E-commerce major Flipkart, on Monday, reported a total revenue of ₹56,013 crore in the 2023 financial year, as per business intelligence platform Tofler.
The company’s revenue saw a 9% growth from the previous year, when the company reported a revenue of ₹51,176 crore.
However, the report also revealed a notable increase in net losses for Flipkart. The company reported a net loss of ₹4,834 crore, marking a substantial 42% increase.
"Net loss for the financial year ending as on March 31, 2023, was ₹48,393 million as against that of previous year ending as on March 31, 2022, of ₹33,624 million witnessed an increase of 44 per cent in the net loss," the financial report said.
The total expenses for Flipkart in FY23 amounted to ₹60,858 crore, demonstrating an 11.5% increase.
On the other hand, Walmart India Ltd, which owns and operates 28 B2B Modern Wholesale Stores — including Flipkart — under the brand 'Best Price', reported a mixed bag of results for FY23. According to Tofler data, the company's revenue for the fiscal year amounted to ₹5,006 crore, a 7% decrease compared to the previous year.
In contrast to Flipkart's losses, Walmart India Ltd reported a net loss of ₹478 crore, a stark 60% annual increase.
The company's total expenses for FY23 were reported at ₹5,484 crore.
(With inputs from PTI)
(Edited by : Vijay Anand)
