NoBroker Reports Rs 411 Crore Loss in FY24 Despite 32% Surge in Revenue

Bengaluru-based real estate platform NoBroker has posted a net loss of Rs 411 crore for the financial year ending March 2024 (FY24), marking a 19% improvement from the Rs 506 crore loss recorded in FY23. The company’s total expenses rose by 9.2% year-on-year to Rs 1,299 crore, even as operational performance improved.

According to a report by Entrackr citing the company’s financial statements, NoBroker’s largest expense category was 'miscellaneous overheads', amounting to Rs 738 crore or 57% of total spending. The company offered limited transparency on this cost breakdown. Meanwhile, employee benefit expenses remained stable at Rs 436 crore, making up 33% of overall expenditure.

Other cost components saw reductions, with rent falling to Rs 7 crore and legal charges dropping to Rs 12 crore. Depreciation expenses inched up slightly to Rs 31 crore.

Despite the rise in expenses, NoBroker reported a 32% increase in operating revenue, which grew to Rs 803 crore in FY24 from Rs 609 crore in the previous fiscal. A significant portion 99% of this revenue came from its subscription-based home-hunting services. Additionally, the company generated Rs 5 crore from product sales, including home services and allied offerings.

Apart from its core operational revenue, NoBroker earned Rs 85 crore from non-operating sources such as interest on fixed deposits, mutual fund returns, and other investments, taking its total income for FY24 to Rs 888 crore, up from Rs 683 crore in FY23.

However, the company continues to face challenges in achieving financial efficiency. It spent Rs 1.62 for every rupee earned in operating revenue. The company’s EBITDA margin stood at -42.45%, and its Return on Capital Employed (ROCE) was recorded at -37.76%.

As of March 2024, NoBroker had current assets worth Rs 1,082 crore, including Rs 55 crore in cash reserves.

Founded by Ankit Agarwal, Saurabh Garg, and Akhil Gupta, NoBroker has raised $366 million from investors such as Tiger Global, BEENEXT, and Elevation Capital. The founding trio collectively hold a 16.6% stake in the company.