SUMMARY
- The revenue from operations of Coding Ninjas grew to Rs 53.3 crore in FY24, up from Rs 51.6 crore in FY23
- Its total expenses grew to Rs 109.2 crore in FY24 from Rs 97.3 crore in FY23.
- Coding Ninjas reported a loss of Rs 52.63 crore in FY24, marking a 21.9% increase from FY23.
The revenue from operations of Coding Ninjas grew to Rs 53.3 crore in FY24, up from Rs 51.6 crore in FY23, as per its financial reports with the Registrar of Companies.
The company has revised the figures from the previous year to rectify significant errors in the financial statements of the previous year’s audit.
Coding Ninjas provides courses in computer programming, focusing on application and software design. The platform offers classes in Java, Python, and C++, aimed at preparing students for competitive programming, job interviews, and data science.
According to the filings, the company earns its income through three main sources. The first is through fees charged to students and professionals for its online tutoring services. The second is from business-to-business (B2B) clients, including universities and corporations, who also pay for these services. The third is the commission received from students and professionals who are placed through its programs.
The company also made Rs 4.91 crore from interest and profits on its financial assets (non-operating income), bringing its total income to Rs 58.22 crore for FY24.
The largest expense category for Coding Ninjas was employee benefits, which saw a 6.64% increase to Rs 53.61 crore in FY24, up from Rs 50.27 crore in FY23. Advertising and promotional costs made up 24.4% of the total expenses, but these saw a 15.5% drop to Rs 26.69 crore in FY24. On the other hand, legal and professional fees rose by 200%.
Other significant cost factors included information technology, rent, and finance expenses, which saw a 12.23% increase to Rs 109.2 crore.
Due to stagnant revenue growth and escalating costs, Coding Ninjas reported a loss of Rs 52.63 crore in FY24, marking a 21.9% increase from the previous year.
The company’s ROCE and EBITDA margin were -337.3% and -72.45%, respectively. On a per-unit basis, it spent Rs 2.05 to generate a rupee of operating income in FY24, indicating operational challenges and a struggle with profitability.
Info Edge is the sole external investor in the company, contributing around Rs 178 crore or $22 million across three funding rounds. In October 2022, Info Edge increased its ownership in Coding Ninjas from 26% to 51% with an investment of Rs 135.4 crore or $17 million.
In the field of coding, it competes with WhiteHat Jr, Toppr, Vedantu, Cuemath, Camp K12, and Uable.
