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Scripbox cuts FY24 losses by 62% as employee benefits cost decline
14 Dec 2024, 04:40 AMScripbox's overall expenses was reduced by 25% to Rs 134.24 crore in FY24 from Rs 179.4 crore in FY23.
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Wealth management platform Scripbox reported 44% increase in its FY24 revenue from operations to Rs 84.33 crore, compared to Rs 58.4 crore reported in the previous fiscal.
The company claims to have Rs 18,500 crore in assets under management (AUM).
The company generated 91.3% of its operating revenue via brokerage and commission amounting -- which stood at Rs 77.02 crore, reported Entrackr.
On the other hand, collections from investment advisory fees was Rs 6.2 crore, and income from portfolio management service stood at Rs 1.07 crore during FY24.
Scripbox's overall expenses was reduced by 25% to Rs 134.24 crore in FY24 from Rs 179.4 crore in FY23.
Employee benefits spends shrank 38% yoy to Rs 73.13 crore in FY24 -- still being the biggest cost centre for the company. In FY23, the employee benefits cost stood at Rs 118.32 crore. Significantly, this cost also includes Rs 25.72 crore worth of ESOP expenses.
Scripbox managed to cut its FY24 losses by 62% to Rs 44.7 crore, against Rs 117.65 crore posted in the previous year. The reduced losses could be attributed to the cost-cutting measures, especially in employee costs.
Notably, the company had recorded exceptional items worth Rs 48.8 crore relating to the surrender or cancellation of ESOPs, according to Entrackr.
Founded in 2012, Scripbox earns brokerage and commissions from mutual fund distribution, fixed deposits, portfolio management services (PMS), alternative investment funds (AIFs), and sovereign gold bonds. The company has raised over $55 million to date from investors including Accel, LetsVenture, and DMI, among others.
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