HomeLane Reports Robust Financial Growth for FY 2023
Sep 11, 2023
BusinessWire India
Bengaluru (Karnataka) [India], September 11: HomeLane, India's leading tech-enabled home interiors brand, reported its financial results for the fiscal year 2023 on 8th September. The key takeaways from the results are:
Revenue Growth: A robust growth of 35%, with total revenue increasing from INR 431 Cr in FY 2022 to INR 584 Cr in FY 2023.
Expansion Across Cities: The number of Experience Centres (XP) grew to 52 in FY 23, up from 39 in FY 2022. Additionally, HomeLane expanded its presence from 17 cities to 22 cities.
Improved EBITDA Margin: Like others in the home construction and improvement industry globally, HomeLane faced challenges with rising supply chain costs. However, even with these inflationary pressures in the first three quarters, the company managed to reduce its EBITDA % loss after one-time expenses, improving from -32% in FY 2022 to -26% in FY 2023. The softening of input costs in Q4, complemented by the strategic cost-saving measures undertaken, further improved the EBITDA performance, bringing the loss down to -12% for Q4, FY 2023.
Srikanth Iyer, Co-Founder and CEO, and Tanuj Choudhry, Co-Founder and COO of HomeLane, expressed their enthusiasm. “The growth in our revenue, our city expansion and the launch of our new millennial brand, DOOWUP, reflect our team's relentless commitment to delivering exceptional value to our customers and shareholders. We're especially proud of the significant reduction in EBITDA % loss, marking our steady path towards profitability. As we aim for EBITDA profitability in FY24, we're on track to become the first in the organised home interiors sector to achieve this milestone.”
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