CWD reports Rs 697 lakh revenue in H1 FY24, focuses on IoT-led growth

CWD Limited has reported its unaudited financial results for the half-year ending 30 September 2024, showcasing ₹697 lakh in total revenue and a net loss (PAT) of ₹153 lakh. Despite the loss, the company has achieved substantial strategic progress, particularly in IoT-enabled sound box solutions tailored for digital payment ecosystems.

The company’s half-year revenue includes ₹656 lakh from operations and ₹41 lakh from other income, reflecting a year-over-year growth compared to ₹559 lakh in the corresponding period last year. While expenses increased to ₹850 lakh due to higher development and operational costs, the strategic investments are expected to yield long-term gains. Notably, depreciation and finance costs rose to ₹214 lakh, compared to ₹192 lakh in the same period last year, emphasizing the company’s focus on capital-intensive innovation.

IoT sound boxes driving growth

CWD Limited’s flagship IoT-enabled sound boxes remain at the forefront of its growth strategy. Designed for secure, real-time payment confirmations, these devices address a critical need in India’s evolving cashless economy. The company’s ₹150 crore order book includes projects with Tier 1 financial institutions and non-banking financial companies (NBFCs). After successful pilot testing, the rollout of these devices is set to commence in Q4 FY2024, with phased deliveries continuing into 2025.

Beyond domestic markets, CWD is preparing to export its IoT-enabled sound boxes, aiming to capitalize on the global demand for secure digital payment solutions. Joint Managing Director Tejas Kothari noted that these innovations empower merchants and financial institutions worldwide to embrace cashless transactions.

Transforming India’s IoT ecosystem

India’s IoT market is poised for exponential growth, driven by initiatives like Digital India and Make in India. The IoT sector is projected to surpass 5 billion connected devices by 2025, presenting opportunities across industries. CWD is leveraging this ecosystem with solutions addressing key growth areas:

In the energy sector, the company is contributing to the government’s Revamped Distribution Sector Scheme (RDSS) by developing IoT solutions for smart meters. In agriculture, precision farming tools are being designed to empower farmers with actionable insights, aligning with the Digital Agriculture Mission 2021-2025. Additionally, CWD’s consumer IoT products, including wearables and smart home devices, enhance user experiences with advanced connectivity and functionality.

A sustainable growth strategy

CWD Limited’s financial performance reflects its transition into an innovation-led growth phase. The ₹153 lakh loss in H1 FY2024, while significant, represents strategic investments aimed at capturing long-term opportunities in IoT-driven sectors. Joint Managing Director Siddhartha Xavier emphasized that the company’s robust order book and expanding partnerships position it to deliver transformative solutions across industries.

Recognized under the Startup India initiative for its groundbreaking technologies, CWD remains focused on driving IoT innovation, ensuring long-term stakeholder value, and contributing to India’s digital transformation.