The beverage and dairy substitute company Storia Foods recorded a 51% year-over-year increase. But at the same time frame, the company's losses increased as a result of growing costs in several important cost centers.
According to its financial statement submitted to the Registrar of Companies (RoC), Storia Foods' operating revenue increased to Rs. 169 crore in the most recent fiscal year from Rs. 112 crore in FY23.
Storia Foods, which was founded by Vishal Shah, sells a variety of goods, including juices, smoothies, coconut water, sugar-free shakes, lattes, and booster drinks. The company's only operational revenue came from the selling of these goods. The company's total revenue in FY24 was Rs. 171 crore, including Rs. 2 crore from interest on deposits.
In FY24, Storia Foods' total expenses increased by 44% to Rs. 203 crore from Rs. 141 crore the year before. Material expenses, the biggest expense component, rose 40% to Rs. 98 crore. While other expenses increased 63% to Rs. 78 crore, employee benefit expenses increased 17% to Rs. 27 crore.
The increasing cost structure led to a net loss of Rs. 33 crore in FY24 from Rs. 27 crore in FY23, despite robust revenue growth. In FY24, the company's EBITDA margin increased to -19.18% from -24.69% in FY23. During the fiscal year, Storia Foods spent Rs. 1.20 per rupee to make one rupee.
The Mumbai-based company reported current assets worth Rs. 24 crore in FY24 which includes Rs. 5 crore in cash and bank balance.
According to startup data intelligence platform TheKredible, Storia Foods has raised a total of $6 million in funding to date. Sixth Sense Ventures is the lead investor, holding a 23.86% stake, while founder Vishal Shah owns 20.30% of the company.
