Flipkart India trims losses to Rs 244.7 crore in FY17
Flipkart India — beneath which the Bengaluru-based firm operates its money and carry buying and selling/wholesale buying and selling enterprise — noticed revenues rising 18 per cent to Rs 15,569.2 crore in FY2017 from Rs 13,177.four crore within the earlier 12 months, as per paperwork submitted with the Company Affairs Ministry (MCA).
Locked in an intense battle for market management towards American rival Amazon in India, Flipkart had not too long ago inked an settlement with Walmart.
Below the mega deal, US retail big Walmart will choose up 77 per cent stake in Flipkart Group holding firm that’s registered in Singapore for USD 16 billion and the transaction is topic to statutory approvals, together with that of Competitors Fee of India (CCI).
As per the paperwork filed with MCA, Flipkart India decreased worker profit expense from Rs 245.four crore in monetary 12 months 2015-16 to Rs 166.6 crore in 2016-17 fiscal. Its finance prices additionally decreased marginally from Rs 10.2 crore in 2015-16 to Rs 10 crore in 2016-17.
The paperwork famous that in view of the persevering with losses, the administrators haven’t really useful any dividend for the monetary 12 months ended March 2017.