Cars24 losses reduced by 57% to Rs 468 crore in FY23; Know the revenue

Cars24 has reported a revenue of Rs 5,535 crore for the fiscal year ending March 2023, an increase of 8% from the previous fiscal year, where the revenue stood at Rs 5,136 crore.

The company's financials show that 93% of its revenue came from car sales, which grew 6.2% to Rs 5,164 crore in FY23 from Rs 4,863 crore in FY22, as reported by Entrackr.

Besides car sales, Cars24's financial services segment doubled its income last fiscal year and posted profits, as shown in its subsidiary's financial statements.

Other revenue sources for Cars24 include parking and service fees. On the expenditure front, the cost of procuring cars remained the most significant, accounting for 81% of the total expenses, amounting to Rs 4,926 crore in FY23.

The company also managed to reduce its employee benefits cost by 12.8% to Rs 478 crore in FY23, which includes a non-cash ESOP cost of Rs 97.5 crore.

It's worth noting that during FY23, Cars24 also laid off 600 employees after it called it as 'business as usual'. “This is business as usual. It a part of performance linked exits that happen every year. This is not owing to any cost cuts,” a Cars24 spokesperson earlier said.