New Delhi, Nov 6 (IANS): Homegrown wearable brand Noise (Nexxbase) saw its profits plunging 97.25 per cent to just Rs 1 crore in FY23 from Rs 35.5 crore in FY22.

The surge in overall cost outpaced the revenue growth for Noise which is a bootstrapped firm, reports Entrackr.

Its ROCE (return on capital employed) and EBITDA margin stood at 21.8 per cent and 9 per cent, respectively.

On a unit level, it spent Rs 1 to earn a unit of operating revenue in FY23, according to its financial statements filed with the Registrar of Companies (RoC).

Noise’s revenue from operations grew by 79.8 per cent to Rs 1,426 crore in FY23 from Rs 793 crore in FY22.

Wearables formed 82 per cent of the total collections which grew 92 per cent to Rs 1,169 crore in FY23.

According to earlier reports, Noise is looking to raise funding in the range of $40-$50 million.

In the first half of 2023, Noise (Nexxbase) stood second in overall wearables, growing by 61.6 per cent YoY with 13.5 per cent market share, according to the IDC.

Noise regained its first position in smartwatches with 27.6 per cent share, growing by 93.2 per cent year-on-year (YoY). It further moved up to fourth position in the TWS segment at 6.6 per cent share, according to the report.