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  3. PharmEasy FY24 results: Revenue falls nearly 15%, losses narrow by 51%

PharmEasy FY24 results: Revenue falls nearly 15%, losses narrow by 51%

21 Nov 2024

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Key Takeaways

PharmEasy cut losses and expenses but faces valuation challenges, competition, and finance cost increases alongside revenue and income declines.


PharmEasy cut losses and expenses but faces valuation challenges, competition, and finance cost increases alongside revenue and income declines.


pharmeasy unlisted shares

API Holdings (Pharmeasy)

-8.09%

Expert Analysis

PharmEasy Narrow Losses Despite Revenue Drop.

Expert Analysis

  • Revenue Decline: PharmEasy’s consolidated revenue from operations declined by 14.7% to ₹5,664 crore in FY24 from ₹6,643 crore in FY23.

  • Drop in Total Income: Total income fell to ₹5,758 crore in FY24 from ₹6,699 crore in FY23.

  • Loss Reduction: PharmEasy’s losses narrowed by 51% to ₹2,533 crore in FY24 from ₹5,211 crore in FY23, aided by a 79% reduction in goodwill impairment charges to ₹582 crore from ₹2,825 crore in FY23.

  • Expense Reduction: Expenses dropped 19% from Rs 8,974 to ₹7,254 crores, with stock-in-trade costs reducing to ₹4,572 crores in FY24 from ₹5,512 crore in FY23 and employee expenses to ₹699 crores from ₹1,283 crores.

  • Increase in Finance Costs: Finance costs increased from Rs 665 crore in FY23 to ₹728 crore in FY24.

  • Valuation Markdown: API Holdings, valued at $5.6 billion in 2021, saw a 92% markdown to $458 million, as per SEC filings.

  • Funding at Reduced Valuation: In April 2024, API Holdings experienced a 90% haircut in its valuation after securing $216 million in funding from Manipal Education and Medical Group (MEMG) and existing investors.

Publisher:Fina