While Paytm’s holding entity One 97 Communications, Zomato, and Policybazaar parent PB Fintech narrowed their losses in the quarter under review in comparison with the year-ago period, Nykaa’s profit slumped, and logistics firm Delhivery saw its losses balloon.
These firms listed on the stock markets in the last two years and have seen their share prices plummet since their initial public offerings.
ETtech looks at the financial highlights of the five new-age tech companies as they adjust to a post-pandemic reality and increased investor scrutiny.
Paytm: The fintech major posted strong revenue growth in its digital payments, merchant subscription, and loan distribution businesses. Its quarterly revenue from operations grew 13% sequentially and nearly 51% from a year earlier to Rs 2,334.5 crore. In the core payment services segment, revenue rose 41% on-year to Rs 1,467 crore.
Further, Paytm’s losses narrowed to Rs 167.5 crore in the fourth quarter ended March 31 from Rs 762.5 crore a year earlier. Leaving aside employee stock-option-related costs, it posted an adjusted operating profit of Rs 31 crore, nine months ahead of the projection it had made in its guidance.
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Zomato: The food and grocery delivery platform’s consolidated net loss narrowed to Rs 188 crore from Rs 360 crore a year ago, well below the street’s expectations of Rs 356 crore. Consolidated revenues increased 70% year-on-year to Rs 2,056 crore but were a tad lower than the estimated Rs 2,122 crore.Zomato’s quick commerce business Blinkit saw its revenue jump 20% quarter-on-quarter to Rs 363 crore in Q4 even as its gross merchandise value increased 17% to Rs 2,040 crore. While the total number of orders jumped 25% to 39.2 million quarter-on-quarter, average order value dropped yet again to Rs 522, down from Rs 553 in the quarter ended December 31, 2022.
Also read | Zomato makes three key appointments; elevates Rakesh Ranjan as food delivery CEO
Nykaa: FSN E-Commerce Ventures, which operates the beauty and fashion platform Nykaa, saw its revenue jump 33% year on year to Rs 1,301 crore in the January to March quarter. However, its net profit plunged 71.83% to Rs 2.4 crore on rising expenses.
Nykaa’s total expenses rose 33% to Rs 1,302 crore with the cost of material consumed, employee benefit expenses, finance cost, and other expenses all rising. Last month, the company announced the appointment of several senior executives across its technology, finance, business, and marketing teams after a string of high-level exits since the beginning of 2023 left many leadership cabins empty.
Also read | Five key executives quit Nykaa amid pressure on beauty retailer’s stock price
Delhivery: Ecommerce-focussed logistics company Delhivery said its March-quarter revenue fell 10% to Rs 1,859 crore from a year earlier and that its net loss had widened to Rs 158 crore from Rs 119 crore. Expenses fell 6% to Rs 2,107 crore from Rs 2,254 crore, it said in an exchange filing.
The company said its adjusted Ebitda turned positive in the quarter at Rs 6 crore against a Rs 67 crore loss in Q3FY23. The Gurgaon-based firm has seen its market share in ecommerce shipments slip to an estimated 21.5% in FY23 from 23% in FY22. It is expected to decline to 19% by FY30, according to a report by brokerage firm Bernstein.
PB Fintech: PB Fintech, which operates insurance aggregator Policybazaar and credit marketplace Paisabazaar, reported a significantly narrower net loss for the fiscal fourth quarter at Rs 9 crore compared with Rs 220 crore a year earlier.
Operating revenue for the March quarter grew 61% from a year earlier to Rs 869 crore, the company said. PB Fintech posted a positive consolidated adjusted Ebitda of Rs 28 crore for the fourth quarter and was looking to clock a profit after tax in FY24.