Shiprocket (SHIPROCKET) H2 23/24 earnings summary

Executive summary

• FY24 revenue from operations rose to Rs 13,159.76 million from restated Rs 10,888.27 million; net loss widened to Rs 5,951.81 million from Rs 3,593.08 million.

• Loss before exceptional items and tax was Rs 3,508.02 million; exceptional loss of Rs 2,443.79 million included major impairment charges.

• The auditor issued an unmodified opinion and found internal financial controls adequate and operating effectively at March 31, 2024.

Financial highlights

• Revenue from operations increased to Rs 13,159.76 million from restated Rs 10,888.27 million; total income was Rs 13,578.33 million versus Rs 11,266.76 million.

• Total expenses rose to Rs 17,086.35 million from restated Rs 14,225.36 million; employee benefits expense increased to Rs 4,307.91 million from Rs 3,437.65 million.

• Net loss was Rs 5,951.81 million, versus restated Rs 3,593.08 million; loss attributable to equity holders was Rs 5,971.64 million.

• Operating cash outflow was Rs 2,159.87 million versus restated Rs 1,379.57 million; cash and cash equivalents ended at Rs 842.96 million.

Segment performance

• One reportable segment: merchant solutions; revenue from merchant solutions was Rs 13,143.07 million, with traded-goods revenue of Rs 16.69 million.

• Revenue was predominantly domestic: India Rs 13,104.96 million and outside India Rs 54.80 million in FY24.