boAt pares losses by 47% in FY24, revenue falls marginally
The company managed to control its costs without losing topline growth in the financial year ended March 31, 2024.
Affordable audio devices company boAt on Tuesday pared its losses by about 47% to Rs 53.2 crore in FY24 from Rs 101.1 crore a year ago.
The headphones and earphone maker posted marginally lower operating revenue of Rs 3,121.6 crore, down 5% from Rs 3,284 crore it reported a year ago.
Improvements in bottomline were driven by lower expenses, mainly from expenses related to changes in inventories of stock in-trade which decreased by over 61% during the same period. Its total expenses fell by around 6% to Rs 3,192 crore, helped by finance costs and purchases of stock in trade.
Founded by popular Shark Tank India mainstay Aman Gupta, boAt had been profitable for eight years since inception. It posted a loss of Rs 129.4 crore in FY23 due to growing business development and advertising costs.
Imagine Marketing Limited, the parent company of wearable brand boAt Lifestyle, crossed the 5 crore or 50 million mark for ‘Made in India’ products driven by its domestic production ecosystem in August. The company currently manufactures 70-75% of its audio and smart wearable products within India, aided by boAt’s JV with Dixon Technologies, California.
Edited by Jyoti Narayan