Mumbai-based cleantech company Lucro posted a 56% increase in revenue in FY24, rising to Rs 88.88 crore from Rs 56.70 crore in FY23.
Founded in 2012 by Ujwal Desai and Saumil Desai, Lucro is a waste management, recycling, and product manufacturing company dedicated to a circular plastic economy. The company processes plastic waste into recyclable materials and sustainable packaging solutions.
Lucro has secured Rs 61.77 crore in funding across two rounds, with the latest investment in June 2022 led by Circulate Capital. The company competes with Zeroplast Labs and Apchemi.
Standing at a valuation of over Rs 300 crore, Circulate Capital holds the majority shares of Lucro at over 30%, with Ujwal Desai and Hiral Pawar each holding over 10%. Tapasvi Bhargava and Saumil Desai are also significant shareholders in the company.
The company’s expenses rose alongside revenue, reaching Rs 80.53 crore in FY24 from over Rs 50 crore in FY23. The cost of materials accounted for the largest share at over 50%, followed by finance costs, depreciation, and employee benefits costs.
Lucro’s profits increased to Rs 6.25 crore in FY24 from over Rs 2 crore in the previous year
The company’s current EBITDA margin and ROCE jumped to 13.25% and 8.04% respectively.