PharmEasy parent API Holdings FY23 loss widens 30% despite operational revenue growth
The Mumbai-based company's loss ballooned to Rs 5,211.7 crore in the financial year ended March 2023 compared with Rs 3,992.4 crore in FY22, while revenue from operations rose 16% to Rs 6,643.9 crore.
API Holding Ltd, the parent company of digital pharmacy firm, posted Rs 6,643.9 crore in revenue from operations for FY23, a 16% jump compared with a year ago when it posted Rs 5,728.8 crore.
However, the company's loss ballooned 30% to Rs 5,211.7 crore in the financial year ended March 2023 compared with Rs 3,992.4 crore in FY22.
The Mumbai-based company's total expenses rose marginally to Rs 8,974 crore from Rs 8,591.5 crore a year ago. Purchase of stock-in-trade accounted for the largest expense, amounting to Rs 5,512 crore, followed by employee benefit expense which amounted to Rs 1,283 crore—at a decline of 12% YoY.
The company had set a goal to achieve profitability in April 2023, and it has managed to hit a positive EBITDA for the first six months of FY24 put together, said Dharmil Sheth, Co-founder of API Holdings, in a LinkedIn post.
In September last year, PharmEasy launched a rights issue worth Rs 3,500 crore, which was oversubscribed, the top executive confirmed. As a result, Ranjan Pai emerged as the largest shareholder within the company.
Earlier today, the Competition Commission of India approved the proposals of South Africa-based Naspers group and Singapore's sovereign wealth fund Temasek to purchase stakes in PharmEasy.
API Holdings, through its subsidiaries including PharmEasy and Thyrocare, provides healthcare services solutions.
(With inputs from PTI.)
Edited by Kanishk Singh