Neuroglia Health Pvt. Ltd, which operates the DailyRounds peer-to-peer learning platform for doctors and test preparation platform Marrow, posted a 42% increase in its net profit for the year through March 2023 thanks to higher sales and improved margins.
The company's net profit for FY23 rose to Rs 281 crore from Rs 198 crore the year before. Revenue from operations of the company, owned by Japanese healthcare firm M3 Inc., jumped 28.1% to Rs 515 crore in FY23 from Rs 402 crore the year before.
DailyRounds, which is owned by Japanese healthcare company M3 Inc., saw its revenue from operations surge 28.1% to Rs 515 crore in FY23 from Rs 402 crore in the year before.
The company’s PAT (profit after taxes) margin stood at nearly 50% for FY23, up from about 45% in financial year 2022.
DailyRounds was founded in 2014 by Deepu Sebin, an MD in internal medicine and critical care; Nimmi Cherian, a former research officer at IIT-Madras; and Priyaank Choubey, a former CTO at Spiffout. Sebin and Cherian have left the company, with Choubey being the only member to be still involved with the firm, which was acquired by M3 in 2019. Vineet Bagri is the current chief executive at DailyRounds.
The bulk of the company’s revenue comes from Marrow, which is a leader in the NEET-PG preparation space. Its closest competitor in the segment is Unacademy-owned PrepLadder.
Marrow sells subscription courses to students who are preparing for the medical post-graduate exam, NEET-PG. Its revenue from such subscriptions, which accounts for the bulk of the total income, increased 27.8% to Rs 461 crore in FY23 as compared to Rs 361 crore. Its other sources of revenue are sales of books to students and income from market research for drug manufacturers and other related companies.
On the expenses side, the company’s total expenditure increased by around 9.2% to Rs 178 crore in FY23 from Rs 163 crore in the financial year.
