MathCo profit jumps 4.3X in FY25 on flat revenue

MathCo, a data and analytics solutions firm, marginally expanded its scale while delivering a sharp improvement in profitability during the fiscal year ending March 2025.

The company’s operating revenue grew marginally by 0.5% to Rs 501.5 crore in FY25 from Rs 499 crore in the previous fiscal, according to its consolidated financial statement sourced from the Registrar of Companies (RoC).

MathCo (formerly The Math Company) is an artificial intelligence and machine learning firm which helps organizations transform intelligence, create demonstrated value, and make them self-sufficient in handling such data. Revenue from these services was the sole source of income for the company. Including other income of Rs 21.5 crore, MathCo’s total income rose to Rs 523 crore in FY25 against Rs 517 crore in FY24.

Employee benefit expenses remained the company’s largest cost center, forming 84% of total expenses, though it declined 7% to Rs 374 crore in FY25 from Rs 402 crore in FY24. IT expenses were nearly flat at Rs 12 crore, while depreciation rose to Rs 12.5 crore from Rs 8 crore last year. Travelling expenses increased to Rs 12.6 crore, and finance cost expanded to Rs 3 crore during FY25. 

Overall, total expenses declined 9% to Rs 444 crore in FY25 from Rs 489 crore in FY24. For a more detailed expense breakup, refer to TheKredible.

With the help of controlled expenses, MathCo increased its profit by 4.3X to Rs 64 crore in FY25 from Rs 15 crore in FY24. Its ROCE and EBITDA margin improved to 11.71% and 14.36% respectively.

On a unit basis, MathCo spent Rs 0.89 to earn a rupee of operating revenue in FY25, compared to Rs 0.98 a year earlier. The company closed the year with cash and bank balances of Rs 53 crore, while its current assets stood at Rs 454.5 crore.

According to TheKredible, MathCo has raised a total $53 million of funding till date, having Brighton Park Capital and Patni Wealth Advisors as its lead investors, owning 16% and 13% of the company’s stake respectively.