New Delhi, Dec 29 (IANS) E-commerce company Snapdeal has managed to cut down its loss to Rs 160.38 crore in FY24 from Rs 282.20 crore in FY23.
Apart from this, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) loss declined by 88 per cent to Rs 16 crore in FY24. It was Rs 144 crore in FY23.
The reason for the reduction in the company’s loss is the decline in expenses.
The company’s total expenditure in FY24 was Rs 540.76 crore. It was Rs 687.93 crore in FY23.
The employee benefits expenditure of the company in FY24 declined by 48.5 per cent on YoY (year-on-year) basis to Rs 158.4 crore. It was Rs 307.53 crore in FY23. During this period, the company’s advertising expenditure was reduced by 23.5 per cent on YoY basis to Rs 70.37 crore.
Snapdeal’s operating income increased by 2.1 per cent to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23.
Market services have the biggest contribution of Rs 252.55 crore to the company’s revenue. However, it decreased by 9.6 percent on YoY basis as compared to FY23.
The company’s enablement income increased by 14.8 per cent year-on-year to Rs 103.36 crore in FY24. The company’s income from other items has increased 8 times to Rs 23.85 crore in the last financial year.
According to the stock exchange filing, Snapdeal has reduced its stake in Unicommerce. The company had raised Rs 33 crore from the secondary sale of 3.4 per cent stake during May-June 2024 ahead of the IPO and Rs 81 crore from the sale of 9.2 per cent stake under the offer for sale in the IPO that came in August 2024.
Snapdeal is one of India’s leading e-commerce platforms. Founded in 2010, Snapdeal focuses on the value commerce market in India and has served more than 10 Crore online shoppers over the past 14+ years.
–IANS
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