For the fiscal year ending March 2024, Tractor Junction, a tractor-focused marketplace has been witnessing a rapid upsurge with the company’s operating revenue surpassing the INR 60 crore mark. Furthermore, this Noida-based firm has reduced its losses by 51 percent during the aforementioned period.
Furthermore, according to its consolidated annual figures accessed from the Registrar of Companies (RoC), Tractor Junction’s operating revenue reached INR 62 Crore, witnessing a surge of 2.3X in FY24 from Rs 26.8 crore in FY23. To compare, Tractor Junction’s gross scale had spiked 3X in FY23.
Tractor Junction operates as a rural vehicle marketplace, wherein, it facilitates buying, selling, financing, and insuring new and used tractors, farm equipment, and other rural commercial vehicles. Additionally, it also delivers crucial information and vetted reviews on farm machinery, thereby enabling users to compare across varied options.
Tractor Junction has generated 73 percent of its revenue from tractor sales, which showcases 3x growth in FY24, while the remaining 27 percent growth came from tractor’s services. Adding to this, the company has also earned INR 5.8 crore from interest on deposits so as to bring total income to INR 67.8 crore in the last fiscal year - FY24.
Hence, to look at the expenses, 60 percent of the total expenditure went toward material costs, which tripled to INR 43 crore. Also, accounting for 21% of total expenses, another significant expense was employee benefits. Moreover, rent, advertising, and finance were additional costs, thereby bringing total expenses from Rs 35 crore in FY23 to Rs 72.8 crore in FY24.
So, with this upsurge in revenue, Tractor Junction has successfully managed to reduce its losses by 51 percent, from INR 7.5 crore in FY23 down to INR 3.6 crore in FY24 . Furthermore, its ROCE and EBITDA margin stood at -7.68 percent and -16.42 percent, respectively. And on a per-unit basis, Tractor Junction has spent INR 1.17 to earn a rupee in Financial Year 2024.
According to TheKredible, Tractor Junction has raised nearly UDS 6 million to date from various investors which include the likes of Info Edge, Omnivore, Rockstart, and Indigram Labs. Currently, it is valued at USD 19.34 million.
