What the Financials Indicate About Porter: FY24 Loss Declines 45% And Revenue Crosses INR 2,500 Cr

Porter FY24 Financial Overview

What the financials show is a significant improvement for Porter as it managed to narrow its net loss by 45% in the financial year ending March 31, 2024. The loss decreased to INR 95.7 Cr from INR 174.6 Cr in FY23, showcasing lower cash burn strategies. The startup, which specializes in hyperlocal logistics, achieved an impressive 56% increase in operating revenue, soaring to INR 2,733.7 Cr from INR 1,737.4 Cr in the previous fiscal year.

Revenue Streams and Operational Insights

Porter, founded in 2014, primarily earns its income through B2B and B2C logistics services using its own fleet. Total revenue, including income, reached INR 2,766.4 Cr in FY24, marking a 54.5% increase from INR 1,789.4 Cr last year. This growth reflects the startup's competitive positioning in the logistics sector.

Cost Analysis

Also noteworthy is Porter's cost structure. Total expenditures went up 46% to INR 2,862.1 Cr, compared to INR 1,964 Cr previously. Fleet operating costs constituted a significant 83% of total expenses, escalating 50% to INR 2,369 Cr from INR 1,578.8 Cr. Employee costs also reflected a notable rise, reaching INR 237.3 Cr, which is 24% higher than the previous year.

Investments and Future Outlook

Porter's EBITDA margin improved to -2.93% from -9.46% in the preceding fiscal year, showing a trend toward profitability. The startup has attracted approximately $132 Mn in funding from renowned investors. Despite entering the unicorn club, details about this status remain ambiguous. Competitors such as Shadowfax and Dunzo continue to vie for market share, highlighting the dynamic nature of the logistics sector.