Snapdeal Reduces Loss to Rs 160 Crore in FY24

New Delhi, Dec 29 (NationPress) The e-commerce platform Snapdeal has successfully reduced its loss to Rs 160.38 crore in FY24, a significant decline from Rs 282.20 crore in FY23.

Additionally, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) loss fell by 88 percent to Rs 16 crore in FY24, compared to Rs 144 crore in FY23.

This improvement in loss can be attributed to a decrease in overall expenses.

In FY24, Snapdeal’s total expenditures reached Rs 540.76 crore, down from Rs 687.93 crore in FY23.

The company’s employee benefits expenses also saw a significant drop of 48.5 percent year-on-year to Rs 158.4 crore, compared to Rs 307.53 crore in FY23. Furthermore, advertising costs were reduced by 23.5 percent year-on-year to Rs 70.37 crore.

Snapdeal's operating income grew by 2.1 percent, reaching Rs 379.76 crore in FY24, an increase from Rs 371.96 crore in FY23.

The market services sector contributed the most to the company’s revenue with Rs 252.55 crore; however, this figure represents a 9.6 percent decrease year-on-year compared to FY23.

On the other hand, the company's enablement income rose by 14.8 percent year-on-year to Rs 103.36 crore in FY24, while income from other sources surged eightfold to Rs 23.85 crore in the previous financial year.

According to a filing with the stock exchange, Snapdeal has reduced its holdings in Unicommerce. The company raised Rs 33 crore from a secondary sale of a 3.4 percent stake between May and June 2024 in anticipation of the IPO, along with Rs 81 crore from selling a 9.2 percent stake during the IPO in August 2024.

Founded in 2010, Snapdeal is among India’s prominent e-commerce platforms and has catered to over 10 crore online shoppers in the past 14 years.