charges worth Rs 17.48 crore and Rs 12.95 crore in the quarter. In total, EaseMyTrip’s overall expenses rose 31.4% to Rs 105 crore in Q3 FY24 from Rs 79.9 crore during Q2 of the same fiscal year. When it comes to the bottom line, the company’s profits marginally decreased (3%) to Rs 45.68 crore in Q3 as compared to Rs 46.95 crore in Q2 of the same fiscal year. In Q3 FY23 (previous fiscal year), the company had posted Rs 41.7 crore profits. Whereas, the company’s profit before tax stood at Rs 60.26 crore. On a unit level, EaseMyTrip spent Re 0.65 to earn a rupee in Q3 FY24. For the nine months period (Apr-Dec 2024) of FY24, EaseMyTrip posted Rs 426.5 crore revenue from operations with a profit of Rs 118.5 crore. Listed in March 2021 at Rs 13 per share, EaseMyTrip saw its peak in November 2022 at Rs 66 per share. With nearly 300% growth, its current price is roaming around Rs 51 a piece with a market cap of over Rs 9,000 crore or $1 billion.

TBO Tek posts Rs 422 Cr revenue in Q3 FY25 with flat profits

EntrackrEntrackr · 5m ago
TBO Tek posts Rs 422 Cr revenue in Q3 FY25 with flat profits
Medial

Travel Boutique Online (TBO) has announced its quarterly results. The Gurugram-based company recorded a 29.1% year-on-year increase in its revenue while its profits remained flat during the third quarter of the ongoing fiscal year Q3 FY25. TBO’s operating revenue increased by 29.1% to Rs 422 crore in Q3 FY25 from Rs 327 crore in Q3 FY24, its unaudited consolidated financial statements sourced from the National Stock Exchange (NSE) show. Income from booking of hotels and packages accounted for 79.8% of TBO’s revenue, which increased 44% year-on-year to Rs 337 crore in Q3 FY25 from Rs 233 crore in Q3FY24. Meanwhile, income from air ticketing and other allied services brought Rs 74 crore and Rs 11 crore to the firm’s topline. Since hotels and packages were the largest revenue source, the service fees associated with them became the biggest cost center, accounting for 32.7% of the total expenditure, which amounted to Rs 126 crore in Q3 FY25. Its employee benefits stood at Rs 100 crore in the third quarter. Overall, the total cost was up by 36.5% to Rs 385 crore in Q3FY25 from Rs 282 crore in Q3FY24. The total cost surge outpaced the revenue, leading TBO Tek to post a marginal decrease in its profits to Rs 49.9 crore in Q3 FY25 from Rs 50.7 crore in Q3 FY24. On a sequential basis, its quarter-on-quarter scale slowed down by 6% while its bottom line decreased by 16.8% from Rs 60 crore in Q2FY25. TBO Tek saw around a 1% increase in its stock, which stood at Rs 1,638 (as of 04.17 PM) with a total market capitalization of Rs 17,786 crore or ($2.1 billion).

Awfis posts Rs 318 Cr revenue and Rs 15 profits in Q3 FY25

EntrackrEntrackr · 5m ago
Awfis posts Rs 318 Cr revenue and Rs 15 profits in Q3 FY25
Medial

