New Delhi, May 14 (IANS) Real estate platform NoBroker has reported a net loss of Rs 411 crore in the financial year ending March 2024 (FY24), even as its total expenses climbed to Rs 1,299 crore — a 9.2 per cent increase from the previous fiscal.
However, the company managed to reduce its losses by 19 per cent compared to the Rs 506 crore loss recorded in FY23, despite the rise in spending.
According to a report by Entrackr, citing its financials, a major chunk of these expenses — Rs 738 crore, or 57 per cent of the total — was classified under ‘miscellaneous overheads,’ with the company providing limited details about this category.
Meanwhile, employee benefit expenses remained flat at Rs 436 crore and accounted for 33 per cent of total spending.
Other costs such as rent and legal charges were brought down to Rs 7 crore and Rs 12 crore respectively, while depreciation saw a slight increase to Rs 31 crore.
Despite the higher spending, NoBroker’s operational performance showed improvement, the report mentioned, citing its financials.
Operating revenue grew by 32 per cent to Rs 803 crore in FY24 from Rs 609 crore the previous year.
Most of this income came from its subscription-based house-hunting service, which contributed 99 per cent of the revenue.
The company also earned Rs 5 crore from product sales, including home services and related offerings, the report said.
In addition to operational earnings, NoBroker gained Rs 85 crore from interest on fixed deposits, mutual fund gains, and other investments.
This pushed its total income to Rs 888 crore in FY24, up from Rs 683 crore in FY23. However, the company’s financial efficiency remains under pressure.
For every rupee it earned in operating revenue, NoBroker spent Rs 1.62. Its EBITDA margin stood at -42.45 per cent, while its Return on Capital Employed (ROCE) was at -37.76 per cent.
As of March 2024, the Bengaluru-based startup had current assets worth Rs 1,082 crore, including Rs 55 crore in cash reserves.
Founded by Ankit Agarwal, Saurabh Garg, and Akhil Gupta, NoBroker has raised a total of $366 million from investors like Tiger Global, BEENEXT, and Elevation Capital.
The founders collectively hold a 16.6 per cent stake in the company.
–IANS
pk/na
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