Urban Company's FY20 loss widens to Rs 155cr, revenue doubles to Rs 263 cr
Home services marketplace, Urban Company, saw its consolidated losses widen to Rs 155.17 crore in financial year 2020 on account of higher expenditure, even as its total income almost doubled, as per regulatory documents.
Urban Company saw its total income almost doubling to Rs 263.07 crore in financial year 2020 from Rs 132.04 crore in financial year 2019, while its loss was at Rs 155.17 crore in financial year 2020 as against a loss of Rs 78.48 crore in the previous fiscal, according to Registrar of Companies filing shared by market intelligence firm Tofler.
Total expenditure on a consolidated basis grew 98.6 percent to Rs 418.25 crore in fiscal ended March 2020 as compared to Rs 210.52 crore in the preceding fiscal, it added.
On a standalone basis, Urban Company saw its total income almost doubling to Rs 256.42 crore in financial year 2020 from Rs 131.59 crore in financial year 2019, while its loss was at Rs 137.86 crore in financial year 2020 as against a loss of Rs 73.6 crore in the previous fiscal.
Expenditure on a standalone basis rose 92 percent to Rs 394.29 crore in the fiscal ended March 2020, as compared to Rs 205.19 crore in the preceding fiscal, it added.
E-mailed queries to the company did not elicit a response.
In the filing, Urban Company said it clocked a significant year-on-year growth in operating revenue to Rs 212 crore in financial year 2019-20, compared with Rs 108 crore in financial year 2018-19.
"The beauty and wellness vertical contributed around 55 percent to its financial year 2019-20 revenue. Owing to the COVID-19 pandemic, the company had to halt its business activity during the nationwide lockdown starting from March 23, 2020," it added.
However, the company resumed its operations in the month of May and June 2020, and is now back to its steady growth, the filing said.
"During the year, the company made considerable investment to increase its customer acquisition, acquire and retain the top talent, and various other growth measures, resulted to incur net loss of Rs 13,786.79 lakhs in financial year 2019-20. However, the company is on its growth path and board expects promising years ahead," it said.