Consumer electronics company boAt Lifestyle posted it revenue from operations up by 118.67% and its profits down by 20.6% for the financial year ending March 2022.

The company reported revenue from operations of Rs 2,873 crore for FY 2022 as against Rs 1,314 crore in FY21. Its profit was Rs 68.70 crore when compared to Rs 86.50 crore a year ago, according to Registrar of Companies.

Revenue from the sale of products was the company’s major source of income at Rs 2,870.7 crore. Sales from audio products that include wired earphones, wireless earphones, wired headphones, wireless headphones, wireless speakers, and soundbars were at Rs 2,276 crore up by 85.25% from Rs 1,228.6 crore from the previous year.

Wearables that include smartwatches were at Rs 515.5 crore up by 840.69% from Rs 54.80 crore a year ago

boAt also made sales from cables, charges, men’s grooming kits, and gaming equipment at Rs 79.2 crore compared to 30.3 crore in FY21, an increase of 161.39%.

It also reported other operating revenues at Rs 2.14 crore and an interest income of Rs 9.74 crore, taking the total revenue earned to Rs 2,886.4 crore.

On the expense front, boAt reported a total expense of Rs 2,787 crore up by 131.83% from a year ago. Its biggest expense was the cost of materials consumed.

In October, the company raised $60 million from an existing shareholder, an affiliate of Warburg Pincus, and a new investor, Malabar Investment.