Myntra sees 15% operating revenue growth in FY24, turns a profit (#1684705)

Flipkart’s fashion arm Myntra reported a net profit of Rs 31 crore in the 2024 financial year. Fuelled by lowered expenses and boosted revenue, the business’ profits jumped significantly from its net loss of Rs 782 crore posted in the 2023 fiscal year.

Myntra’s operating revenue increased by 15% year on year in the 2024 financial year to total Rs 5,122 crore, ET Tech reported. The business’ revenue had amounted to Rs 4,465 crore in the 2023 financial year, according to its regulatory filings.
 
“Profitability is not coming because we are cutting costs somewhere, or because we are leaving opportunities for growth on the table,” said Myntra’s chief executive Nandita Sinha in a previous interview with the Economic Times. “They’re coming just because we have the size and we have the leverage and the technology to really be able to look at profitability without compromising on any growth left on the table.”
 
Myntra was able to reduce its losses in part by cutting costs on product returns, ET Retail reported. The business launched initiatives such as discounts and other benefits to shoppers who decide not to return unwanted goods. The business’ total income for the 2024 financial year was at Rs 5,174 crore, with the addition of its non-operating revenue.