Coding Ninjas’ revenue remains flat in FY24; expenses cross Rs 100 Cr

Info Edge-controlled Coding Ninjas experienced over two-fold revenue growth in FY23, but the company's scale remained flat in FY24, with revenue increasing by only 3.4%. Simultaneously, Coding Ninjas struggled to control its losses, which spiked by 22% in FY24, highlighting challenges in managing operational efficiency.

Coding Ninjas’ revenue rose to Rs 53.3 crore during FY24 in comparison to Rs 51.6 Crore in FY23,  according to its financial statements with the Registrar of Companies.

The company has restated the comparative amounts for the previous year, to correct material prior period errors in the previous year's audited financial statements.

Coding Ninjas offers computer language courses focused on application and software design. The platform provides coding courses in Java, Python, and C++, which are designed to help students excel in competitive programming, interview preparation, and data science. 

According to the filings, Coding Ninjas generates its revenue through three primary streams. The first is fees from students and professionals for its online coaching services. The second comes from B2B customers, including universities and corporate clients, who also pay for these services. The third is the commission earned on the Cost to Company (CTC) for students and professionals who are successfully placed through its programs.

The company also generated Rs 4.91 crore via interest and gains on financial assets (non-operating revenue) during the year, bringing the overall revenue to Rs 58.22 crore in FY24.

Expense Breakdown

FY23

Total ₹ 97.3 Cr

FY24

Total ₹ 109.2 Cr

• Employee Benefit

• Advertising promotional exp

• Legal professional Charges

• Finance Cost

• IT Expense

• Rent & Repairs to building

• Others

To check complete Expense Breakdown visit thekredible.comView full data

Employee benefit expenses were the largest contributor to Coding Ninjas' total expenses, increasing by 6.64% to  Rs 53.61 crore in FY24, up from Rs 50.27 crore in FY23. Advertising and promotional expenses accounted for 24.4% of the total costs but saw a 15.5% decrease to Rs 26.69 crore in FY24. In contrast, legal and professional charges surged by 200% to Rs 10 crore.

Other key cost drivers, including information technology, rent, and finance expenses, also contributed to the company's overall expenses, which spiked by 12.23% to  Rs 109.2 crore. Visit TheKredible for more information.

Due to flat revenue growth and rising expenses, Coding Ninjas recorded a loss of Rs 52.63 crore in FY24, marking a 21.9% increase from FY23.

The company's return on capital employed (ROCE) and EBITDA margin stood at -337.3% and -72.45%, respectively. On a unit level, Coding Ninjas spent Rs 2.05 to earn a rupee of operating income in FY24, highlighting challenges in operational efficiency and profitability.

FY23-FY24

	FY23	FY24
EBITDA Margin	-72.05%	-72.45%
Expense/₹ of Op Revenue	₹2.12	₹2.05
ROCE	-73.09%	-337.30%

As per TheKredible, Info Edge is the only external investor in the company and has poured in around Rs 178 crore or $22 million across three funding rounds. In October 2022, Info Edge increased its stakes from 26% to 51% in Coding Ninjas with an investment of Rs 135.4 crore or $17 million.

In the coding vertical, it competes with WhiteHat Jr, Toppr, Vedantu, Cuemath, Camp K12, and Uable.