Wakefit rival Duroflex reports Rs 1,057Cr revenue in FY23; losses stood at Rs 15Cr

Duroflex, a prominent player in the sleep solutions market, has reported a significant financial achievement for the fiscal year ending March 2023.

The company's revenue from operations saw an 18.23% increase, reaching Rs 1,057 crore, up from Rs 894 crore in the previous fiscal year. The growth comes after a notable 58% surge in FY22, reports Entrackr.

Revenue sources 

The company, backed by Norwest Ventures, primarily earns through the sale of a range of products including mattresses, bed linens, pillows, furniture, and accessories. These are sold through their website, physical stores, and online marketplaces.

Additionally, Duroflex earned Rs 13 crore in non-operating income from interest on current investments in FY23.

Expense management and profitability

Despite the growth in revenue, Duroflex managed to significantly reduce its losses. The company's total expenditure rose by 14.73% to Rs 1075 crore in FY23, up from Rs 937 crore in FY22.

However, through effective cost management, Duroflex reduced its losses by 59.46%, bringing them down to Rs 15 crore in FY23 from Rs 37 crore in FY22. The largest expenditure was in material procurement, accounting for 56% of total expenses.

The company competes directly with Wakefit, which posted a revenue of Rs 813 crore but also a loss of Rs 146 crore in FY23. Duroflex's employee benefits also grew by 29.3% during the year.

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