Consumer electronics startup boAt has been one of India’s top sellers of wearables and audio accessories for the past few years. The company, which is also planning an IPO at a valuation of more than $1.4 billion, has been profitable and has crossed the Rs 1,500 crore revenue mark in FY21.
According to its annual financial statement filed with the MCA, boAt’s operating revenues increased by 2.2X, rising from Rs 700.44 crore in FY20 to Rs 1,511.7 crore in FY21.
Wireless earphones and headphones were the company’s most profitable product line, accounting for 62.7 percent of its operating revenue in FY21. From Rs 375.7 crore in FY20 to Rs 947.4 crore in FY21, these sales increased 2.5X to Rs 947.4 crore.
The sale of boAt’s wireless speakers increased the most during the previous fiscal year, increasing 2.6X from Rs 113.2 crore in FY20 to Rs 297.4 crore in FY21. The wireless speaker product line was the second largest contributor to the company’s revenue in the previous fiscal year, accounting for nearly 20% of total revenue.
In comparison, wired earphones and other related accessories (including cables and chargers) grew 30.4 percent and 19.3 percent, respectively, year on year during FY21.
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