Shiprocket loss widens to Rs 595 cr in FY24

New Delhi: Logistics aggregator Shiprocket's loss has increased to Rs 595 crore in the financial year 2024 due to one-time restructuring cost, employee stock ownership plan, and investments in emerging business. Shiprocket incurred a deficit of Rs 340 crore in the financial year 2022-23. In a statement, Shiprocket reported a profit after tax of Rs 595 crore, which was mainly due to one-time restructuring and integration costs of Rs 244 crore for acquired businesses, significant ESOPs worth Rs 192 crore during the year, and investment in emerging businesses.

Shiprocket Halves Cash Burn, Achieves Early Profitability with 21 pc Revenue Growth in FY'24.

Shiprocket stated that they have cut cash flow burn by nearly 50 pc to Rs 100 crore in FY'24 from Rs 191 crore in FY'23 and are expected to achieve full profitability in the current fiscal year. The statement indicated that the company has already made a profit in the first two quarters of this fiscal year, which ends in September 2024, positioning it ahead of its target to reach full profitability by fiscal year 2025. In FY'24, the company's earnings saw a 21 per cent rise to Rs 1,316 crore, up from Rs 1,089 crore in FY'23. There was a notable 21 pc year-on-year increase in revenue for the fiscal year 2023-2024, reaching a significant milestone of Rs 1,316 crore. The company's strong business performance and consistent upward trajectory highlight its ongoing market strength and operational health, the statement noted.

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The company stated that its new ventures, such as Shiprocket Cross Border, Checkout, and Shiprocket Fulfillment, are experiencing annual growth rates of 70-100 percent. Saahil Goel, the MD and CEO of Shiprocket, mentioned that the company's main focus this year has been on growing the business in a sustainable manner and introducing new technological solutions for e-commerce units of small and medium businesses. Our important collaborations with ONDC, DGFT, and India Post have been vital in improving accessibility and  support to merchants across Bharat.

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