Snapdeal reduces consolidated loss in FY23

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 FY2022-23, from Rs 419 crore in FY2021-22,” 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.” 
 
In the 2022 financial year, Snapdeal’s revenue had totalled Rs 564 crore and its loss after tax was at Rs 563.5 crore. The business attributed its loss reduction to numerous measures put in place to optimise cost but noted that this also caused its income to drop. “These focused on improving selection and delivery experiences, optimising cost and minimising returns,” said Snapdeal. “These initiatives resulted in significant improvements in our profit and loss statement.”

Snapdeal recently held a ‘Fashion Loot Sale’ from December 28 to 30 to bring in the new year and prepare for the spring season, the business announced on its Facebook page. The sale featured brands including Bewakoof, Red Chief, and Rangita and offered up to 60% off on select styles.