After a notable 58% surge in its scale in FY22, sleep solution company Duroflex saw a modest 18.23% growth during the fiscal year ending March 2023. But, losses for the Bengaluru-based company reduced significantly in the last fiscal year.
Duroflex’s revenue from operations increased to Rs 1,057 crore in FY23 from Rs 894 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show.
Duroflex offers mattresses, furniture, bed linen, pillows, and accessories through its website, offline stores, and e-commerce marketplaces.
Revenue from the sale of products was the only source of revenue for the Norwest Ventures-backed company. It also earned a non-operating income of Rs 13 crore in FY23 from interest on current investments.
The company produces rubberized coir, polyurethane foam items, and spring mattresses. Consequently, the cost of procurement of materials is the largest expenditure accounting for 56% of the overall expenses. This cost increased 11% to Rs 605 crore in FY23.
Expenses Breakdown
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- Cost of material consumed
- Employee benefit expense
- Legal professional charges
- Advertising promotional expenses
- Freight
- Rent
- Others
Duroflex’s employee benefits grew 29.3% during FY23. The legal professional, advertising cum promotional, freight, rent, and other overheads took its total expenditure up by 14.73% to Rs 1075 crore in FY23 from Rs 937 crore in FY22.
Check TheKredible for the detailed expense breakup.
Even as the company posted modest growth in scale, the effective cost mechanism helped Duroflex reduce its losses by 59.46% to Rs 15 crore in FY23 as compared to Rs 37 crore in FY22. Its ROCE and EBITDA margin improved 3.3% and 5.4% respectively.
FY22-FY23
| FY22 | FY23 |
| EBITDA Margin | 0% | 5.4% |
| Expense/₹ of Op Revenue | ₹1.05 | ₹1.02 |
| ROCE | -5% | 3.3% |
On a unit level, Duroflex spent Rs 1.02 to earn a rupee in FY23.
During FY23, the company had total current assets of Rs 495 crore including trade receivables of Rs 78 crore and cash bank balance of Rs 243 crore. It directly competes with Wakefit which posted Rs 813 crore revenue with Rs 146 crore loss in FY23.
