Indian healthcare-focused edtech platform DailyRounds has reported robust financial performance for the fiscal year ending March 2024. The company’s revenue stood at Rs 568 crore, marking a 10.3% increase from the previous year. Additionally, DailyRounds achieved a Profit After Tax (PAT) of Rs 320 crore, showcasing a significant growth trajectory.
Steady Growth Despite Challenges
Despite experiencing a moderate slowdown in growth compared to the previous fiscal year, DailyRounds managed to surpass the Rs 300 crore PAT milestone. The company’s flagship product, Marrow, played a pivotal role in driving revenue growth, offering medical students and practitioners online learning subscriptions that contributed to 93% of the total operating revenue.
DailyRounds’ financial statements revealed that the remaining operating income was derived from book sales and market research services. The company also generated non-operating income of Rs 89 crore through interest on deposits and investments, leading to a total revenue of Rs 657 crore in FY24.
Optimized Expenditure and Profitability
DailyRounds strategically managed its expenses, with the highest cost center being employee benefits followed by legal and professional services. The company allocated funds to various operational aspects such as web hosting, payment gateways, and advertising, resulting in a total expenditure of Rs 225 crore in FY24.
By focusing on controlled expenditure and scaling operations, DailyRounds achieved a 14% increase in profits, reaching Rs 320 crore in FY24. The company’s Return on Capital Employed (ROCE) and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin stood at 34.39% and 67.73%, respectively, reflecting its financial health and operational efficiency.
With a strong financial position and a global presence spanning over 16 countries, DailyRounds is poised for further expansion and evolution in line with market demands. The company’s strategic approach towards profitability and growth signals a promising future in the healthcare edtech sector, with potential for disruptive growth beyond the Indian market.
