Bootstrapped firm Core-Integra crosses Rs 350 Cr revenue in FY23

Labour Law compliances and HR policies consulting firm, Core Integra has ended FY23 with 18.4% growth in collection and remained profitable during the last fiscal year.

Core Integra’s operating revenue grew to Rs 330 crore in FY23 from Rs 278.8 crore in FY22, the company’s managing director Mahesh Krishamoorthy told Entrackr in a telephonic conversation.

Core Integra renders advisory services in HR compliances, payroll, and manpower solutions and also manages compliance pieces for corporates through its products - Ctrl-F, Core X, Core PFT, and RPA.

Advisory services formed 85% of the operating revenue while the rest of the collections came from tech-enabled products, as per Krishamoorthy. The company claims to have more than 500 clients across 30 industries with a presence over 2,000 pin codes. 

Its Flagship product, Ctrl F by Core Integra is a comprehensive Reg-Tech platform which covers aspects such as acts, laws, and compliances. Core Integra did not disclose the complete expense breakup for the fiscal year ending March 2023 but it said that the employee benefit formed around 50% of the operating revenue.

According to Krishamoorthy, the firm’s technology cost hovered at around Rs 50-55 crore. “Unlike revenue, our expenses were up only 10.8% to Rs 307 crore in FY23,” said Krishamoorthy.

While Krishamoorthy didn’t reveal the size of profit in the last fiscal year, he claimed that the company remained profitable in FY23. 

“We are on way to cross Rs 500 crore in revenue in the ongoing fiscal year (FY24),” added Krishamoorthy. “We are also looking for inorganic growth via acquisition and mergers in the HRMS segment.”

It is interesting that the HRtech and HRMS segments are expected to grow faster as the organised economy expands in India, and ironically, the simplification of labour laws. Besides that, product firms also have the opportunity to look outside the country for markets, as some have already done.  Core-Integra is well placed to explore these avenues, and sustained period of growth awaits the firm based on its track record.