Snapdeal trims loss to Rs 613 cr for FY 2017-18
E-commerce firm Snapdeal has narrowed its consolidated losses substantially to Rs 613 crore for FY 2017-18, as per regulatory documents.
The company, which competes with larger rivals like Amazon and Flipkart, had posted a consolidated loss of Rs 4,647.1 crore in FY 2016-17, documents filed with the Corporate Affairs Ministry showed.
The consolidated revenue from operations declined to Rs 436.1 crore for 2017-18 as against Rs 903.8 crore in the previous financial year.
On standalone basis too, Snapdeal trimmed its losses to Rs 440.7 crore in 2017-18 from Rs 4,638.9 crore in the year-ago period. Total revenue was at Rs 514.6 crore in FY18 as against Rs 1,105.7 crore in the previous fiscal.
Snapdeal, in its filing said, the company had embarked on its journey towards profitability last year. "This year, we continued on this path and focused on building a leaner and more capital efficient business. We substantially reduced our costs, both variable and fixed overheads," it added.