Audio wearable peers Noise and boAt clock flattish growth in FY24
With marginal to zero growth in toplines, both Noise and boAt differ in their approach towards profitability, with Noise slipping into red after its previous profitable runs and boAt narrowing its losses.
Audio wearable peers boAt and Noise both witnessed marginal to flat increase in their topline in FY24, although on widely different bases according to data from RoC filings.
Bose-backed gadget and wearables brand Noise posted an operating revenue of Rs 1,430.8 crore in FY24, marginally higher than Rs 1,426.4 crore that it clocked a year ago.
Its bigger peer, Aman Gupta-led boAt clocked Rs 3,117.6 crore in revenue from operations, a decline of 7.6% from Rs 3,376.7 crore it clocked in the previous year.
During the same period, Noise posted a loss of Rs 20 crore while boAt witnessed a loss of Rs 79.6 crore. However, boAt managed to pare its losses from Rs 129 crores, and Noise slipped into red after clocking a profit of about Rs 1 crore in the previous year.
In terms of total expenditure, Noise saw its total expenses grow slightly, about 2%, to Rs 1,460.2 crore from Rs 1,431.6 crore in the previous year. boAt which has been focusing on its profitability, managed to rein in its expenses by 9.2 % to Rs 3,233 crore from Rs 3,562 crore in the previous year.
Amit and Gaurav Khatri founded Noise, originally a tech accessory company, in 2014. In 2018, they pivoted to focus on smart wearables.
Almost year ago, premium audio products maker and services provider Bose invested an undisclosed amount of funding in Noise, acquiring a minority stake. Before that, the company was bootstrapped and profitable for nine years.
On the other hand, boAt Lifestyle, founded in 2016, has raised close to $171 million in funding so far at a post money valuation of $1.32 billion, according to Tracxn. The company has now set its sights on public bourses, as it looks at a $300-500 million IPO.
According to a report by Economic Times, the NCR-based retailer has finalised ICICI Securities, Goldman Sachs and Nomura as bankers for its public offering.
Edited by Jyoti Narayan