Urban Company Reports First-Ever Operational Profit Amid Expanding Ventures

Urban Company has reported a reduction in its consolidated loss to Rs 93 crore for FY 2023-24 and achieved its first operational profit in the June 2024 quarter. The company attributes this growth to investments in service quality, technology, and new products like the Native RO water purifier and wall panel solutions.

Urban Company has announced a narrowing of its consolidated loss to Rs 93 crore for the financial year 2023-24, marking a significant improvement from the Rs 312 crore operational loss reported in FY'23.

In a landmark achievement, the company posted its first-ever operational profit in the June 2024 quarter, according to a statement released on Tuesday. 'We made a strong start to FY'25 with our consolidated net revenue growth for the first quarter of FY'25 at 37.3 percent YoY (unaudited),' the statement noted.

The company also achieved profitability before tax, with a consolidated PBT margin of 4.3 percent of net revenue. In India, the PBT margin stood at a healthy 12 percent. Urban Company's net revenue surged by about 30 percent to Rs 827 crore in FY'24, up from Rs 637 crore in FY'23. This growth was fueled by investments in service quality, partner training, technology development, and the launch of the Native RO water purifier.

Launched in October 2023, the Native RO water purifier, which claims to require no servicing for two years, contributed Rs 96 crore in annualized net revenue in the first quarter of FY'25. The company also ventured into wall panel solutions in FY'24, installing over 1 lakh panels since launch.