Fashion and lifestyle e-commerce platform Snapdeal reduced its consolidated loss after tax in the 2023 financial year to Rs. 282.2 crore due to enhancing several facets of its operations. The multi-brand business also saw its income drop last fiscal to Rs. 388.1 crore.
“The focus on profitability and long-term sustainability of the business yielded results with adjusted EBITDA [earnings before interest, tax, depreciation, and amortisation] loss reducing to Rs. 144 crore in FY 2022-23, from Rs. 419 crore in FY 2021-22,” said Snapdeal in a statutory filing with the RoC, India Retailing reported. “In the past fiscal year, the company continued its well-defined focus on the value segment, coupled with a steadfast commitment to staying on the path towards reaching profitability.”
Snapdeal’s revenue for the fiscal year 2022 was Rs. 564 crore, while its post-tax loss was Rs. 563.5 crore. The company acknowledged that certain cost-cutting measures had reduced its loss, but it also pointed out that these had decreased its revenue. According to Snapdeal, “These focused on optimising cost and minimising returns, improving selection and delivery experiences. Our profit and loss statement significantly improved as a result of these initiatives.
