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NIC Ice-Cream Parent Walko QSR Reports Revenue of Rs 170 Cr. & Net Loss of Rs 27 Cr. in FY23

Walko QSR, the parent of NIC Ice Creams and Grameen Kulfi, have clocked a revenue of Rs. 170 Crore, an increase of Rs. 32.4% in FY23 as compared to FY22 revenue of Rs. 128 Crore.

The increase in Revenue was fueled by increase in Advertisement & Promotional Expense and also Employee Cost which resulted in increased in Net Loss to Rs. 26.6 Crore in FY23 from Rs. 0.9 Crore Loss in FY22.

Below is Revenue , Expense and Profit of the Walko QSR for FY23:

Company's Gross Margin reduced from 60% to 53.7% and COGS increased from Rs. 51.4 Crore to Rs. 79.5 Crore.

Employee cost has increased by 75.7% from Rs. 10.7 Crore to 18.8% and companies expense in brand promotion increased three times from Rs. 5 Crore to Rs.15.7 Crore.

Earlier in the year in May'23, Ice cream and QSR brand NIC raised $11 Mn led from Jungle Ventures. Co-founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko’s brand, NIC has emerged as one of the popular ice cream brands on food tech and quick commerce platforms such as Instamart, Zomato, Swiggy, and Blinkit, among others.


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