Walmart India sees revenue increase but loss widen in FY22
The 2022 financial year saw Best Price Flipkart wholesale stores operator Walmart India Private Limited’s losses increase to Rs 299.01 crore. The business’ revenue from operations also increased by 6.9% year-on-year during the fiscal.
Walmart India Private Limited’s revenue from operations totalled Rs 5,349.98 crore in the 2022 financial year up from Rs 5,004.88 crore in the 2021 financial year, according to financial data accessed by business intelligence platform Tofler, the Press Trust of India reported. The business’ revenue increase, however, could not stop its widening losses due to its increasing expenses.
The 2022 financial year saw Walmart India’s total expenses reach Rs 5,660.74 crore. This represents a 8.03% increase compared to the 2021 financial year. In July 2020, Flipkart acquired 100% interest in Walmart India. The business had reported a net loss of Rs 200.8 crore in the 2021 fiscal.
Flipkart Wholesale caters to businesses including hotels, restaurants, and caterers with products ranging from personal care goods to laundry utilities among others. The business runs 29 Best Price Flipkart wholesale stores as well as two fulfilment centres located across nine Indian states. Flipkart Group includes businesses such as Flipkart, Flipkart Wholesale, and fashion arm Myntra.
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