Flipkart India trims losses to Rs 244.7 crore in FY17

NEW DELHI: Flipkart India, the B2B arm of the e-commerce main, has halved its standalone losses to Rs 244.7 crore during the 2016-17 fiscal from Rs 544.5 crore within the previous 12 months, in line with regulatory documents.

Flipkart India -- underneath which the Bengaluru-based company operates its money and lift buying and selling/wholesale buying and selling business -- noticed revenues emerging 18 in line with cent to Rs 15,569.2 crore in FY2017 from Rs 13,177.four crore within the previous 12 months, as in line with documents submitted with the Corporate Affairs Ministry (MCA).

Locked in an intense struggle for market management in opposition to American rival Amazon in India, Flipkart had just lately inked an settlement with Walmart.

Under the mega deal, US retail massive Walmart will pick out up 77 in line with cent stake in Flipkart Group keeping company this is registered in Singapore for USD 16 billion and the transaction is subject to statutory approvals, together with that of Competition Commission of India (CCI).

As in line with the documents filed with MCA, Flipkart India reduced worker receive advantages expense from Rs 245.four crore in financial 12 months 2015-16 to Rs 166.6 crore in 2016-17 fiscal. Its finance costs additionally reduced marginally from Rs 10.2 crore in 2015-16 to Rs 10 crore in 2016-17.

The documents famous that in view of the continuing losses, the administrators have not really helpful any dividend for the financial 12 months ended March 2017.

Flipkart India trims losses to Rs 244.7 crore in FY17 Flipkart India trims losses to Rs 244.7 crore in FY17 Reviewed by kailash soni on May 16, 2018 Rating: 5
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