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Rentomojo Q2 profit falls 63 pc on tax effect

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Rentomojo Q2 profit falls 63 pc on tax effect

Total income rose 53.1% to Rs 143.79 crore from Rs 93.93 crore, supported by growth in rental orders and subscribers, according to the company’s financial disclosures.

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Bengaluru : Furniture and appliance rental company Rentomojo reported a 62.6% year-on-year decline in profit to Rs 18.19 crore for the Sept quarter, as a deferred-tax credit that boosted earnings a year earlier gave way to a deferred-tax expense . Net profit stood at Rs 48.61 crore in the corresponding quarter last year.

Total income rose 53.1% to Rs 143.79 crore from Rs 93.93 crore, supported by growth in rental orders and subscribers, according to the company’s financial disclosures.

Rentomojo had booked a deferred-tax credit of Rs 32.84 crore in the year-earlier quarter, compared with a deferred-tax expense of Rs 6.21 crore in the latest period. Profit before tax increased 54.8% to Rs 24.40 crore from Rs 15.77 crore.

The company’s live subscriber base grew 42.5% to about 3.24 lakh. Customers ordered 3.81 lakh items during the quarter, up 45% from a year earlier. Rentomojo operated 96 stores across 14 cities at the end of Sept, compared with 67 stores a year earlier.

“We remain focused on scaling Rentomojo through subscriber growth, better asset utilisation and technology, while maintaining strong profitability, cash generation and returns on capital,” founder and CEO Geetansh Bamania said.

The company, which listed on the NSE and BSE on Sept 17, raised Rs 150 crore through a fresh issue of shares in its IPO .


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