Flipkart Internet Pvt. Ltd saw its net loss widen 51% to Rs 4,362 crore during the financial year 2022.
The loss widened due to increased transport, legal, warehousing and advertisement costs
Flipkart Internet Pvt. Ltd saw its net loss widen 51% to Rs 4,362 crore during the financial year 2022.
The Walmart-owned company, however, recorded a 31% year-on-year jump in its revenues to Rs 10,659 crore.
The loss widened due to increased transport, legal, warehousing and advertisement costs.
The e-commerce giant’s advertising promotional expenses alone surged over 80% in FY22 to Rs 1,946 crore from Rs 1,073 crore.
That likely helped the company generate a revenue from operations of Rs 10,477 crore, an increase of 34% from FY21’s Rs 7,840 crore, according to regulatory filings accessed via Tofler.
The company said its revenue mainly came from operations such as e-commerce, information technology enabled services, marketplace and related support services including corporate agent services for insurances.
Myntra, the Walmart-owned fashion retailer, reported a 46% increase in operating revenue from Rs 2,407 crore in FY21 to Rs 3,501 crore in FY22
The company reported a net loss of Rs 597 cr during the same fiscal, up from Rs 429 crore in FY21.
Walmart-owned Flipkart’s total expenses soared to Rs 15,020 crore from Rs 10,996 crore – an increase of 37%.
Further, the company’s operating loss or the earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at Rs 3,925 crore in FY22, as against Rs 2,227 crore in FY21.