OfBusiness FY24 operating revenue up 26% on year to Rs 19,296 crore

Business-to-business (B2B) ecommerce platform OfBusiness posted a 25.7% rise in operating revenue to Rs 19,296.27 crore for the financial year ended March 31, 2024. The company’s consolidated net profit also increased by 30% to Rs 602.97 crore from Rs 463.25 crore a year ago.

Total expenses grew to Rs 18,695.75 crore in FY24 from Rs 15,037.46 crore a year ago. A significant amount of the expenditure was attributed to the purchase of stock-in-trade amounting to Rs 13,339.64 crore. The cost of materials consumed increased to Rs 3,595.39 crore from Rs 2,719.67 crore in FY23.

Employee stock ownership plan (ESOP) expenses for the year stood at Rs 32 crore, unchanged from the previous year.

Acquisitions are a key component of the company’s growth strategy. Last October, ET reported that Ofbusiness had acquired 19 companies and aimed to increase this number to 25 by the end of FY24. These include smaller businesses operating in areas such as agricultural produce, steel products, metals and manufacturing.

ET reported earlier that Oxyzo, the lending arm of OfBusiness, posted Rs 903 crore in operating revenue for FY24, up 59% on year. The Gurugram-based financial services company’s net profit rose 47% to Rs 290 crore, from Rs 197 crore in FY23.

Source:- https://economictimes.indiatimes.com/tech/startups/ofbusiness-fy24-operating-revenue-up-26-on-year-to-rs-19296-crore/articleshow/111580871.cms?from=mdr