Synopsis
In FY24, Wingify's expenses surged by 33.5% to Rs 221.33 crore, heavily impacted by employee benefits and a staggering 497% rise in legal costs. Despite this, revenue grew by 30.8% to Rs 288.61 crore, with profit after tax increasing by 30% to Rs 61.04 crore.Key Takeaways
- Wingify's expenses rose by 33.5% in FY24.
- Legal costs skyrocketed by 497%.
- Employee benefits accounted for 61.8% of total expenses.
- Revenue from operations grew by 30.8%.
- Profit after tax increased by 30% YoY.
New Delhi, Feb 19 (NationPress) The bootstrapped software-as-a-service (SaaS) firm Wingify experienced a notable increase in its overall expenditures in the financial year ending March 2024, with total expenses rising by 33.5 percent to Rs 221.33 crore compared to Rs 165.81 crore in the previous fiscal year (FY23).
A significant part of these expenses stemmed from employee benefits, which represented 61.8 percent of the total costs.
Wingify’s expenditure on salaries and related benefits saw a 16.4 percent increase, totaling Rs 136.83 crore.
Notably, legal expenses surged dramatically by an astonishing 497 percent to Rs 38.10 crore.
This rapid rise indicates that the company might be facing costly legal disputes or investing strategically in legal frameworks.
Advertising expenses remained consistent at Rs 14.36 crore, while other outlays, such as IT and rentals, amounted to Rs 32.04 crore.
On a positive note, Wingify’s operational revenue grew by 30.8 percent, reaching Rs 288.61 crore in FY24, compared to Rs 220.60 crore in FY23.
When accounting for interest and non-operating income, the company reported a total revenue of Rs 301.5 crore.
Wingify offers SaaS solutions to online businesses via its Visual Website Optimiser (VWO) tool.
The company's profit after tax (PAT) rose by 30 percent year-on-year (YoY), amounting to Rs 61.04 crore compared to Rs 46.97 crore in the preceding fiscal year.
In FY24, Wingify achieved a return on capital employed (ROCE) of 18.85 percent and an EBITDA margin of 27 percent.
The firm incurred Rs 0.77 to earn each rupee of operating revenue during the year, based on its financial reports.
It reported cash and cash equivalents totaling Rs 7.42 crore, with a bank balance (excluding cash equivalents) of Rs 7.99 crore during the fiscal period.
The founder, Paras Chopra, witnessed a dramatic reduction in his annual remuneration, which decreased to Rs 1.38 crore in FY24 from Rs 17.95 crore in the prior year.
