Flipkart's Financial Turnaround: Revenue Surges Amidst Narrowed Losses

Flipkart's consolidated net loss reduced to Rs 4,248.3 crore in FY 2023-24 due to increased revenue. The company's expenses on stock purchases rose by 24%, and it reported a negative return on equity and capital. Revenue surged by 26%, reaching Rs 70,541.9 crore.

E-commerce giant Flipkart has significantly reduced its consolidated net loss to Rs 4,248.3 crore in the fiscal year 2023-24, a new regulatory filing reveals. This improvement comes alongside a substantial rise in revenue, as reported by Tofler on Monday.

While the company faced a consolidated net loss of Rs 4,897 crore in the previous financial year, its expenses on stock purchases increased by 24% to Rs 74,271.2 crore in FY 2024.

The Tofler report highlights a drop in Flipkart's return on equity to a five-year low of negative 49.6%, with return on capital also at its lowest. Despite these challenges, the Walmart Group firm's consolidated revenue grew by 26%, reaching Rs 70,541.9 crore.

(With inputs from agencies.)