Flipkart-owned e-commerce major Myntra turned profitable in the fiscal year ending March 2024, with a net profit of Rs 30.9 crore, compared to a loss of Rs 782.4 crore in FY23. The turnaround in Myntra’s bottomline comes 10 years after Flipkart bought the company in 2014.
In FY24, Myntra’s revenue from operations rose by 14.7% to Rs 5,121.8 crore from Rs 4,465 crore in FY23, according to its filings with the Registrar of Companies (RoC).
Revenue from logistics services formed nearly half of the overall revenue and rose 22.5% to Rs 2,439 crore in FY24. Meanwhile, revenue from marketplace services was flat at Rs 1,774.6 crore, and that from advertising surged 33% to Rs 712.3 crore.
The company also managed to reduce its total expenses by 3.2% to Rs 5,123 crore, from Rs 5,290 crore in FY23. Last week, the company announced that it entered the quick commerce space with 30-minute delivery through M-Now.