SUMMARY
- Lendingkart Technologies’ consolidated revenue from operations was Rs 1,090.63 crore in FY24.
- Its profits fell by 97% YoY to Rs 3.25 crore in FY24 from Rs 118.81 crore in FY23.
- The total expenses increased by 58.92%, reaching Rs 1,194.32.
Lendingkart Technologies’ consolidated revenue from operations was Rs 1,090.63 crore in FY24, up 36.59% YoY from Rs 798.45 crore in FY23, fueled by a rise in insurance commission earnings and interest from deposits.
However, profits fell by 97% YoY to Rs 3.25 crore from Rs 118.81 crore in FY23. Other income, which more than doubled to Rs 127.24 crore from Rs 59.56 crore in FY23, saw a significant rise from a 7.2x increase in insurance commission earnings, reaching Rs 65.09 crore in FY24 from Rs 9.02 crore in FY23.
Interest from bank deposits also more than doubled to Rs 30.89 crore from Rs 15.12 crore in FY23. The total earnings for the fiscal year under review amounted to Rs 1,217.87 crore from Rs 858.01 in the last fiscal year.
The total expenses increased by 58.92%, reaching Rs 1,194.32 crore from Rs 751.51 crore in FY23, primarily due to higher operational costs.
Other expenses, which accounted for the majority of Lendingkart’s expenses, saw a significant increase of 83.58% to Rs 649.86 crore from Rs 353.98 crore. This increase was largely due to a substantial hike in sovereign guarantee fees, which rose over 4 times to Rs 79.99 crore.
Service charges for outsourced employees also saw an increase to Rs 33.88 crore from Rs 14.62 crore. Costs related to employee benefits rose sharply by 75.70% to Rs 199 crore in FY24 from Rs 113.26 crore in the previous year.
Meanwhile, finance costs, the second-largest expense category, saw a 16.81% increase from Rs 251.27 crore to Rs 293.53 crore. The rise in costs, coupled with a deferred tax of Rs 13.57 crore, reduced the firm’s profitability.
Earlier this month, it was announced that Fullerton Financial Holdings (FFH), an existing investor, had acquired a controlling stake in Lendingkart for Rs 252 crore.
FFH currently holds approximately 38.1% of the fintech‘s shares. The acquisition was valued at $100 million, a significant drop from the $350 million valuation it received during its last equity fundraising four years ago.
