You are here: Home » Current Affairs » News » National
Business Standard

Urban Company's FY20 loss widens to Rs 155 cr, revenue doubles to Rs 263 cr

Urban Company saw its consolidated losses widen to Rs 155.17 crore in financial year 2020 on account of higher expenditure

Topics
E-marketplace | startups in India | Startups

Press Trust of India  |  New Delhi 

Urban Company
Representational image.

Home services marketplace Urban Company saw its consolidated losses widen to Rs 155.17 crore in financial year 2020 on account of higher expenditure, even as its total income almost doubled, as per regulatory documents.

Urban Company saw its total income almost doubling to Rs 263.07 crore in financial year 2020 from Rs 132.04 crore in financial year 2019, while its loss was at Rs 155.17 crore in financial year 2020 as against a loss of Rs 78.48 crore in the previous fiscal, according to Registrar of Companies filing shared by market intelligence firm Tofler.

Total expenditure on a consolidated basis grew 98.6 per cent to Rs 418.25 crore in fiscal ended March 2020 as compared to Rs 210.52 crore in the preceding fiscal, it added.

On a standalone basis, Urban Company saw its total income almost doubling to Rs 256.42 crore in financial year 2020 from Rs 131.59 crore in financial year 2019, while its loss was at Rs 137.86 crore in financial year 2020 as against a loss of Rs 73.6 crore in the previous fiscal.

Expenditure on a standalone basis rose 92 per cent to Rs 394.29 crore in the fiscal ended March 2020 as compared to Rs 205.19 crore in the preceding fiscal, it added.

E-mailed queries to the company did not elicit a response.

In the filing, Urban Company said it clocked a significant year-on-year growth in operating revenue to Rs 212 crore in financial year 2019-20, compared with Rs 108 crore in financial year 2018-19.

"The beauty and wellness vertical contributed around 55 per cent to its financial year 2019-20 revenue. Owing to the COVID-19 pandemic, the company had to halt its business activity during the nationwide lockdown starting from March 23, 2020," it added.

However, the company resumed its operations in the month of May and June, 2020 and is now back to its steady growth, the filing said.

"During the year, the company made considerable investment to increase its customer acquisition, acquire and retain the top talent and various other growth measures, resulted to incur net loss of Rs 13,786.79 lakhs in financial year 2019-20. However, the company is on its growth path and your board expects promising years ahead," it said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, January 04 2021. 19:41 IST
RECOMMENDED FOR YOU
.