Latest News | Urban Company Expects Revenue of Rs 1,140 Cr in Current Fiscal
Get latest articles and stories on Latest News at LatestLY. Door-step service provider Urban Company has achieved profitability in the April-June quarter and has achieved an annualised revenue run rate of around Rs 1,140 crore in the fiscal year 2025, a top company official said on Thursday.
New Delhi, Jun 27 (PTI) Door-step service provider Urban Company has achieved profitability in the April-June quarter and has achieved an annualised revenue run rate of around Rs 1,140 crore in the fiscal year 2025, a top company official said on Thursday.
During a discussion on the Environmental, Social, and Governance (ESG) report of Urban Company (UC), CEO Abhiraj Singh Bhal said that the company has achieved revenue in the range of Rs 282 crore in April-June.
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"This quarter (June 2024 quarter) we will be roughly around Rs 282-283 crore which annualises to Rs 1,140 crore," Bhal said.
He said that this is the first quarter when the company has achieved profitability.
"Company is now fully profitable at the company level. In April, we achieved this goal. For the April-June quarter, we are fully profitable. The 4 per cent PBT (profit before tax) that we had is at the company level and not at the India level. India is obviously much higher. The second largest market outside of India is the UAE which is almost at the cusp of profitability," Bhal said.
India business accounts for around 90 per cent of UC's total revenue.
UC's revenue from operations in FY'23 grew by 45 per cent to Rs 637 crore from Rs 438 a year ago. The company had posted a narrowing of loss before taxes to Rs 308 crore in FY'23 from Rs 514 crore in FY'22.
UC operates in around 56 cities in India at present through over 55,000 partners who provide services at home from repair, home cleaning, painting, grooming etc.
As per the company's ESG report, net earning of partners working with the company is Rs 24,845 per month on an average and its top 20 per cent earn Rs 42,792.
The average hourly earning of male partners at UC is Rs 294 while that of female partners is Rs 363.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)