PharmEasy's Losses Narrow By 51%, Revenue Shrinks 15% In FY24
The company managed to cut its losses sharply due to a reduction in goodwill impairment charges to Rs 582 crore last year from Rs 2,826 crore in FY23
Marking a 14.7 per cent decline on a year-on-year (YoY) basis in the financial year 2024 (FY24), PharmEasy, an online pharmacy startup operated by API Holdings, has posted a consolidated revenue from operations of Rs 5,664 crore in FY24 as compared to Rs 6,643 crore in FY23. The total income also dropped to Rs 5,758 crore in FY24 from Rs 6,699 crore.
As per the financial results by API Holdings, the company has narrowed its losses by 51 per cent in fiscal 2024 (FY24) as it saw the net loss fall to Rs 2,533 crore in FY24 as compared to Rs 5,212 crore. The company managed to cut its losses sharply due to a reduction in goodwill impairment charges to Rs 582 crore last year from Rs 2,826 crore in FY23.
The total expenses of the company also declined from Rs 8,974 crore in FY23 to Rs 7,255 crore in FY24. The company’s employee benefits expenses decreased to Rs 699 crore from Rs 1,283 crore. The revenue from lab tests and other services stood at Rs 652 crore, while sale of medicine (goods) for the recently concluded financial year were Rs 5,008 crore.
Highlighting challenges in collections, inventory levels were reduced to Rs 555 crore in FY24 compared to Rs 688 crore in the previous financial year (FY23), but trade receivables stood at Rs 706 crore. Finance costs were up to Rs 728 crore in FY24 from Rs 665 crore in FY23. The startup competes with Tata’s 1MG, Netmeds, Apollo Pharmacy, Trumeds and others.
