Flipkart loss widens to Rs 4,890.6 Cr in FY 2022-23
On a standalone basis, Flipkart's net loss or loss carried to the balance sheet widened to Rs 4,839.3 crore.
Ecommerce major 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 ecommerce firm posted a consolidated loss of Rs 3,371.2 crore in the financial year (FY) 2022.
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 % in the net loss," Flipkart's financial report said.
During the fiscal, the company's consolidated net total income, including income from other sources, increased by 9.4% to Rs 56,012.8 crore from Rs 51,176 crore earned 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.
Earlier this month, Flipkart launched a new subscription programme, which will offer a host of unique benefits for customers for their festive shopping needs. Called the Flipkart VIP, it is available for an annual membership fee of Rs 499.
It aims to help customers access several rewards to enrich their shopping journey, across Flipkart, Cleartrip, Health+, and more.
Flipkart VIP benefits include free same/next day deliveries, returns within 48 hours, a welcome gift box worth Rs 499, and instant access to a dedicated customer support team. Further, customers can earn 5% SuperCoins (up to 300) on all purchases and an extra 5% savings using SuperCoins on all products across the Flipkart group (including Cleartrip).
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Kanishk Singh