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Vertoz Announces Exceptional FY2024 Results: Revenue jumps by 87.6% Y-o-Y to Rs. 155.4 crore

23rd May 2024: – Vertoz Advertising Limited (NSE: VERTOZ), an AI-powered MadTech and CloudTech platform, is pleased to announce its audited financial performance for the fourth quarter and financial year ended March 31, 2024.

Key Consolidated Financials:

Particulars (Rs. Cr.)

Q4 FY24

Q4 FY23



















EBITDA Margin (%)



13.82 %









PAT Margin



10.37 %


* EBITDA excluding Other Income

Performance Highlights for the quarter ended March 31st, 2024:

  • Revenue for the quarter was Rs. 45.66 crore in Q4 FY24, a YoY increase of 33.05%, driven by the recent merger of PayNX and Qualispace businesses
  • EBITDA (excluding other income) stood at Rs. 6.66 crore in Q4 FY24, YoY increase of 3.06%. EBITDA Margin was 14.58% in Q4 FY24. Investments in workforce, technology, and other expenses as part of mergers, had a bearing on margins.
  • PAT was reported at Rs. 4.69 crore in Q4 FY24, vis-à-vis Rs. 4.10 crore in Q4 FY23, while PAT Margin stood at 10.28%

Performance Highlights for the Financial Year ended March 31st, 2024:

  • Revenue for the full year was Rs. 155.37 crore in FY24, a YoY increase of 87.61%, on the back of strong growth in existing business, supported by inorganic initiatives
  • EBITDA was at Rs. 21.48 crore for FY24, YoY increase of 25.93%. EBITDA Margin was 13.82% for FY24. Investments in IT, workforce, and recently merged businesses impacted margins.
  • PAT for the year was Rs. 16.12 crore compared to Rs. 11.04 crore in FY23, while PAT Margin stood at 10.37%

Recent Key Developments:
In March 2024, Vertoz successfully merged Qualispace Web Services and PayNX Technologies into the Company, to integrate its product offerings and expand into Cloud services. Post this, the Company’s offerings can be broadly categorized under MadTech and CloudTech. The CloudTech portfolio brings a range of domain hosting and related services to the Company’s offerings and positions Vertoz as the go-to provider for Cloud and Digital Advertising services.

Additionally, in April 2024, the Company successfully executed a coupon campaign on Zomato for Happilo, a leading health food brand.

Management Comments:

Commenting on the performance, Mr. Hirenkumar Shah, Promoter & Whole Time Director of Vertoz Advertising Ltd. said:
“I am glad to report that we have closed this fiscal year on a positive note, with the Company performing in line with expectations. Despite macroeconomic headwinds across global economies, Vertoz has continued its growth trajectory.

In FY24, our revenue increased 87.6% year-on-year to Rs. 155.4 crores, marking robust business growth. New client additions across our products primarily drove this growth. Investment in our talent pool and ad inventories to prepare for an anticipated rise in demand had a bearing on the margins.

Overall, we have entered the new fiscal year on a strong footing. I would like to thank all our shareholders, employees, and partners for their unwavering support and commitment. Together, I am confident that we will continue to achieve new heights of success and innovation.”

On this occasion, Mr. Ashish Shah, Promoter & Director of Vertoz Advertising Ltd. said:
“This quarter has been quite exciting for us. It marked a significant milestone as we integrated Cloud services into Vertoz.
Following the consolidation of two other businesses, our offerings can be categorized into MadTech and CloudTech. This move adds a gamut of Cloud hosting and related services to our already robust MadTech portfolio and would help make Vertoz a PAT partner for any business that wants to leverage digital technologies to expand and grow.

Our EBITDA and PAT during the year grew 25.9% and 46.0% year-on-year, to Rs. 21.5 crores and Rs. 16.1 crores, respectively.
Our innovation-driven approach and platforms give us a competitive edge and keep us at the forefront of the industry. We continue to strive to create sustainable value for our stakeholders.”

Company Overview
Vertoz is an AI-powered MadTech and CloudTech platform, offering Digital Advertising and Monetization (MadTech) and Digital Identity and Cloud Infrastructure (CloudTech) catering to Businesses, Digital Marketers, Advertising Agencies, Digital Publishers, Cloud Providers, and Technology companies.

For more details please visit:

For further information please contact:

Vertoz Advertising Limited
Ms. Richa Chikara
Lead Corporate Communication

AdFactors PR
Investor Relations
Ms. Savli Mangle

Mr. Rahul Trivedi

Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other risk factors, viewers are cautioned not to place undue reliance on these forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.