Wearables brand Noise pivots from net profit in FY23 to net loss in FY24

Wearables and tech accessories business Noise pivoted from a net profit of Rs 88 lakh in the 2023 financial year to a net loss of Rs 20 crore in the 2024 financial year as expenses and employee benefits increased.

Noise’s operating revenue in the 2024 financial year totalled Rs 1,430 crore, a slight increase compared to its total of Rs 1,426 crore in the 2023 fiscal year, ET Tech reported citing data from business intelligence platform Tofler. Noise’s finance costs increased by 50% during the past financial year to total Rs 29.5 crore and the business’ expenses were also up at Rs 1,460 crore compared to Rs 1,432 crore in the 2023 financial year.
 
Last year, Noise carried out its first fundraise. Moreover, the business increased its employee benefits by 40% year on year in the 2024 fiscal year to total Rs 71 crore.
 
Noise was valued at approximately $420 million in December 2023, ET Bureau reported. The business is a market leader in the smartwatch segment but this product category experienced more muted demand as consumer replacement cycles have been slower than previously predicted which has led to a build up of inventory.