Wearable brand Noise reports 126% growth in revenue
The company posted a 55.78% increase in product sales in FY22, raking in Rs 792.71 crore.
Indian wearable brand reported a 126% growth in revenue and a 7.35% rise in profit in FY22, according to MCA filings.
The company reported revenue from operations at Rs 792.79 crore against Rs 350.55 crore generated in the previous fiscal. It recorded profits of Rs 35.50 crore as compared to Rs 32.89 crore in FY21.
Product sales are the major source of revenue for Noise, raking in Rs 792.71 crore—up by 55.78% from a year ago. The rest comes from services at Rs 8 lakh.
In an earlier conversation with YourStory, Gaurav Khatri, Co-founder of Noise, said the wearable segment accounts for 70% of the company's overall sales.
Noise wearables
Noise posted expenses totalling Rs 756.71 crore—up by 59.29 % against Rs 308.09 crore recorded in FY21. Its biggest expense was the purchase of stock, with Rs 677.40 crore being deployed for the activity. It has an inventory of Rs 80.23 crore, taking the cost of materials consumed to Rs 597.17 crore.
Its second biggest expense came from advertising and promotions at Rs 89.53 crore, up by 56% from a year ago. Noise has well-known celebrities, including Taapsee Pannu and Virat Kohli, as brand ambassadors.
The next expense was employee benefits at Rs 21.56 crore as against Rs 14.33 crore from the previous fiscal.
The statement also shows a rise in warranty claims to Rs 14.73 crore from Rs 7.91 crore.
In terms of growth goals, Gaurav said that the company is aiming to double the growth in the coming year. It is targeting a revenue of Rs 850 crore by FY23. Adding to the wearable and audio segment, it also plans to enter the eyewear and expand its offline presence.
Edited by Kanishk Singh