E-commerce platform Flipkart on Monday reported its financial results for the financial year 2021-2022 during which its loss widened to over Rs 7,800 crore, according to regulatory filings cited by news agency PTI.
The loss is based on the performance of its business-to-business unit Flipkart India and business-to-consumer unit Flipkart Internet. It compares to the combined loss of both entities Rs 5,352 crore in the previous financial year.
During the fiscal, the online
B2C platform Flipkart Internet’s loss widened to Rs 4,399 crore as against Rs 2,907 crore in the financial year 2020-2021. This comprises business performances of various Flipkart Group arms including Myntra, Instakart etc.
Meanwhile, the group’s
B2B unit Flipkart India -- earlier called Walmart India -- witnessed a loss of Rs 3,413 crore in FY22, up from Rs 2,445.6 crore in the last fiscal.
The losses came on the back of increased expenses i.e transportation, advertising and promotion, employee and legal costs. The total expenses of Flipkart Internet increased by 36.5 percent whereas the B2B arm Flipkart India saw a 19 percent jump.
The group, however, saw its net income increase by about 20 percent to Rs 61,836 crore during the fiscal. Of this, Flipkart India accounts for Rs 51,176 core while Flipkart Internet contributed revenue of Rs 10,660 crore.
According to a report by strategy consulting firm Redseer, Flipkart has been leading total sales in India during the festive season. In the first week of the festive season, i.e towards September end, the e-commerce major held a 62 percent share or Rs 24,800 crore worth of gross merchandise value from total sales of Rs 40,000 crore, as per the report.
