Codebuddy posted a modest decline in revenue in FY24, recording Rs 5.80 crore compared to Rs 6 crore in FY23. It has 2 streams of operating revenue, sale of service (export) which contributes around 90% to the operating revenue while other is sale of service (domestic).
Codebuddy, founded in 2015 and headquartered in Kolkata, specializes in innovative IT solutions, including website and app development, SaaS offerings, and remote team services. Catering to B2B clients, the company focuses on providing tailored software solutions across UI/UX design, WordPress development, mobile app development, and DevOps, helping businesses streamline their operations.
The company is bootstrapped and has not raised external funding to date. Founder Abhishek Gupta and Sudipta Bhowmick hold the entire equity in the company.
Codebuddy’s expenses decreased by 12.6% to Rs 4.09 crore in FY24 from Rs 4.68 crore in FY23. Employee benefits constituted a significant share of costs at 66.46% in FY24, up from 44.9% in FY23. Advertisement expenses increased marginally, accounting for 1.92% of total expenses in FY24 compared to 1.04% in FY23. Depreciation expenses also rose to 2.72% in FY24 from 0.65% in FY23, reflecting investment in infrastructure.
The software development company maintained profitability, with a net profit of Rs 1.26 crore in FY24, up 28.8% from Rs 97.85 lakh in FY23.
The company’s EBITDA margin improved significantly to 31.42% in FY24, up from 22.62% in FY23. However, its ROCE declined to 68.25% from 97.06% during the same period, indicating moderated returns on capital employed.