Myntra sashays to profit in FY24 in dramatic turnaround
According to its consolidated financial statement, the company reported a profit of Rs 31 crore for FY24, marking a significant turnaround from a loss of Rs 782.4 crore in FY23.
Fashion ecommerce platform Myntra reported a profit of Rs 31 crore for FY24, marking a significant turnaround from a loss of Rs 782.4 crore in FY23. An increase in revenue from operations seems to have contributed to its overall health.
According to its consolidated financial statement from the Registrar of Companies (RoC). Myntra’s revenue from operations grew by 14.71% to Rs 5,121.8 crore in FY24 from Rs 4,465 crore in FY23.
Myntra reduced its total costs by 3.16% to Rs 5,123 crore in FY24 from Rs 5,290 crore in the last fiscal year.
Amid growing competition from quick commerce platforms, Myntra recently launched a 30-minute delivery service called ‘M-Now’, after a pilot in select pin codes of Bengaluru in November.
“Fashion, a highly aspirational category, thrives on a diverse selection that empowers customers to style their complete look. As enablers, we are truly grateful for Myntra’s strong association with leading brands across the globe, which are at the front and center of catering to the evolving fashion aspirations of the country. Together with the brands, M-Now will play a transformative role in advancing our collective mission to expand fashion possibilities and reshape India’s lifestyle shopping experience,” said Nandita Sinha, CEO at Myntra.
Currently, M-Now includes collections from global brands such as MANGO, Tommy Hilfiger, and Levi’s.
Myntra also has an Express feature, which offers 24-48 hours delivery for select categories.
Edited by Affirunisa Kankudti
