Urban Company, a leading doorstep service provider, has reported a significant reduction in its consolidated losses to Rs 93 crore for the financial year 2023-24. This marks a notable improvement from the operational loss of Rs 312 crore posted in FY’23. Additionally, the company has achieved its first-ever operational profit in the June 2024 quarter, signaling a strong financial turnaround.
The company’s net revenue for FY’24 increased by approximately 30% to Rs 827 crore, up from Rs 637 crore in the previous fiscal year. This growth is attributed to strategic investments in service quality, partner training and enablement, technology development, and the launch of Native RO water purifier devices.
“We made a strong start to FY’25 with our consolidated net revenue growth for the first quarter of FY’25 at 37.3 per cent YoY (unaudited). We achieved PBT (profit before tax) profitability in the quarter with consolidated PBT margin as a percentage of net revenue at 4.3 per cent. The India business also achieved healthy PBT margins with PBT margin at 12 per cent,” Urban Company stated.
The introduction of the Native RO water purifier in October 2023 has been a pivotal factor in the company’s growth. These water purifiers, which do not require servicing for two years and can produce 12,000 litres of pure water without needing a filter change, have been well received in the market. The annualized net revenue for the Native RO water purifier range for the first quarter of FY’25 was approximately Rs 96 crore.
Urban Company has also ventured into the wall panel solutions market in FY’24, installing over 1 lakh panels since the product’s launch. This diversification into new product lines has bolstered the company’s revenue streams and market presence.