Walmart-owned Myntra, one of India's largest fashion e-commerce platforms, has logged its first full year of profitability. The company generated a profit of Rs 31 crore in FY24, a sharp turnaround from a loss of Rs 782 crore in the previous year.
Revenue grew 15 percent to Rs 5,122 crore in FY24, Myntra said in a regulatory filing on December 8, as the company delivered growth along with profitability.
The turnaround was largely on the back of lower expenses and higher revenues. In FY24, Myntra’s expenses dropped around 3 percent to Rs 5,123 crore.
While expenses such as cost of materials, advertising and IT were down, line items such as employee benefit expenses trended higher in FY24 over FY23.
Looking ahead
Myntra looks to be on track to hold its performance in FY25. Earlier this year, Walmart said Myntra improved Flipkart’s business profile by being profitable on earnings before interest, taxes, depreciation and amortisation (EBITDA) basis for two quarters.
Flipkart acquired Myntra in 2014 and Walmart bought Flipkart in 2018.
Myntra is also innovating on the business front, which will likely give a boost to its numbers. The company launched 30-minute deliveries in Bengaluru and is expanding the offering to other cities in India, where the rapid delivery market is red-hot, chief Nandita Sinha told Moneycontrol in an interview earlier.
Myntra’s innovations and turnaround is also one of the key reasons Sinha has been given a larger, extended role within the company.
As reported by Moneycontrol, Sinha was also made the head of Flipkart Fashion. As Myntra and Flipkart Fashion head, Sinha now controls about 50 percent of the fashion e-commerce market in India.
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