ProcMart, a B2B procurement marketplace, has experienced rapid growth over the last two fiscal years, with its gross merchandise value (GMV) increasing fivefold in FY23 and FY24 compared to FY22. In FY24 alone, the company's GMV grew by 3X, though profits dropped by 56.5%. The company's gross revenue surged over 200%, reaching ₹621.5 crore by the fiscal year ending March 2024, up from ₹206.07 crore in FY23, as per its consolidated financial statements filed with the Registrar of Companies (RoC).
ProcMart primarily trades in industrial automation, electrical, mechanical, electronics, IT items, abrasives, fasteners, safety and security products, and various tools and consumables, which contributed 98% of its total gross revenue. The remaining GMV came from its business procurement assistance services. Overall, the company generated ₹624.3 crore in gross revenue, including ₹2.79 crore from interest and financial asset gains.
The largest expense for the company was material costs, which made up 93.4% of total expenses and rose 216.3% to ₹582 crore in FY24. Employee benefits accounted for 3% of total expenses, amounting to ₹19 crore. Other costs, including transportation, legal and professional services, and rent, increased by 205.6%, with total expenses reaching ₹623.4 crore in FY24, up from ₹204 crore in FY23.
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