Tractor Junction, a leading online marketplace for agricultural equipment, has marked a significant milestone, with its operating revenue exceeding ₹60 crore for the fiscal year ending in March 2024. This impressive growth is further complemented by a 51% reduction in losses during the same period.
Recent consolidated annual figures from the Registrar of Companies (RoC) reveal that Tractor Junction’s operating revenue skyrocketed to ₹62 crore in FY24, up from ₹26.8 crore in FY23. This remarkable growth follows a threefold increase in the company’s gross scale in the previous fiscal year.
Specializing in the buying, selling, financing, and insuring of new and used tractors, as well as farm machinery and rural commercial vehicles, Tractor Junction is committed to serving the agricultural sector. The platform not only facilitates transactions but also provides essential insights and vetted reviews on agricultural equipment, helping users make informed comparisons.
In FY24, an impressive 73% of Tractor Junction’s revenue was generated from tractor sales, which experienced a threefold increase, while the remaining 27% came from various tractor-related services. Additionally, the company earned ₹5.8 crore from interest on deposits, resulting in a total income of ₹67.8 crore for the fiscal year.
On the expense front, material costs accounted for 60% of total expenditures, which rose to ₹43 crore. Employee benefits made up another significant portion, representing 21% of overall expenses. Other costs, including advertising, finance, and rent, contributed to total expenses reaching ₹72.8 crore in FY24, compared to ₹35 crore in FY23. Despite these rising costs, Tractor Junction successfully reduced its losses by 51%, lowering them from ₹7.5 crore in FY23 to ₹3.6 crore in FY24. The company reported a Return on Capital Employed (ROCE) of -7.68% and an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin of -16.42%. In FY24, Tractor Junction invested ₹1.17 to earn each rupee of revenue.
To date, the company has successfully raised nearly $6 million from a range of investors, including Info Edge, Omnivore, Rockstart, and Indigram Labs, leading to a current valuation of $19.34 million.