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InShorts: InShorts posts flat revenue in FY24, net loss falls 26% to Rs 228 crore

 November 13, 2024  Leave a Comment on InShorts: InShorts posts flat revenue in FY24, net loss falls 26% to Rs 228 crore
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Online news aggregator InShorts reported flat year-on-year revenue growth during FY24, while managing to narrow its losses.

The company posted Rs 181 crore in operating revenue for the fiscal 2024 — nearly as much as it did in FY23. Its net loss, however, fell 26% on year to Rs 228 crore, according to financial documents sourced from Tofler.

The reduction in loss came mainly on account of InShorts paring its advertising and promotional expenses, which came in at Rs 47 crore — down 65% year-on-year.

InShorts’ finance costs, however, shot up nearly twofold to Rs 82 crore during FY24, compared to Rs 46 crore in FY23.

Its long-term borrowings — those due for repayments after over one year — stood at Rs 842 crore as of March 31, compared to Rs 590 crore as of March 31, 2023.

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The company makes most of its revenue from ads on its app. The numbers are for InShorts’ Indian entity, which is a subsidiary of the firm’s Singapore-based parent company.

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