New Delhi, Feb 19 (IANS) Bootstrapped software-as-a-service (SaaS) company Wingify saw a significant rise in its overall expenses in the financial year ending March 2024, as its total expenses during the period surged by 33.5 per cent to Rs 221.33 crore as compared to Rs 165.81 crore in the previous fiscal year (FY23).
A major portion of the expenses came from employee benefits, which accounted for 61.8 per cent of the total costs.
Wingify’s spending on salaries and other benefits increased by 16.4 per cent to Rs 136.83 crore.
However, the most striking rise was in legal expenses, which shot up by a staggering 497 per cent to Rs 38.10 crore.
This sharp increase suggests that the company is either dealing with expensive legal battles or making long-term investments in legal infrastructure.
Advertising costs remained stable at Rs 14.36 crore, while other expenses, including IT and rentals, reached Rs 32.04 crore.
However, Wingify’s revenue from operations grew 30.8 per cent to Rs 288.61 crore in FY24, up from Rs 220.60 crore in FY23.
Including interest and non-operating income, the company posted a total revenue of Rs 301.5 crore.
The company provides SaaS solutions to online enterprises through its Visual Website Optimiser (VWO) tool.
Its profit after tax (PAT) grew by 30 per cent year-on-year (YoY) to Rs 61.04 crore as compared to Rs 46.97 crore in the previous fiscal year.
Wingify’s ROCE and EBITDA margin stood at 18.85 per cent and 27 per cent, respectively, in FY24.
The company spent Rs 0.77 to earn each rupee of operating revenue during the year, according to its financials.
The firm reported cash and cash equivalents of Rs 7.42 crore, while its bank balance (excluding cash equivalents) was Rs 7.99 crore during the fiscal.
Founder Paras Chopra saw a sharp decline in his annual remuneration, which fell to Rs 1.38 crore in FY24 from Rs 17.95 crore in the previous year.