SUMMARY
- Porter has witnessed a 55.9% surge in revenue from operations reaching Rs 2,733.8 crore in FY24.
- The total expenditure for the company increased by 45.7% to Rs 2,862 crore in FY24 from Rs 1,964.9 crore in FY23.
- It curtailed its losses by 45% to Rs 95.7 crore in FY24, in comparison to a loss of Rs 174.6 crore in FY23.
Prominent on-demand intra-city logistics provider Porter has sustained its upward trajectory in FY24, witnessing a 55.9% surge in revenue from operations reaching Rs 2,733.8 crore as per its consolidated financial report with the Registrar of Companies (RoC). Its revenue had more than doubled to Rs 1,753.8 crore in FY23.
Moreover, the company experienced an increase in interest and gains on financial assets, contributing Rs 32.64 crore to its revenue, which in turn, increased the total revenue to Rs 2,766 crore in FY24.
The Bengaluru-based company offers an extensive logistics platform designed to enhance businesses’ last-mile delivery operations. The majority of its total operating revenue, 99%, was sourced from goods transportation services, with the remainder generated through platform fees and other operational activities.
As for the expenses, fleet operating costs, which includes all expenses related to vehicles and delivery personnel, accounted for 82.8% of the total expenses. These costs witnessed a 50% increase to Rs 2,369 crore in FY24. Additionally, employee benefits expenses saw a rise of 24.3% to Rs 237.36 crore during the same period. These expenses also include employee stock compensation (ESOP) expenses of Rs 6.69 crore.
Other significant expenditures for the company included advertising and promotions, information technology, and legal and professional fees. The total expenditure for the company increased by 45.7% to Rs 2,862 crore in FY24 from Rs 1,964.9 crore in the preceding fiscal year.
Despite these escalating expenses, Porter has successfully curtailed its losses by 45% to Rs 95.7 crore in FY24, in comparison to a loss of Rs 174.6 crore in FY23.
Operating cash outflows have also seen improvement of 48.5% to Rs 96.7 crore throughout the year. As of FY24, Porter’s outstanding losses stood at Rs 771.5 crore.
The logistics platform’s earnings before interest, taxes, depreciation, and amortization (EBITDA) margin has seen an improvement of 638 basis points to -2.89% in FY24 from -9.27% in FY23. On a unit basis, Porter spent Rs 1.05 as compared to Rs 1.12 in FY23 to generate a rupee of operating revenue in the year under review. Its ROCE margin also improved from -33.31% to -21.36% in the same period.
Porter has managed to expand its scale without the need for additional funding in FY24 and FY23. Its $100 million Series E round, led by Tiger Global and Vitruvian Partners, was concluded in October 2021 (FY22). It is also speculated that Porter has achieved unicorn status through an internal round that included secondary components, although an official announcement has not been made.
