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regular-article-logo Tuesday, 21 May 2024

E-commerce giant Flipkart faces economic loss of Rs 4,890.6 crore in financial year 2022-23

On a standalone basis, Flipkart’s net loss or loss carried to the balance sheet widened to Rs 4,839.3 crore

PTI New Delhi Published 24.10.23, 07:01 AM
Flipkart

Flipkart File image

E-commerce major Flipkart India Private Limited has reported a widening of consolidated loss to Rs 4,890.6 crore in the financial year 2022-23, according to financial data provided by business intelligence platform Tofler.

The Walmart group e-commerce firm posted a consolidated loss of Rs 3,371.2 crore in the financial year (FY) 2022.

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On a standalone basis, Flipkart’s net loss or loss carried to the balance sheet widened to Rs 4,839.3 crore.

“Net loss for the financial year ending as on 31st March 2023 was Rs 48,393 million as against that of previous year ending as on 31st March 2022 of Rs 33,624 million witnessed an increase of 44 per cent in the net loss,” Flipkart’s financial report said.

During the reported fiscal, the company’s consolidated net total income, including income from other sources, increased by 9.4 per cent to Rs 56,012.8 crore from Rs 51,176 crore in FY 2022.

Its standalone net total income was the same as the consolidated numbers.

“The company’s total expenses for the fiscal were reported as Rs 60,858 crore,” Tofler said.

An e-mail query sent to Flipkart elicited no immediate reply.

Sales spurt

E-commerce companies registered around 19 per cent increase in gross sales to almost Rs 47,000 crore in the first week of the festive season, which concluded earlier this week, a report said on Friday.

The report estimated that the Flipkart group, comprising Flipkart, Myntra and Shopsy, led the sales in the first week with around 63 per cent share in gross merchandise value (GMV), implying business of about Rs 29,610 crore.

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