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Stealth • 1m
Income of Cult.fit Crosses Rs 1,000 Crore in FY24 Fitness technology company Cult.fit has achieved a major point in FY24. The company achieved a total income of over Rs 1,000 crore consistently to depict the growth trend. This major accomplishment is realised as there are changes in leadership and continuous operational endeavors. New Leadership Drives Growth In FY24, new leadership emerged as a board decision as Naresh Krishnaswamy took over as the Chief Executive Officer. Bansal previously ran the company, but he stepped down and took the position of executive chairman. Mr. Krishnaswamy saw the growth of the company’s operating revenue in his tenure by 33.6 percent. It rose up from Rs 694 crore in the FY23 to Rs 927 crore in the FY24. Other income was down however total income stood at Rs 1,027 crore. Fitness subscriptions remained a major revenue driver, contributing 72.3% to the total. Services such as Cultpass and Cult.fit centres saw a 46.6% revenue increase to Rs 670 crore. Meanwhile, the sportswear and fitness equipment segment contributed Rs 257 crore. Steady Losses Amid Rising Costs While revenue scaled new heights, losses remained steady. Cult.fit reported a loss of Rs 535 crore in FY24, slightly up from Rs 534 crore in FY23. This stagnation was attributed to a decline in miscellaneous income and rising operational expenses. Expenditure across multiple categories increased significantly. Employee benefit costs reached Rs 324 crore, with salaries contributing Rs 236 crore. Share-based payments added another Rs 57 crore to the total. Other notable cost increases include: Material Costs: Up 19.6% to Rs 396 crore. Advertising and Promotion: Increased by 40.3 percent to Rs 188 crore. Legal Expenses: Rose by 57 percent for Rs 124 crore.
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