Healthtech company Practo said Thursday it managed to slash its loss before interest, taxes, depreciation and amortization for the year through March 2024 and achieved an adjusted EBITDA profit in the fourth quarter.
The company also reported a 23% growth in consolidated revenue to Rs 240 crore for FY24 from Rs 194.53 crore the year before, it said Thursday. However, it fell short of its target as it was looking to grow 44% in FY24.
The company didn’t share its net profit or loss for FY24 but said its EBITDA loss shrank to Rs 17 crore from a loss of Rs 99.4 crore in FY23. It clarified that adjusted EBITDA excludes costs related to employee stock ownership plans and foreign exchange fluctuation from EBITDA.
“Our sharp focus on the core business has driven exceptional results. This performance reflects the strength of our business model, strategic market approach, and enhanced operational efficiencies,” said Shashank ND, co-founder and CEO of Practo.
Going forward, Practo expects to be EBITDA-positive for FY25 and exit the year with a double-digit growth rate.
The company started its operations nearly 16 years ago. At present, it operates in 22 countries. It helps patients book virtual and in-person appointments with doctors and specialists. It also offers ancillary services such as telemedicine, pathology, and medicines. The company is backed by investors such as China’s Tencent and venture capital firms Peak XV Partners and Z47 (erstwhile Matrix Partners).
