Mosaic Wellness, the parent company behind brands like Man Matters, Boywise, and Little Joys, recorded impressive financial growth in FY24. The digital-first health platform crossed ₹300 crore in revenue, achieving over 61% year-on-year growth, while cutting losses significantly by 37%.
Revenue Surges Beyond ₹300 Crore
The company’s revenue from operations skyrocketed to ₹333 crore in FY24, up from ₹206 crore in FY23, according to its consolidated financial statements. This milestone underscores the growth of Mosaic Wellness as a key player in the burgeoning digital health sector.
Apart from its primary revenue stream from health and wellness product sales, Mosaic Wellness generated an additional ₹8 crore from interest on deposits and gains from investments. This brought its total revenue for the fiscal year to ₹342 crore.
Breakdown of Key Costs and Expenses
While the company’s revenue soared, its expenses also witnessed significant growth. Mosaic Wellness spent heavily on advertising and operational costs to sustain its momentum. Here’s a closer look at the expense structure:
- Advertising Costs: ₹138 crore, up 38% YoY.
- Procurement Costs: ₹93 crore, a 52% YoY increase.
- Employee Benefits: ₹52 crore, up 33% YoY.
Other overheads, including freight, legal fees, commissions, and packaging, pushed the total expenditure to ₹380 crore, marking a 38% rise from FY23.
Losses Narrow Amid Improved Margins
Despite rising expenses, Mosaic Wellness successfully reduced its net losses to ₹39 crore in FY24, compared to ₹62 crore in the previous fiscal year. This represents a substantial 37% improvement.
Key metrics also reflect better financial management:
- EBITDA Margin: Improved to -10.8%.
- Return on Capital Employed (ROCE): Rose to -24.2%.
- Expense-to-Earnings Ratio: Improved to ₹1.14.
These figures suggest that the company is steadily progressing toward profitability while balancing growth with cost management.
The Vision Behind Mosaic Wellness
Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness operates three distinct brands targeting men, women, and children.
- Man Matters: Focuses on male health, offering solutions in dermatology, sexual health, hygiene, and nutrition.
- Boywise and Little Joys: Cater to women’s and children’s wellness needs, respectively.
Though the company hasn’t disclosed the revenue contribution from each brand, it’s clear that their flagship, Man Matters, is a driving force behind the growth.
Financial Health and Future Outlook
By the end of FY24, Mosaic Wellness reported total current assets of ₹188 crore, including ₹61 crore in cash and bank balances. This liquidity provides the company with a solid foundation for future growth and investments.
With the digital health and wellness market expanding rapidly, Mosaic Wellness appears well-positioned to scale further. However, its ability to maintain growth while containing costs will remain a critical factor moving forward.
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