Moglix registered a modest 5.5 percent increase in revenue during the fiscal year ending March 2024 after experiencing 82.6 percent growth in FY23, Furthemore, the company managed to reduce its losses by 16% during the same period despite this slower growth.
According to its consolidated financial statements accessed from its group company in Singapore, Moglix's revenue from operations increased to Rs 4,964 crore which comes to about USD 591 million in FY24. It is an increase from Rs 4,704 crore that comes to around USD 560 million in FY23.
Furthermore, the sale of traded goods accounted for 98.98 percent of Moglix's operating revenue, growing by 5.4 percent to Rs 4,914 crore in FY24. Also to note, the remaining income comes from commissions on online sales, factoring, information technology services, and other allied services.
Moglix's total revenue to Rs 5,309 crore, about USD 632 million in FY24 boosted its review due to interest income and other non-operating earnings. Notably, the Indian market contributed 97.1 percent of the company's revenue, with the USA accounting for 2.7% and Singapore contributing 0.16 percent.
With procurement costs accounting for 84 percent of its total expenses, Moglix operates on a cash-and-carry model. In FY24, due to the increase in scale, these costs witnessed an upsurge of 4.4 percent, reaching Rs 4,620 crore, showcasing an up from Rs 4,427 crore in FY23.
Moglix also spent Rs 218 crore on employee benefits and Rs 92 crore on shipping in Financial Year 2024. Adding to this, the total cost was brought to Rs 5,493 crore ($654 million) in FY24, compared to Rs 5,208 crore ($620 million) in FY23 due to its spending on advertising, legal, information technology, allowance for doubtful debts, and other overheads.
Though it witnessed a moderate growth, controlled costs and a surge in other income has greatly helped Moglix to reduce its losses by 16 percent to Rs 189 crore ($22.5 million) in FY24; decrease from Rs 225 crore which is about USD 26.8 million in FY23. Moreover, its ROCE and EBITDA margin stood at -4.82 percent and -1.5 percent, respectively. While the company spent Rs 1.11 to earn a rupee in FY24 on a unit level.
If we talk about the various funding rounds, Moglix has secured a total of USD 440 million, wherein, Tiger Global is the largest external stakeholder with a 14.75 percent share, which is further followed by Accel and Alpha Wave, holding 14.26 percent and 13.35 percent, respectively. Rahul Garg, who is the Co-founder and CEO of the company holds a 12.67 percent stake in Moglix.
