XpressBees Reports Modest Growth in E-commerce Logistics for FY24

XpressBees, an e-commerce-focused logistics and supply chain company, reported modest double-digit growth for the fiscal year ending March 2024. Despite a rise in expenses, the Pune-based firm achieved EBITDA positivity during this period.

According to the consolidated financial statement filed with the Registrar of Companies, XpressBees recorded a 12% increase in operating revenue, amounting to Rs 2,831 crore in FY24, up from Rs 2,531 crore in FY23.

Services Offered by XpressBees

XpressBees provides a variety of services that include B2B/B2C express delivery, cross-border logistics, and warehousing solutions for several e-commerce platforms like Snapdeal, Myntra, Meesho, Netmeds, and Bigbasket.

Revenue Breakdown and Growth in New Segments

The logistics services segment remained the cornerstone of XpressBees’ income, contributing 97% of the total revenue. Notably, the company’s warehousing segment, although smaller, exhibited tremendous growth, rising 60 times from Rs 0.77 crore in FY23 to Rs 48 crore in FY24, indicating a strong focus on expanding non-courier business avenues.

The remaining revenue originated from warehouse services, totalling Rs 48 crore, and support services, which brought in Rs 31 crore—both sectors marking remarkable growth.

Additionally, XpressBees garnered Rs 109 crore from non-operating activities, elevating its total income to Rs 2,940 crore in FY24.

Expenditure Analysis of XpressBees

On the expenditure front, the courier charges constituted the largest share of costs for XpressBees, jumping 12% to Rs 1,816 crore in FY24. Linehaul charges increased modestly by 6% to Rs 494 crore, while benefits for employees rose by nearly 10% to Rs 355 crore in the same fiscal year. Depreciation costs surged by 49% to Rs 159 crore, with additional operational expenses contributing Rs 319 crore.

Overall, XpressBees’ total expenses rose by 13% year-on-year, reaching Rs 3,143 crore in FY24, compared to Rs 2,785 crore in FY23. For a comprehensive breakdown of expenses, various sources can be consulted.

Financial Performance and Losses

With expenses outpacing revenue growth, XpressBees experienced an increase in net loss of 11%, which rose to Rs 200 crore in FY24 from Rs 180 crore in FY23. Despite these challenges, the Pune-based firm recorded EBITDA positivity, reporting Rs 5 crore in EBITDA for the same period. The return on capital employed (ROCE) stood at -8.32%, and the EBITDA margin was modest at 0.17%. On a per-unit basis, XpressBees expended Rs 1.11 to generate each rupee in revenue during FY24.

Current Assets and Recent Acquisitions

XpressBees listed current assets amounting to Rs 1,867 crore for FY24, which included Rs 1,331 crore in cash and bank balances.

Recently, XpressBees completed the acquisition of courier company Trackon and appointed Uday R. Sharma as Chief Business Officer for B2B, 3PL, and cross-border logistics. Startup Superb initially disclosed this acquisition in July 2023.

Per data from various sources, XpressBees has successfully raised a total of $625 million in funding to date, with Norwest Venture Partners and Alibaba Group being the primary investors. The company’s Co-Founder and CEO, Amitava Saha, holds a 3.15% stake in the business.