Elevar Sports reported a revenue decline of 21% in FY24, with earnings dropping to Rs 6.37 crore from Rs 8.08 crore in FY23. The D2C sports brand primarily derives its income from the sale of premium cricket bats, athletic footwear, and performance wear. Its operating revenue increased to over 99% of the total revenue in FY24, up from over 95% in FY23.
Founded in 2017, Elevar combines biophysics, engineering, and cutting-edge design to deliver exceptional sporting products. The company’s flagship cricket bats promise an enhanced batting experience with ergonomic handles and sophisticated grip technology, catering to both amateur and professional athletes.
Elevar’s expenses dropped by 24.9% in FY24 to Rs 12.15 crore, compared to Rs 16.18 crore in FY23. Advertisement costs remained a significant component but decreased from 36.79% of total expenses in FY23 to 22.55% in FY24, reflecting a shift in spending priorities. Employee benefit costs also reduced as a percentage of total expenses, from 21.57% in FY23 to 16.65% in FY24, indicating tighter cost control.
Despite these reductions, Elevar continued to incur losses, reporting a net loss of Rs 5.77 crore in FY24, an improvement from the Rs 8.10 crore loss in FY23. The EBITDA margin improved to -89.64% in FY24, compared to -98.89% in FY23, while the ROCE dropped significantly from -94.40% in FY23 to -185.32% in FY24.
The company is co-founded by Kunal Joshi and Aayush Tapuriah, each holding 25.06% of the company. Other notable shareholders include an ESOP pool (6%) and Parth Jindal (1%).