Flipkart's B2B arm Flipkart India reports halved standalone losses

The business to business (B2B) arm of Flipkart, Flipkart India, has just reported that it halved its standalone losses over the course of the 2016/2017 financial year and also saw revenue rise.

Flipkart India recently submitted financial results to the Ministry of Corporate Affairs - Flipkart India- Facebook

Flipkart India reported in regulatory documents that losses were halved from 544.5 crore rupees (approximately 81.8 million US dollars) during the 2015/2016 financial year to 244.7 crore rupees (approximately 36.8 million dollars) during the 2016/2017 financial year.

The cash and carry, trading, and wholesale business Flipkart India also recorded increased revenue over the same time period. Revenue rose by 18 percent to 15,569.2 crore rupees (approximately 2.3 billion dollars) in 2016/ 2017 from 13,177.4 crore rupees (approximately 1.98 billion dollars) in 2015/2016. Flipkart India submitted these financial results to the Ministry of Corporate Affairs (MCA).

Flipkart India, despite halving losses, still has a considerable amount. Due to this, the business’ directors have not recommended any dividend for the financial year that ended in March 2017. The MCA filings also showed that the company reduced its employee benefit expenses over the course of the 2016/2017 financial year to 166.6 crore rupees (approximately 25 million dollars) from 245.4 crore rupees (approximately 36.9 million dollars) in the 2015/2016 financial year.  Finance costs were also reduced by 0.2 crore rupees over the same time period.

 

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