Porter revenue rises, losses dip in FY24
The logistics company has clocked a 56% year-on-year rise in revenue, while its losses decreased 45% in FY24.
On-demand logistics company 's revenue increased 56% year-on-year, while its losses decreased 45% in FY24.
The company's revenue from operations was Rs 2,733.78 crore for FY24, compared to Rs 1753.77 in FY23. Its losses decreased to Rs 95.72 crore, from a loss of Rs 174.65 crore in FY23.
According to the company's consolidated financial statements sourced from the Registrar of Companies, Porter's expenses for FY24 stood at Rs 2,862 crore, an increase of 46% compared to FY23.
The company's fleet operator costs (including all vehicle-related and delivery personal costs) formed 82.8% of the total expenses at Rs 2,369 crore. While employee benefits expenses increased by 24.3% to Rs 237.36 crore during the same period. The employee cost also includes employee stock compensation (ESOP) expenses worth Rs 6.69 crore.
Advertising promotions, information technology, and legal & professional fees were the other major expenses the company incurred during the year.
In January this year, Porter said it would offer its current and former employees liquidation of ESOPs (employee stock ownership plan) worth Rs 50 crore.
All the employees with eligible options are qualified to avail themselves of the programme. Employees (current and former) will be able to sell the eligible options immediately at a 50% higher value from the last liquidation valuation—up to a total value of Rs 50 crore, the company stated earlier, in a release.
"By enabling an ESOP liquidation for the second consecutive year, we wish to provide a unique opportunity for our current and ex-employees to decide on their investments and cash flows at a much faster rate. This ESOPs scheme is one of the ways to reward our employees and ensure that their contributions are valued substantially,” said Rizwan Khan, VP - Human Resources, Porter.
Edited by Swetha Kannan