pepperfry results: Online furniture retailer Pepperfry reduces losses a tad to Rs 187.6 crore in FY23

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Mumbai-based furniture and home goods company Pepperfry marginally narrowed its losses for the fiscal year ended March 2023, while recording 10% year-on-year in operating revenue to Rs 272.3 crore

The company reduced its losses to Rs 187.6 crore in FY23 from Rs 194 crore in FY22, financial documents sourced from company data and intelligence platform Tofler showed.

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Pepperfry had recorded operating revenue of Rs 246.9 crore in FY22, marking a 23% growth over FY21.

The reduction in losses came in as the company’s expenses rose at a slower pace—at only 3.5% year on year in FY23—than its topline.

During FY23, Pepperfry reduced its advertising and promotional expenses by over 10% on year to Rs 106 crore. Further, while it struggled to increase scale, order fulfilment costs, which include logistics and warehousing expenses, fell in the year to March 2023. Costs under this head fell to Rs 87.4 crore in FY23 from Rs 89.3 crore a year earlier.

Pepperfry’s total expenditure stood at Rs 474.1 crore in FY23, up from Rs 458.1 crore in FY22. The increase happened mainly on account of rising employee benefit expenses, finance costs and depreciation expenses.

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The Pidilite-backed company’s income from commissions through the sales of goods and articles through its platform acted as its primary revenue generator, at Rs 241 crore, or 88.5% of the total operating revenue. Other sources of income include contract income and brand licence fees.In addition to construction materials manufacturer Pidilite, Pepperfry also counts Norwest Venture Partners, General Electric and Goldman Sachs among its investors.

On September 5, Pepperfry announced it was elevating cofounder Ashish Shah as its chief executive following the demise of cofounder and CEO Ambareesh Murty a month earlier. The company had also announced that it was raising $23 million in fresh capital from existing investors.

ET reported in September 2022 that Pepperfry had been working on an initial public offering, with plans to raise $300 million via sale of new stock as well as a secondary offering of shares.

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