Meesho (MEESHO) Q4 22/23 earnings summary

Executive summary

• FY23 revenue from operations rose 77% YoY to INR 57,345.19 million; net loss narrowed to INR 16,750.13 million from INR 32,478.41 million.

• Marketplace operations expanded while total expenses increased 14% YoY; management plans to strengthen competitive advantages and pursue growth in emerging Indian markets.

Financial highlights

• Total income was INR 58,892.80 million vs INR 33,594.05 million in FY22; total expenses were INR 75,642.93 million vs INR 66,072.46 million.

• Loss before tax was INR 16,750.13 million vs INR 32,478.41 million; total comprehensive loss was INR 16,760.55 million vs INR 32,508.15 million.

• Other income increased to INR 1,547.61 million from INR 1,271.02 million, including investment gains, interest income and forward-contract mark-to-market gains.

• Adjusted for no items in the reported results, net loss included INR 1,058.02 million of employee stock-option expense, down from INR 1,969.77 million.

• Operating cash flow was negative INR 23,025.19 million; cash and cash equivalents ended FY23 at INR 952.24 million vs INR 4,236.78 million.

Outlook and guidance

• Management intends to expand its customer base and presence in emerging Indian markets, while strengthening competitive advantages to support future growth.

• The Board stated its focus on improving performance and achieving desired results in coming years.