Licious FY24 losses drop 44 in line with cent, earnings impacted through distribution reset – Trade Information

Delightful Gourmet, the parent company of the D2C meat and seafood brand Licious, reported a 44% reduction in losses for FY24, despite an 8% decline in revenue. The company recorded a net loss of Rs 293.77 crore on revenues of Rs 685.05 crore, compared to the previous year’s loss of Rs 524.18 crore on revenues of Rs 746.38 crore.

The Bengaluru-based D2C brand attributed the dip in revenue to the closure of key third-party distribution channels, including Dunzo, and a decreased focus on modern trade and local stores. In response, Licious has shifted its strategy towards its own platform, with 85% of its sales now coming through its app. This shift led to a 5% increase in platform-driven sales for the year, according to the company.

Licious is aiming for Ebitda profitability in the current fiscal year, focusing on expanding its physical retail presence. The company recently acquired Bengaluru-based retailer My Chicken and More, bringing its total number of brick-and-mortar outlets to 26.

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“We focused on scaling supply chains during the pandemic and are now shifting to a full-stack D2C model. While last year was a period of transition, we expect to see the positive outcomes of our strategic decisions by the end of FY25,” said Ajay Hanjura and Vivek Gupta, co-founders of Licious, in a joint statement.

In terms of channels, Licious reported a 35% year-on-year growth in quick commerce deliveries, offsetting some of the losses from the closure of Dunzo and Swiggy Meatstore. The company is currently piloting 30-minute deliveries through its own app in Gurgaon.

Licious claims to cater to nearly 1.2 million consumers monthly through its app. Its loyalty program, Infiniti, has around 200,000 weekly active subscribers contributing 58% of its monthly business, it added.