Awfis posts Rs 318 Cr revenue and Rs 15 profits in Q3 FY25 Co-working solutions provider Awfis has recorded a 44% year-on-year growth in its scale during the third quarter of the ongoing fiscal year. Moreover, the profits for the Delhi-based startup stood at Rs 15.1 crore in the same period. Awfis’ revenue increased to Rs 318 crore in Q3 FY25 from Rs 221 crore in Q3 FY24, as per its unaudited consolidated financial statements filed with the National Stock Exchange (NSE). Founded in 2015, Awfis offers customized office spaces for startups, SMEs, and large corporations, including ancillary services like food and beverages, IT support, and infrastructure services. Income from co-working space rentals and allied services formed 76.7% of the total operating revenue, which grew by 52.5% to Rs 244 crore in Q3 FY25 from Rs 160 crore in Q3 FY24. Income from construction and fit-out projects, facility management, and the sale of food items were other revenue drivers for Awfis. The company posted revenue of Rs 868 crore in the first nine months of the ongoing fiscal year, with a positive bottom line standing at Rs 56.6 crore. Awfis’ total expenses increased by 36.6% year-on-year to Rs 317 crore in Q3 FY25 from Rs 232 crore in Q3 FY24. Subcontracting costs and the purchase of traded goods accounted for 22% of the total expenses. Employee benefits, depreciation, amortization, and finance costs were some other major expenses for the 10-year-old company. The 44% YoY growth helped Awfis register a profit of Rs 15.1 crore in Q3 FY25, compared to a loss of Rs 6.2 crore in Q3 FY24. On a sequential basis, Awfis recorded a profit of Rs 38.6 crore in the second quarter of the ongoing fiscal year. Awfis ended the day at Rs 664 per share, reflecting a 3.36% decline from its opening price. The company's total market capitalization stood at Rs 4,702 crore (approximately $559 million). Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%

EntrackrEntrackr · 3m ago
McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%
Medial

McCain India’s revenue from operations increased by a modest 3% YoY growth to Rs 1,214 crore in FY24, as per its standalone financial statements sourced from the Registrar of Companies (RoC). Among fried snack brands in India, McCain is a major player. The brand has expanded its portfolio to include a range of options, with revenues surpassing Rs 1,200 crore in FY24. Revenue from operations was Rs 1,172 crore in FY23. Income from the sale of its fried products was the sole revenue for McCain. It sells its products through retail, foodservice partnerships, and digital channels such as BlinkIt, Swiggy Instamart, and Zepto. The company also added Rs 31 crore, mainly from interest on deposits, resulting in an overall revenue of Rs 1245 crore in FY24, compared to Rs 1189 crore in FY23. Material procurement remained the largest cost driver, accounting for 43.8% of total expenses, rising to Rs 493 crore in FY24. Employee benefit expenses grew by 19%, reaching Rs 100 crore in FY23. Advertising cost surged by 63% to Rs 88 crore in FY24. Total expenditure was Rs 1,125 crore in FY24, up from Rs 1,020 crore in FY23. Net profits reduced by 29.4% to Rs 89 crore in FY24, compared to Rs 126 crore in FY23. Its ROCE and EBITDA margin stood at 15.28% and 4.58% respectively. It spent Rs 0.93 per rupee earned in FY24.

EaseMyTrip posts Rs 150 Cr revenue in Q3 FY25; profit declines

EntrackrEntrackr · 5m ago
EaseMyTrip posts Rs 150 Cr revenue in Q3 FY25; profit declines
Medial

Online travel aggregator (OTA) platform EaseMyTrip announced its financial results on Friday for the third quarter of FY25. The results show a marginal decrease in scale and profit year-on-year. EaseMyTrip’s operating revenue decreased by 6.3% to Rs 150 crore in Q3 FY25 from Rs 160 crore in Q3 FY24, as per its unaudited consolidated financial statements filed with the National Stock Exchange (NSE). Revenue from air ticketing accounted for 65% of the revenue whereas hotel packages formed 22% of the total collection. To the tune of scale, its total expense increased by 2.4% to Rs 107 crore in Q3 FY25 from Rs 105 crore in Q4 FY24. Service cost, payment gateway, employee benefit and costs were other major overheads for EaseMyTrip during the last quarter.

