FLIPKART-OWNED E-COMMERCE major Myntra turned profitable in the fiscal year ending March 2024, with a net profit of ₹30.9 crore, compared to a loss of ₹782.4 crore in FY23. The turnaround in Myntra's bottomline comes 10 years after Flipkart bought the company in 2014. In FY24, Myntra's revenue from operations rose by 14.7% to ₹5,121.8 crore from ₹4,465 crore in FY23, according to its filings with the Registrar of Companies (ROC).Revenue from logistics services formed nearly half of the overall revenue and rose 22.5% to ₹2,439 crore in FY24. Meanwhile, revenue from marketplace services was flat at ₹1,774.6 crore, and that from advertising surged 33% to ₹712.3 crore.The firm also managed to reduce its total expenses by 3.2% to ₹5,123 crore, from ₹5,290 crore in FY23. Last week, the company announced that it entered the quick commerce space with 30-minute delivery through M-Now. FE BUREAU

Myntra turns profitable with ₹30.9-crore PAT in FY24

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