Practo has reported its financial results for the fiscal year ending April 2024, marking a milestone in its journey towards sustainable profitability while improving healthcare outcomes for millions of consumers.
Over the last 16 years, Practo has revolutionised healthcare by leveraging computer and data science, benefitting over 40 crore consumers and five lakh healthcare providers. In FY’24, the company recorded a Gross Merchandise Value (GMV) of Rs 3,500 crore. It also audited 661 healthcare establishments against international and national standards, providing consumers with excellence scores to make informed healthcare decisions and raise the overall standard of care in India.
Practo achieved revenue growth of 22 per cent year-on-year, reaching Rs 240 crore in FY’24, alongside an 82 per cent reduction in its operating EBITDA loss, which improved from Rs 99 crore in FY’23 to Rs 17 crore in FY’24. The company reported its first profitable quarter in Q4 FY’24 and sustained profitability over the subsequent 12 months ending September 2024.
Shashank ND, Co-Founder and CEO of Practo, commented: “Our unwavering focus on improving healthcare outcomes while building a sustainable business has led to this success. These results demonstrate the strength of our business model, our strategic approach to the market, and operational efficiencies. We are excited to maintain this momentum with ambitious growth plans for the year ahead.”
Practo has also significantly strengthened its core India business, achieving a 68 per cent compound annual growth rate (CAGR) between FY’22 and FY’24. Contribution margins improved from a negative one per cent in FY’22 to 40 per cent in FY’24, reflecting robust operational efficiency and a resilient business model.
Looking forward, the company plans to expand its presence within India and explore international markets. It is investing in advanced technologies, including artificial intelligence, to deliver enhanced healthcare solutions. Practo is at the forefront of innovation in healthcare delivery, with AI-powered tools designed to assist doctors in diagnosis, treatment planning, and clinic management.
In addition to its business achievements, Practo is making a substantial social impact through its #Mission10kCataracts initiative. This programme aims to provide 10,000 free cataract surgeries to underserved communities at a cost of less than Rs 2,000 per surgery. To date, nearly 2,500 individuals in Karnataka, Telangana, and Andhra Pradesh have benefitted, and the initiative is set to expand further.
Practo’s enduring commitment to improving healthcare outcomes and its focus on sustainability position it as a leader in the healthcare sector, both in India and globally. With its eyes set on continued profitability and growth, the company is shaping the future of healthcare with technology and innovation at its core.