Ixigo posts Rs 242 Cr revenue Q3 FY25; PBT jumps 54%

EntrackrEntrackr · 5m ago
Ixigo posts Rs 242 Cr revenue Q3 FY25; PBT jumps 54%
Medial

Ixigo released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Tuesday. The company reported a 41% growth in scale, while its year-on-year (YoY) profits declined by 49.3%. Ixigo’s revenue from operations surged 41.5% to Rs 242 crore in Q3 FY25 in contrast to Rs 171 crore in Q3 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange. The company generated the majority (49.6%) of its operating revenue from train ticketing which increased to Rs 120 crore in Q3 FY25 from Rs 95 crore in Q3 FY24. Flight and bus booking services contributed 28% and 21.4% respectively. Besides operating revenue, the firm also earned Rs 5.2 crore via interest and gains from financial assets during the quarter, taking its total topline to Rs 247 crore in Q3 FY25. Ixigo’s gross transaction value (GTV) increased 48% year-on-year to Rs 4,036 crore during the third quarter of the ongoing fiscal year. Employee benefits expenses rose by 17% YoY to Rs 41 crore. Overall, the company's total costs grew 42.7% to Rs 224 crore in Q3 FY25 compared to Rs 157 crore in Q3 FY24. Ixigo's net profits dropped by 49.3% to Rs 15.5 crore in Q3 FY25 from Rs 30.6 crore in Q3 FY24, attributed to a deferred tax income of Rs 16.7 crore booked in Q3 FY24. On a PBT basis, profits showed a significant QoQ increase of 54% to Rs 21.4 crore in Q3 FY25 from Rs 13.9 crore in Q3 FY24. Ixigo is currently trading at Rs 127.7 with a total market capitalization of Rs 4,886 crore or $581 million.

EV maker Ampere’s scale shrinks 46% in FY24; losses multiply 11X

EntrackrEntrackr · 6m ago
EV maker Ampere’s scale shrinks 46% in FY24; losses multiply 11X
Medial

After achieving two-fold growth in FY22 and FY23, electric vehicle maker Ampere experienced a 46% decline in revenue in FY24, with scooter sales plummeting by nearly 60%. Moreover, the company's losses widened more than 10X, driven by the significant decline in scale. Ampere's revenue from operations decreased to Rs 612 crore in the last fiscal year, from Rs 1,124 crore in FY23, its consolidated financial statements accessed from the Registrar of Companies show. Ampere, a brand under Greaves Electric Mobility, focuses on manufacturing electric scooters and three-wheeled vehicles. In FY24, scooter sales, which contributed 70.5% of the company's total operating revenue, declined by 59% to Rs 432 crore. In contrast, sales of three-wheelers surged 2.5X, reaching Rs 178 crore in the last fiscal year. Ampere also added Rs 2 crore from scrap sales and Rs 29 crore from non-operating activities, tallying the overall revenue to Rs 641 crore in FY24, compared to Rs 1,159 crore in FY23. For the EV maker, the cost of procurement of materials formed 61% of the overall expenditure. To the tune of scale, this cost decreased by 40% to Rs 526 crore in FY24. Ampere hired more workforce in FY24, which resulted in its employee benefits increased by 48.5% to Rs 101 crore. Its advertising, legal, warranty, contracting, and other overhead expenses brought the total cost to Rs 857 crore in FY24, down from Rs 1,172 crore in FY23. For a detailed cost breakdown, head to TheKredible. Caveat: We have excluded the exceptional item amounting to Rs 477 crore for calculating net loss as it is a one-time cost and non-operative. Ampere's deteriorating scale and rising employee benefit costs led to a nearly 11X surge in losses, reaching Rs 215 crore in FY24 compared to Rs 20 crore in FY23. Its ROCE and EBITDA margins declined sharply to -45.4% and -27.46%, respectively. The company's expense-to-earnings ratio stood at Rs 1.40. At the end of FY24, Ampere reported total current assets of Rs 352 crore, including cash and bank balances of Rs 62 crore. While it is pretty clear that the onslaught from Ola Electric and legacy players like Hero, Bajaj and TVS has put a brake on growth for Ampere, going by the parent firm's plans for an IPO for the mobility division, it does seem to have the backing for the long haul. Would it still be as comfortable if the planned IPO does not happen? That could mean some pretty tough decisions soon, although the firm has the experience and the pedigree to course correct and find a way out of the hole it has dug itself into.

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