New Delhi, December 29 (IANS). E-commerce company Snapdeal has suffered a loss of Rs 160.38 crore in FY24, which was Rs 282.20 crore in FY23.
Apart from this, the EBITDA loss of the company has reduced by 88 percent to Rs 16 crore in FY 24. It was Rs 144 crore in FY23.
The reason for reduction in losses of the company is due to decline in expenses.
The company’s total expenses in FY24 stood at Rs 540.76 crore, which was Rs 687.93 crore in FY23.
The company’s employee expenses declined by 48.5 percent year-on-year to Rs 158.4 crore in FY24. It was Rs 307.53 crore in FY23. During this period, the advertising expenditure of the company has declined by 23.5 percent on annual basis to Rs 70.37 crore.
Snapdeal’s income from operations increased 2.1 per cent to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23.
The biggest contribution of Rs 252.55 crore to the company’s income is from market services. However, there has been a 9.6 percent decline on an annual basis compared to FY 23.
The company’s enablement income has increased by 14.8 percent year-on-year to Rs 103.36 crore in FY 24. In the last financial year, the company’s income from other items has increased 8 times to Rs 23.85 crore.
According to a stock exchange filing, Snapdeal has reduced its stake in Unicommerce. The company had received Rs 33 crore from the secondary sale of 3.4 per cent stake during May-June 2024 before the IPO and Rs 81 crore from the sale of 9.2 per cent stake under the offer for sale in the IPO in August 2024.
—IANS
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