E-commerce company Meesho on Wednesday reported its FY24 results with revenue from operations growing by 33 per cent to Rs 7,615 crore from Rs 5,735 crore in FY23, on the back of 36 per cent growth in orders delivered. The company said its operating cash flow also turned positive in FY24 to Rs 232 crore from minus Rs 2,303 crore in FY23. Meesho claimed it became the first horizontal Indian e-commerce company to achieve profitability during FY24.
The revenue growth “was primarily driven by an increase in our annual transacting users as well as higher order frequency of our existing loyal customers,” Meesho said in a statement.
Moreover, its adjusted losses also reduced by 97 per cent from Rs 1,569 crore in FY23 to Rs 53 crore in FY24, excluding Employee Share Based Compensation expense.
The losses shrunk also because its Selling, General, and Administrative (SG&A) expenses as a percentage of Revenue from Operations declined sharply, driven by strong consumer awareness and organic traction, alongside the significant operating leverage that comes with a marketplace e-commerce model, according to the company.
to be updated…
» Read More
