Livspace Ends FY24 with Modest 14.78% Revenue Growth, Reduces Losses by 48.48%
Singapore-headquartered home interior and renovation platform Livspace has reported a modest 14.78% growth in scale during the fiscal year ending March 2024, notwithstanding its 85% year-on-year growth in FY23. The Bengaluru-based company’s revenue from operations increased to Rs 1,185.7 crore in FY24 from Rs 1,033 crore in FY23.
Key Highlights
- Revenue from interior projects biz formed 94% of the overall revenue, increasing 16.5% to Rs 1,110.65 crore in FY24.
- Additional revenue of Rs 69 crore was generated from the sale of products and allied contractual services in FY24.
- Employee benefits decreased by 16.1% to Rs 579 crore in FY24, which includes Rs 124 crore in ESOP expenses.
- Modest growth in scale, along with controlled spending on employee benefits and marketing, helped Livspace reduce its losses by 48.48% to Rs 413.8 crore in FY24.
- The company’s ROCE and EBITDA margins improved to -79.5% and -27%, respectively.
Challenges Ahead
Livspace’s plans to go public in the next 18-24 months and shift its domicile to India from Singapore raises questions about the company’s ability to sustain its growth and reduce losses without compromising on its already modest gains.
