boAt parent Imagine Marketing returns to profit in FY25 even as revenue growth slows

Imagine Marketing, the parent company of wearables brand boAt, has returned to profitability, albeit at the cost of revenue growth.

The company's turnaround to green comes after two years of posting consistent losses. NCR-based boAt posted a consolidated net profit of Rs 60 crore in FY25, against a net loss of Rs 79.7 crore in FY24, according to a press note.

boAt reported a marginal dip in its consolidated revenue to Rs 3,097.8 crore, helped by traction in audio as well as in new businesses. The company posted Rs 3,117.6 crore in revenue from operations in FY24.

It posted an EBITDA of Rs 142 crore in the financial year ended March 31, 2025. During the same period, it nearly halved its working capital from holding 71 days of inventory to 36 days, allowing it to be more financially agile.

During the year, the company improved its channel mix by adding quick commerce as an important segment along with ecommerce, offline retail, and exports.

The wearables player competes with companies such as GOBOULT, Noise, along with larger firms like Oppo, and Realme. The company has been steadily expanding its international footprint, especially in GCC markets.

boAt, which assembles and sells wearables like personal audio devices, smart watches, power banks, and speakers, has also invested in its "Make in India" efforts. The company said 70% of volumes are now manufactured domestically. The company has also localised its supply chain for plastics, PCBs and other components to shield itself from global disruptions, especially with China.

"FY25 marks a pivotal turning point for boAt. Through cost discipline, innovation, and a deep understanding of consumer needs, we have not only returned to profitability but also laid the foundation for long-term sustainable growth. From strengthening our leadership in audio to reimagining wearables and entering new categories, we are building a future-ready, diversified organization," stated Gaurav Nayyar, CEO, boAt.

Last week, the company announced its third CEO in the last three years. It elevated Gaurav Nayyar as its chief executive from his role as COO. Former CEO and co-founder Sameer Mehta is expected to continue as executive director, while Aman Gupta will likely remain as a non-executive director.