RentoMojo Q1: Profit Tanks 39% YoY To ₹7.8 Cr, Revenue Zooms 51%
In its first financial disclosure after becoming a listed entity, furniture and appliance rental startup RentoMojo’s net profit tanked 38.7%…
In its first quarter as a listed company, furniture and appliance rental startup RentoMojo experienced a significant decline in net profit, dropping 38.7% year-over-year to ₹7.8 Cr. Operating revenue, however, surged 51.1% to ₹126.3 Cr, compared to ₹83.6 Cr in the previous quarter. Despite this growth, RentoMojo's profit halved sequentially, falling 53% from ₹16.8 Cr.
The company attributed the increase in revenue to a rise in live items and items ordered on its platform. Including other income of ₹77 Lakh, RentoMojo's total income for the quarter amounted to ₹127.1 Cr. EBITDA, or earnings before interest, taxes, depreciation, and amortization, improved by 17.5% year-over-year to ₹40.9 Cr, although the EBITDA margin contracted to 32.2% from 41% in the same period last year.
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