boAt pares losses by 47% in FY24, revenue falls marginally

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. 

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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.