Urban Company operating loss narrows to Rs 93 cr in FY'24, posts operational profit in Q1

New Delhi: Doorstep service provider Urban Company has reported narrowing of its consolidated loss to Rs 93 crore in the financial year 2023-24 and has posted first-ever operational profit in the June 2024 quarter.

Urban Company had posted an operational loss of Rs 312 crore in FY'23.

The company, meanwhile, posted first-ever operational profit in the June 2024 quarter, Urban Company said on Tuesday.

"We made a strong start to FY'25 with our consolidated net revenue growth for the first quarter of FY'25 at 37.3 per cent YoY (unaudited).

"We achieved PBT (profit before tax) profitability in the quarter with consolidated PBT margin as a percentage of net revenue at 4.3 per cent. The India business also achieved healthy PBT margins with PBT margin at 12 per cent," UC added.

The net revenue of the company increased by about 30 per cent to Rs 827 crore in FY'24, from Rs 637 crore it posted in FY'23.

"This growth was achieved on the back of investments in service quality, partner training and enablement, technology development and the launch of Native RO water purifier devices," the statement said.

The company forayed in the water purifier industry in October 2023 with the launch of its own product under the Native brand name, UC claims that the water purifiers that need no servicing for two years and are capable of giving an output of 12,000 litres of pure water without requiring a filter change.

"The annualised net revenue for the Native RO water purifier range for the first quarter of FY'25 was around Rs 96 crore," UC said.

The company also forayed into wall panel solutions in FY'24 and claims to have installed over 1 lakh panels since the launch.