Profitability

Several companies have tightened costs ahead of filing, with many leaning on tax credits, one-time gains and accounting boosts to present cleaner earnings as public-market scrutiny intensifies.

PhonePe diversification strategy pays off, high revenue growth likely to sustain

Consistent and sustainable profits at the payments division will probably help the company list publicly within a couple of financial years

A bumper business growth won’t bring margin relief for private life insurers

July saw business growth at high double digits for most private sector life insurers

As team captain, I need to field the best one to win: Freshworks CEO Girish Mathrubootham

Freshworks has seen some management rejig and internal consolidation in the past year with the firm’s CTO departing at the beginning of 2023 and the company’s CRO Pradeep Rathinam leaving the firm in Q4.

Chart of the Day | The sticky problem plaguing IT services sector

Employee costs remain elevated despite a moderation in revenue growth

Meesho turned profitable in July on a PAT basis, says CFO

While Dhiresh Bansal did not comment on specific numbers, Meesho’s PAT was a low single digit (Rs crore) in July, Moneycontrol has learnt.

Sustained price hikes to aid profit margins of pharma companies

In the 12 months ending June 2023, price hikes contributed as much as half of the India pharma market growth

IndiGo aims to grow north of mid-teens this FY, says CEO Pieter Elbers

IndiGo is seeing robust demand for flying in current quarter and yield in the current quarter were higher when compared on year to a capacity constraints in the domestic Indian market.

Moody’s expects Oyo’s EBITDA to jump 65% YoY in FY24

During a presentation to employees, Ritesh Agarwal, founder and group CEO of the SoftBank-backed company said Oyo had reported an adjusted EBITDA of around Rs 245 crore in FY23. Rating agency keeps Oyo’s parent company, Oravel Stays Private Ltd’s rating at B3 corporate family rating.

Swiggy sees two VP-level exits within a month

Ashish Lingamneni, vice president (VP), head, brand and product marketing, and Nishad Kenkre, VP, head, revenue and growth, Instamart, have left the company. Aparna Giridhar has replaced Lingamneni, while Sreeram Suresh has taken over Kenkre’s position

Unacademy’s core business to decline 15% in 2023, group-level revenue to grow 26%

Unacademy expects a revenue of Rs 1,250 crore in 2023 on a consolidated basis, up from Rs 992 crore in 2022, Co-Founder and CEO Gaurav Munjal told employees in a message. During the period, it sees its core operating revenue dropping to Rs 620 crore from Rs 732 crore from 2022, he told employees.

Tiger Global-backed Open axes 47 jobs, founders take 50% pay cut

As a part of scale-up and profitability, Open said in the statement that it will continue the efforts to make a highly performance-oriented effective organization fit for scale, the statement said.

ClearTax betting big on crypto tax offerings, expects profitability in next 12 months

Last year, Clear began offering solutions for customers to manage their cryptocurrency portfolio and taxes after the government announced a hefty 30% tax rate and 1% TDS for gains and transfers of virtual digital assets.

MC Long View | Is Zomato’s path to profitability coming at the cost of growth?

Zomato’s recent quarterly financial performance seems to be in sync with its focus on profitability, but growth seems to be taking a hit

Indian startups in Sequoia's portfolio shift focus to profitability, put brakes on new initiatives: JM Financial

JM Financial also said in the note that many of Sequoia Capital’s portfolio companies have realigned their focus on their total addressable market.

Internet firms Sea, GoTo cut jobs as focus shifts to profitability over growth

Singapore’s Sea is cutting fewer than 500 jobs at e-commerce unit Shopee in Indonesia, a person with direct knowledge of the matter said, days after the company reported a surprise first-ever quarterly profit helped by last year’s extensive firings. Indonesia’s GoTo is reducing 600 jobs as it reorganizes its business.

There will be another party soon, says WestBridge Capital’s Sandeep Singhal amid funding downturn

Singhal’s comments on Indian startups having a good party come at a time when the fund flow has been reduced to a trickle since the start of 2023

IndiGo to launch flights to Nairobi, Jakarta soon, looking at China as well: Pieter Elbers

IndiGo aims to use 30 percent of its capacity for international operations in 2023-24

PhonePe management sees operational profitability by 2025

PhonePe will have an EBITDA profit of Rs 1,797 crore in the calendar year 2025, with an EBITDA margin of 19.7 percent, the company's management told audit firm KPMG

No credible competition in school edtech space: LEAD’s Sumeet Mehta

“Revenue growth in FY22 over FY21 was 2.5x, and in FY23 over FY22 could be about 2x. We will aim to double our business in the next year also. In terms of profitability, we are on track,” Mehta told Moneycontrol.

Accel-backed Infra.Market's profit grows nearly 6X in FY22 on strong revenue growth

Infra.Market reported a net profit of Rs 186 crore for FY22 against Rs 36 crore in FY21 (2020-21), the company said on October 13. During the year, revenue jumped five-fold to Rs 6,236 crore from Rs 1,242 crore a year earlier

High price of coal to adversely impact profitability of domestic non-ferrous metal cos: Icra

The domestic e-auction premium on coal, though it has softened in recent months, continues to remain high at around 300 per cent.

SoftBank-backed Unacademy cuts monthly burn down to a fourth, eyes breakeven by January

Unacademy has slashed its monthly burn to Rs 50-60 crore from more than Rs 200 crore previously, sources said requesting anonymity. This has come on the back of various measures that it undertook as funding slowed down and investors turned cautious.

Mamaearth parent tops list of PE-backed companies

The Practus Hurun India PE Performers List focuses on issues beyond the headline-grabbing valuations to assess such entities on the basis of cash flows, profitability and revenues.