Snapdeal’s FY23 Consolidated Loss Narrows to Rs 282 Crore

E-commerce company Snapdeal has reported a reduced consolidated after-tax loss of Rs 282.2 crore for FY23, marking a decline from Rs 510 crore in FY22, as indicated in the company’s RoC filing. The total income of the company also decreased to Rs 388.1 crore in FY23, down from Rs 563.5 crore in FY22.

“The focus on profitability and long-term sustainability of the business yielded results with adjusted Ebitda loss reducing to Rs 144 crore in FY23, from Rs 419 crore in FY22,” the filing said.

The loss-reduction measures also led to Snapdeal’s revenue decreasing to Rs 388 crore in FY23 from Rs 564 crore in FY22, it added.

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“The filing stated that throughout the preceding fiscal year, the company maintained its clear emphasis on the value segment, combined with an unwavering commitment to progress toward achieving profitability.” the Snapdeal’s filing said.

The company stated that it has incorporated numerous improvements into its operations. “These initiatives centered on enhancing selection and delivery experiences, streamlining costs, and reducing returns. These efforts led to notable improvements in our profit and loss statement,” it added.