Rocket Internet, the parent company behind India-headquartered fashion-only e-commerce platform Jabong, has today released financial results for the quarter ending June 2015. And as far as Jabong goes, the fashion brand saw an impressive 36% growth in revenues and 10% increase in EBITDA as compared to the same quarter previous year.
Net revenues for Jabong stood at ₹199.2 crores, as compared to the ₹144.6 crores it gained in the first quarter of 2014. This, in terms of growth, was a 36% Q-o-Q growth for Jabong. However, Jabong’s Y-o-Y growth for the year 2014 stood at a staggering 135%.7%, which doesn’t look achievable this year, considering a lower Q-o-Q revenue growth rate.
GMV also saw an increment as compared to previous year’s same quarter. It stood at ₹355 crores for Q1’15, as compared to ₹230.6 crores for Q1’14.
Gross Profits for Jabong stood at at ₹19.9 crores, which is ₹70 lakh lesser than the ₹20.6 crores it achieved in the same quarter for last year. Moreover, share of gross profits of the total revenue too went down to to 10%, as compared to a much greater 14% for the same quarter last year.
Just to put things in perspective, Jabong achieved gross profits worth a staggering ₹159.5 crore for the financial year ending 2014, which by the current scheme of things, looks like will certainly come down by the end of this year.
In case of EBITDA too Jabong went further into red. After adjusted calculations, Jabong’s EBITDA for Q1’15 stood at 57%, as compared to 47% in the previous year’s quarter. This essentially means the e-tailer lost about 57 paisa for every rupee earned for this quarter, as compared to 47 paisa loss for every rupee earned in the same quarter last year.
Jabong, which now forms a part of Rocket Internet’s Global Fashion Group, was just ahead of a relatively newer brand Namshi, in terms of Net revenues for Q1’15. Jabong contributed just over 15% to the overall revenues for Rocket Internet’s Global Fashion Group.
Overall, the Global Fashion Group reported net revenues of €182 Millon, with Brazilian fashion brand dafiti reporting maximum net revenues of €46 Million, followed closely by European brand Zalor at €44 Million.
As for Rocket Internet’s Proven Winners combined numbers, the company saw a strong 217% weighted top line growth in net revenues/GMV, along with decent margin improvement for Proven Winners in Q1 2015 vs. Q1 2014.
Rocket Internet increased its Last Portfolio Value (“LPV”) by €2.3 billion since the IPO in October 2014.