Snapdeal losses down to Rs 613 crore, revenue plummets to Rs 436 crore
today Nov 8, 2018
Indian e-commerce firm Snapdeal has managed to revive its fortunes by narrowing its losses during the fiscal year 2017-18 to Rs 613 crore ($84.7 million) from the Rs 4,647 crore losses it had posted during the last financial year.
The revenue of the company also declined drastically to Rs 436 crore for the fiscal year as compared to Rs 904 crore in had reported in the previous financial year, documents filed with the Corporate Affairs Ministry showed.
Snapdeal is very optimistic with the numbers and believes it is on the path to profitability. The company attributed the decline in losses to a reduction in costs, both variable, and fixed overheads. During the fiscal year, Snapdeal trimmed down employee expenses by 68 percent y-o-y.
"Our prime focus last year was to maximize the operating efficiency of the marketplace ahead of implementing our planned growth initiatives. We are extremely pleased to see the incredible results from our disciplined execution with losses reducing by 88 percent,” a Snapdeal spokesperson told PTI.
“In addition, parts of the revenue, which were disproportionately loss-making, were identified and curtailed during the year in order to realign the business for growth with healthy margins,” the spokesperson added.
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