PharmEasy halves loss to Rs 2,533 crore in FY24, revenue dips 15%
API Holdings Limited, recorded a revenue of Rs 5,664 crore in FY24, a decline of 14.7% compared to Rs 6,644 crore in FY23. The Mumbai-based company reported a net loss of Rs 2,533 crore, an improvement from the Rs 5,212 crore loss in FY23, driven by a reduction in goodwill impairment charges to Rs 582 crore from Rs 2,826 crore in FY23.
Sales of medicines (goods) for FY24 were Rs 5,008 crore, while revenue from lab tests and other services stood at Rs 652 crore.
PharmEasy published these numbers on its website.
Total expenses for the year were Rs 7,255 crore, reflecting a reduction from Rs 8,974 crore in the previous year but remaining significant in comparison to revenue. Employee expenses decreased to Rs 699 crore from Rs 1,283 crore, indicating the cost optimisation undertaken by the firm during the last fiscal year. Inventory levels were reduced to Rs 555 crore from Rs 688 crore, but trade receivables stood at Rs 706 crore, highlighting challenges in collections.
This comes after a significant cap table recapitalisation at the online pharmacy at a 90% discount to its peak valuation of $5.6 billion in 2021. Manipal Group Chief Ranjan Pai and other investors pumped in Rs 3,500 crore through a rights issue to service its debt and restructure the business. Prosus Ventures, TPG, Temasek, Abu Dhabi's ADQ, and Amansa Capital are among other investors who participated in the rights issue in November 2023.
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