Snapdeal’s consolidated loss for the last financial year narrows to Rs 282 crore.
New Delhi: Loss after tax of e-commerce platform Snapdeal declined to Rs 282.2 crore on an annual basis in the last financial year (2022-23). The company gave this information in a statement. Snapdeal’s consolidated loss was Rs 510 crore in financial year 2021-22. In the information given to the stock market, the company said that the total income of the company decreased to Rs 388.1 crore in the financial year 2022-23, which was Rs 563.5 crore in the previous financial year.
“The company’s consolidated EBITDA loss declined to Rs 144 crore in FY 2022-23 from Rs 419 crore in FY 2021-22,” the company said. The company said that due to loss reduction measures, revenue declined to Rs 388 crore in FY 2022-23 from Rs 564 crore in FY 2021-22.
“In the last financial year, the company maintained its focus on the affordable segment, along with its strong commitment to remain on track to reach profitability, which helped narrow down losses,” Snapdeal told the stock exchange.