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Hello,

It’s the earnings season!

Twitter India has posted a profit after tax (PAT) of Rs 30.4 crore in FY23—a steep rise from the Rs 31.8 loss incurred in the previous financial year. While its revenue from operations grew 32% YoY, it also managed to reduce its expenses.

Also, Temasek-backed fintech unicorn OneCard has reported a 6.5X jump in operating revenue in FY23, even as the company’s losses more than doubled to Rs 405.6 crore. The digital credit card provider expenses rose 257% to Rs 999 crore on the back of employee benefits costs, marketing and promotional costs, and card issuance expenses. 

Elsewhere, Google parent Alphabet surpassed expectations in its July-September quarter financial results. Its net profit in the quarter rose to $19.7 billion from $13.9 billion in the year-ago period, while revenue surged by 11% to $76.7 billion.

Microsoft, too, projected an optimistic outlook with better-than-expected top and bottom-line figures for the quarter gone by. Its net profit surged 27% to $22.3 billion from $17.5 billion in the July-September 2022 quarter, while revenue increased 13% to $56.5 billion.

ICYMI: India is in a festive mood, no doubt. Around 1.5 million units of iPhone were sold during the first week of festive sales.

Oh, and nothing conveys festivities better than food. People in Ahmedabad consumed 8.4 lakh kg of fafda and jalebi amounting to Rs 175 crore during Navaratri, according to industry estimates.

Now that’s a celebration!

In today’s newsletter, we will talk about 

• Mamaearth parent’s FY23 numbers
• Tredence’s expansion plans
• Reviving the tradition of Kannauj attars

Here’s your trivia for today: Which stadium has hosted the most Cricket World Cup finals?

Earnings

Mamaearth parent logs Rs 151 Cr loss in FY23

Honasa Consumer Pvt Ltd—the parent of skincare brand Mamaearth—has posted a loss of Rs 151 crore in the financial year ended March 2023, against a profit of Rs 14.4 crore last year, weighed down by rising employee benefits and other expenses.

It is reportedly set to launch its initial public offering (IPO) on October 31, after halting the plan earlier in March given the tricky economic conditions.

Fine print:

• Honasa Consumer saw a 58% increase in operating revenue at Rs 1,493 crore in FY23 compared to Rs 943 crore in the previous year.
• The Delhi-based D2C company’s total expenditure grew to Rs 1,502 crore in FY23 from Rs 942 crore last year in the previous financial year.
• Employee benefit cost shot up 109% to Rs 1,649 crore in the period compared to Rs 788 crore in FY22, while other expenses surged 50% to Rs 8,584 crore.

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Mamaearth’s product range

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Funding Alert

Startup: PMI Electro Mobility

Amount: $30M

Round: Equity

Startup: The Indian Garage Co

Amount: $18.5M

Round: Equity

Startup: Inc.5 Shoes

Amount: $10M

Round: Series A

Corporate

Tredence in expansion mode 

Data science and analytics company Tredence is in an expansion mode as it looks to eye new market verticals and geographies.

The company, which builds industry-specific technology solutions leveraging AI, is now looking at entering newer verticals like BFSI and healthcare. Also, it will soon open an office in Dubai to target the Middle East market.

Future plans:

• According to Tredence CEO Shub Bhowmick, the company gets an overwhelming percentage of its revenue from the US market and now aims to have at least 20% from the non-US markets in the near future.
• It has recorded an annual revenue growth in the range of 90% and generated nearly $100 million in revenue in CY22.
• Tredence has started building projects on GenAI and is also training its employees on the various facets of GenAI.

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Image: Tredence

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Inspiration

Reviving the tradition of Kannauj attars

Brother-sister duo Krati and Varun Tandon started Boond in 2021, worried that the COVID-19 pandemic could be the last blow to the perfumery art of attars, or ittars, which have been part of Indian heritage for centuries. The perfumery brand has experienced nearly 50% annual growth, with its monthly order volume exceeding 1,000.

Scent of growth:

• To date, Boond has dispatched over 20,000 orders in the US, Europe, Australia, Singapore, etc.
• Other than selling on its D2C website and ecommerce platforms like Amazon and Amala Earth, it has also entered the offline retail space with its presence in stores like Okhai in Mumbai and Tapri in Jaipur. 
• The brand was selected as one of the official gifting partners for the G20 Summit 2023 hosted in Delhi.

News & updates

• AI safety: The Frontier Model Forum, a platform launched by companies including OpenAI, Microsoft and Google to strategise AI safety, has named Chris Meserole, who specialises in AI and emerging technologies, as its first director. It also created a fund to back research into the technology.
• Digital sovereignty: Amazon will launch an independent cloud for Europe aimed at companies in highly regulated industries and the public sector. Amazon Web Services European Sovereign Cloud will be located within Europe and will be separate from the US technology giant’s other cloud operations.
• Game on: Sony has announced its latest Spider-Man release is the fastest-selling video game made by PlayStation. Spider-Man 2 sold more than 2.5 million physical and digital copies in its first 24 hours. The game takes 40 hours to complete.

Which stadium has hosted the most Cricket World Cup finals?

Answer: Lord’s Cricket Ground, London. The venue has hosted the finals five times.

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