According to the company’s annual financial statement examined by Entrackr, intra-state logistics marketplace LetsTransport saw a 2.3X increase in sales over the last two fiscal years, crossing Rs 400 crore in FY22 from Rs 175.3 crore in FY20.
LetsTransport uses an asset-light strategy to assign deliveries to a network of aggregated trucks, enabling intra-city logistics for large organizations, supply chain companies, and local stores. Revenue from logistics services is the Bengaluru-based company’s primary source of revenue, which increased by 94.8% to Rs 403.37 crore in FY22 from Rs 207.08 crore in FY21.
During FY22, the company additionally earned Rs 3.93 crore in interest on fixed deposits and other non-operating revenue.
Transportation expenditures, including all vehicle-related and delivery crew costs, accounted for 78.2% of total costs. This cost more than doubled to Rs 375.57 crore in FY22, up from Rs 183.87 crore in FY21.
To keep up with the company’s rising scale, employee benefit expenses increased 22.5% to Rs 55.89 crore in FY22 from Rs 45.64 crore in FY21. It also includes Rs 1.18 crore in ESOP expenses that were not paid in cash.
Legal professional charges and the cost for website hosting/software licenses were recorded at Rs 3.02 crore and Rs 1.85 crore respectively during FY22 which took LetsTrasports’s overall cost up by 80.3% to Rs 480.36 crore in FY22 from Rs 266.49 crore in FY21.
With control on costs, the seven-year-old company saw its losses rise by only 32% to Rs 73.06 crore in FY22 from Rs 55.28 crore in FY21 even as growth took off. Its ROCE and EBITDA margin was recorded at -117.33% and -12.36% during FY22. The company spent Rs 1.19 to earn a single unit of operating revenue.
