DailyRounds posts Rs 281 Cr PAT on Rs 515 Cr revenue in FY23

Healthcare-focused edtech platform DailyRounds continued its growth momentum as it posted over Rs 500 crore income during the fiscal year ending March 2023 with over 42% surge in profits.

DailyRounds revenue from operations increased 28.1% to Rs 515 crore in FY23 from Rs 402 crore in FY22, according to its annual financial report filed with the Registrar of Companies (RoC).

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

The Bengaluru-based firm was acquired by Japanese healthtech firm M3 in 2019. Its flagship product Marrow is a learning platform for doctors, medical students and other healthcare practitioners with topic-wise learning modules, tests and performance analytics. It claims to have over 500,000 active users in the country and more than 1 million worldwide.

Income from subscriptions through its online learning platform Marrow formed 90% of the operating revenue which surged 27.8% to Rs 461 crore during FY23 from Rs 361 crore in FY22.

Sale of books and income from market research are other sources of collection that led to its total operating revenue rise to Rs 515 crore in the previous fiscal year. See TheKredible for detailed revenue streams.

On the cost side, DailyRounds employee benefits that include salaries, wages and bonuses accounted for a significant 34% of the overall expenditure. This cost elevated 10.8% to Rs 64 crore in FY23 from Rs 57 crore in FY22.

In FY23 end, DailyRounds’ co-founder and CEO Deepu Sebin quit the firm. As per Entrackr’s sources, he held nearly 25% stake in the company. The firm promoted Vineet Bagri to the post of the chief executive.

Its web hosting and subscription changes, purchase of books, advertisement and promotion, legal/professional fees and other operating overheads took its total expenditure to Rs 188 crore in FY23 from Rs 168 crore in FY22.

Expense Breakdown

Total ₹ 168 Cr
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Total ₹ 188 Cr
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  • Employee benefit expense
  • Web hosting and subscription charges
  • Purchase of books
  • Advertising promotional expenses
  • Others

The significant growth and controlled cost mechanism helped the company to post substantial profit which grew 42.1% to Rs 281 crore in FY23 from Rs 198 crore in FY22. Its ROCE and EBITDA growth stood at 43% and 69%.

respectively. On a unit level, it spent Rs 0.36 to earn a rupee of operating revenue in the last fiscal year (FY23).


FY22 FY23
EBITDA Margin 62% 69%
Expense/₹ of Op Revenue ₹0.42 ₹0.36
ROCE 37% 43%

DailRounds competes with Unacademy-owned PrepLadder and Byju’s. PrepLadder’s revenue from operations increased 27.6% to Rs 114.6 crore in FY22 whereas its net loss also jumped 74.9% to Rs 144 crore in the last fiscal year. It eyes net revenue of Rs 200 crore in FY23.

Last year, when we covered the FY22 results of DailyRounds, we had pointed out that costs were likely to remain in check as a lot of course material prep expenses  are one time in nature, or slow down in its area of operations. That is exactly what seems to have played out, seeing the firm record a significant jump in margins. Such a strong show positions the firm very well to invest further into newer segments, besides making it a very attractive target for acquisition, as the M3 deal demonstrated. Change in ownership means the likelihood of the firm remaining focused on its core area is higher, resulting in improved margins. DailyRounds seems to have built up a sustainable advantage in its chosen segment of medical education, and the future seems bright.

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