Spinny cuts FY24 net loss to Rs 590 crore; revenue up 14% on year to Rs 3,275 crore
Spinny managed to significantly narrow its net loss during FY24 to Rs 590 crore from Rs 820 crore in the previous year as it undertook rationalisation measures in a year that saw dwindling growth for the pre-owned vehicle sales industry.
The Tiger Global-backed company reported a 14% year-on-year increase in operating revenue to Rs 3,275 crore for FY24, according to its financial documents sourced from Tofler.
In FY23, Spinny had changed the way it recognised its revenue – calculating cash-and-carry sales in its revenue accounting instead of only commissions earned on sales through the marketplace. That had resulted in its topline jumping to Rs 3,262 crore in FY23, compared to Rs 109 crore in FY22.
This means Spinny’s operating revenue now reflects the value at which it sells its vehicles. The cost at which it purchased its stock cars is reflected under its expenses.
“The loss reduction (in FY24) mainly came from gross margin expansion, multiple efficiencies from increase in tech-product intervention across departments, and rationalisation of buffer capacity…those are largely the reasons why loss has come down,” Spinny founder and chief executive Niraj Singh told ET.
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