Snapdeal, which is an e-commerce firm, has succeeded in decreasing its loss to Rs 160.38 crore during FY24 as compared with Rs 282.20 crore during FY23.
Secondly, the loss of the company on its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) decreased to 88 percent at Rs 16 crore during FY24 from Rs 144 crore during FY23.
The company loss has declined because the expense has been reduced. The company incurred an expenditure of Rs 540.76 crore during FY24.
That for FY23 was at Rs 687.93 crore. Employee benefits, during FY24, fell to Rs 158.4 crore. It had, during FY23, accounted for Rs 307.53 crore.
That reflected a fall of 48.5 per cent compared to the YoY or year-on-year basis during FY24. During this period, the company's advertising expenditure reduced by 23.5 per cent on YoY basis to Rs 70.37 crore. Snapdeal's operating income increased by 2.1 per cent to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23.
Market services have the biggest contribution of Rs 252.55 crore to the company's revenue. However, it decreased by 9.6 percent on YoY basis as compared to FY23.
The enablement income of the company has risen by 14.8 per cent year-on-year to Rs 103.36 crore in FY24. As for the income from other items, the company has garnered 8 times more.
It has increased to Rs 23.85 crore in the last financial year. According to the exchange filing, Snapdeal had reduced its stake in Unicommerce.
The company had mopped up Rs 33 crore by way of the secondary sale of 3.4 percent stake in May-June 2024 in advance of the IPO and Rs 81 crore from sale of 9.2 percent stake in the IPO's offer for sale which debuted in August 2024.
Snapdeal is one of India's most leading e-commerce platforms. Founded in 2010, Snapdeal focuses on the value commerce market in India and has served more than 10 Crore online shoppers over the past 14+ years.
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