Daily Hunt parent clocks 1900 crore loss for FY23
VerSe Innovation's total revenue stands at Rs 1,809 crore
Daily Hunt's parent company VerSe Innovation has registered a loss of Rs 1,900 crore for FY23. VerSe’s total revenue grew by 57% Y-o-Y to Rs 1,809 crore in FY23 from Rs 1,151 crore in FY22.
Its operating revenue grew by 51% Y-o-Y to Rs 1,457 crore in FY23 from Rs 965 crore in FY22. The firm also made Rs 352 crore of revenue from non-operating activities.
On the costs side, Cost of Services accounted for 45% of the overall expenditure. This increased by 19% to Rs 1,673 crore in FY23 from Rs 1,410 crore in FY22.
The second largest expense item was Business Promotional Expenses, which accounted for 27% of the overall expenditure. This reduced by 22% to Rs 997 crore in FY23 from Rs 1,284 crore in FY22.
Employee Benefit Expenses, which accounted for 22% of the overall expenditure, grew on account of Rs 460 crore of ESOP cost (non-cash). This resulted in an 11% Y-o-Y growth in total Employee benefit Expenses from Rs 731 crore in FY22 to Rs 811 crore in FY23.
