SUMMARY
- Paper Boat’s revenue from operations rose 16% YoY to Rs 585 crore in FY24.
- The brand was able to reduce its losses by 48% to Rs 47 crore in FY24.
- Paper Boat’s total expenses increased by 7.2% to Rs 642 crore in FY24.
Soft drinks and beverages brand Paper Boat‘s revenue from operations rose 16% YoY to Rs 585 crore in FY24 from Rs 504 crore in FY23, according to its financial records accessed from the Registrar of Companies (RoC).
Paper Boat was founded by former Coca-Cola executives, Neeraj Kakkar and Niraj Biyani, and offers packaged juices, coconut water, traditional Indian snacks, and dry fruits.
The company’s sales from products made by third-parties (trade), accounted for 52% of its operating revenue, increasing by 16% to Rs 304.3 crore in FY24 from Rs 261.8 crore in FY23.
The remaining 48% of its operating revenue came from the sales of its own manufactured products, which saw a growth of 15.7% to Rs 278 crore in the same period.
Additionally, Hector Beverages-owned Paper Boat earned Rs 10 crore from interest income, bringing its total revenue for FY24 to Rs 595 crore.
The cost of materials was the largest category, making up 63% of the total expenses. This cost saw a 6.4% increase to Rs 404 crore in FY24 from Rs 380 crore in FY23. The expenses related to employee benefits rose by 22% to Rs 66.70 crore in the same period.
Other categories of expenses, including advertising, finance, and miscellaneous, added another Rs 171 crore. Paper Boat’s total expenses increased by 7.2% to Rs 642 crore in FY24.
Despite this, Paper Boat was able to reduce its losses by 48% to Rs 47 crore in FY24 from Rs 90.5 crore in FY23. The company’s ROCE and EBITDA margin were -15.45% and -5.63%, respectively.
On a per-unit basis, Paper Boat spent Rs 1.1 to generate a rupee of operating revenue in FY24. The company reported having Rs 168 crore in cash and bank balances, along with current assets of Rs 305 crore in the year under review.
To date, the 11-year old company has secured a total funding of Rs 1,030 crore ($143 million) from various investors, including GIC (Lathe), Peak XV, Sofina Ventures, and A91 Partners. GIC currently holds over 25% of the company’s stake, with Sofina and Peak XV each owning more than 18%.
