Consumer electronics company boAt Lifestyle’s revenue from operations has increased by 2.2X to Rs 2,873 crore during the fiscal year ending March 2022 as opposed to Rs 1,314 crore in FY21, according to its consolidated annual financial statements with the Registrar of Companies (RoC).
However, the company saw a 20.6% decline in its profits to Rs 68.7 crore in FY22 from Rs 86.5 crore in FY21.
Revenue from the sale of products was the company’s major source of income at Rs 2,870.7 crore. Sales from audio products that include wired earphones, wireless earphones, wired headphones, wireless headphones, wireless speakers, and soundbars were at Rs 2,276 crore, up by 85.25% from Rs 1,228.6 crore from the previous year.
Wearables that include smartwatches were at Rs 515.5 crore, up by 840.69% from Rs 54.80 crore a year ago. boAt also made sales from cables, charges, men’s grooming kits, and gaming equipment at Rs 79.2 crore compared to Rs 30.3 crore in FY21, an increase of 161.39%.
The company also reported other operating revenues at Rs 2.14 crore and an interest income of Rs 9.74 crore, taking the total revenue earned to Rs 2,886.4 crore. On the expense front, It reported a total expense of Rs 2,787 crore, up by 131.83% from a year ago. Its biggest expense was the cost of materials consumed.
Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.