SUMMARY
- The Sleep Company’s revenue from operations rose 2.5X to Rs 312.33 crore in FY24.
- Total expenses reached Rs 378.68 crore in FY24 from Rs 166.7 crore in FY23.
- The Sleep Company experienced a 58% increase in losses to Rs 58.69 crore in FY24.
The Sleep Company‘s revenue from operations rose 2.5X to Rs 312.33 crore in FY24 from Rs 127.14 crore in FY23, as detailed in its consolidated financial report submitted to the Registrar of Companies (RoC).
The company offers mattresses, pillows, cushions, bedding, and office chairs. In addition to its own website, The Sleep Company sells its products on ecommerce platforms such as Amazon and Flipkart.
The primary driver of the Premji Invest-backed company’s expansion was its flagship mattress line, which accounted for 65% of its revenue and saw a 89% surge to Rs 203.69 crore in FY24. Mattresses represent the only finished product the company sells, with the rest being traded goods, which include chairs, pillows, and beds, experiencing a rise in volume of 5.6 times to Rs 108.6 crore in the year under review.
The D2C mattress and sleep solution company also saw an additional Rs 7.7 crore in interest income, pushing its total revenue to Rs 320 crore for FY24.
The cost of materials grew 2.4 times to Rs 144.74 crore in FY24. Advertising costs rose by 89.7% to Rs 101.43 crore, and the expenses related to employee benefits rose threefold to Rs 35.94 crore over the same period.
These expenses, along with rent, finance, and other costs, contributed to a 2.2X increase in total expenses, reaching Rs 378.68 crore in FY24 from Rs 166.7 crore in FY23.
The Sleep Company experienced a 58% increase in losses to Rs 58.69 crore in FY24 from Rs 37.06 crore in FY23. Its ROCE and EBITDA margins were -26% and -15.92%, respectively.
On a per-unit basis, the company spent Rs 1.21 to generate a rupee of operating revenue in FY24. The company reported having Rs 4.15 crore in cash and bank balances and current assets of Rs 289 crore in FY24.
