Mylab, supported by Adar Poonawalla, experienced significant growth during the COVID-19 pandemic in FY21 and FY22 due to heightened demand for COVID-related testing and services. However, in the fiscal year ending March 2023, the company's scale plummeted by approximately 64% as global conditions returned to normal. This decline in demand led the Pune-based firm to report substantial losses in FY23, contrasting with profits recorded in FY21 and FY22.
During its peak in FY21, Mylab achieved a remarkable 100-fold growth, reaching Rs 825 crore in revenue. By FY23, this figure had dropped sharply to Rs 95 crore. Mylab's consolidated financial statements, recently filed with the Registrar of Companies, reflect these changes.
Founded in 2016, Mylab specializes in developing and selling diagnostic kits for clinical diagnostics, which remained its primary source of revenue throughout FY21, FY22, and FY23. In FY23, the company also generated Rs 29 crore from interest and other miscellaneous sources, totaling Rs 124 crore in total income.
Cost management became crucial as Mylab scaled down operations. Manufacturing of kits, which comprised 27% of total expenditure, decreased by 60% to Rs 50 crore in FY23. Overall expenditure decreased to Rs 185 crore in FY23 from Rs 250 crore in FY22, reflecting reduced costs in employee benefits, legal fees, advertising, royalty, conveyance, and other overheads.
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