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Amway India

Amway India loss doubles to Rs 52.78 cr in FY24, sales flat at Rs 1,284 cr

Amway India had reported a net loss of Rs 21.72 crore and revenue from operations at Rs 1,278.69 crore a year ago

Updated On : 19 Dec 2024 | 3:05 PM IST

Amway India loss widens to Rs 52.78 cr in FY24, sales flat at Rs 1,283.7 cr

Direct seller Amway India Enterprises has reported widening of net loss to Rs 52.78 crore, while revenue from operations, stood at Rs 1,283.75 crore in FY'24. Its total income, which includes other income, was marginally up 0.7 per cent to Rs 1,293.97 crore for the financial year ended March 31, 2024, according to the RoC filing by the company. Amway India had reported a net loss of Rs 21.72 crore and revenue from operations was at Rs 1,278.69 crore a year before, for the financial year ended March 31, 2023, according to financial data accessed through the business intelligence platform Tofler. The 'advertising promotional expenses' in FY'24 were down 25.5 per cent to Rs 61.03 crore, as against Rs 81.93 crore a year ago. However, the royalty paid to its US-based parent firm was up 4.06 per cent to Rs 65.74 crore in FY'24. This 'cost royalty' was at Rs 63.17 for the financial year ended on March 31, 2023. Amway India Enterprises is a wholly-owned subsidiary of Ada, Michigan, US-bas

Updated On : 26 Nov 2024 | 3:46 PM IST

Expect India to be among our top 3 global markets in 5 yrs: Amway India MD

Direct selling major Amway expects India to be among its top three global markets in the next five years, the company's country Managing Director Rajneesh Chopra said on Monday. The company, which has invested USD 4 million (around Rs 35 crore) to set up four new research and development centres in India, is also looking to develop products to cater to Southeast Asian countries. Amway has globally started looking at the overall landscape and the lens of business in a very different way. Instead of setting financial goals only, it is moving to transformation of lives, Chopra told PTI. "We have five and a half lakh active distributors on our base right now. We have more than 2 million customers. Our goal is that 2 million moves up to 5 million over the course of the next five years," he said when asked how the company is looking ahead in India. He further said, "We aspire that India becomes one of the top three (markets for Amway globally). We have some more work to do from that ...

Updated On : 09 Sep 2024 | 6:48 PM IST

Amway generated proceeds of crime of over Rs 4k cr via MLM scheme: ED

Amway India, which runs a multi-level marketing (MLM) scheme, generated proceeds of crime worth more than Rs 4,000 crore and a substantial part of it was siphoned off to overseas bank accounts, the Enforcement Directorate alleged on Monday. The federal agency said this after filing a charge-sheet against Amway India Enterprise Pvt Ltd before a special Prevention of Money Laundering Act (PMLA) court in Hyderabad. The court took cognisance of the prosecution's complaint on Monday, the Enforcement Directorate (ED) said in a statement. The criminal case of money laundering registered by the ED stems from multiple FIRs filed by the Telangana Police against Amway and its directors. It is alleged that they were promoting an "illegal money circulation scheme under the guise of sale of goods" and "cheating the general public by promising them very high commissions/incentives through simple enrolment of new members and by claiming that these commissions/incentives would continue in ...