Snapdeal, a prominent fashion and lifestyle e-commerce platform, managed to reduce its consolidated after-tax loss to Rs. 282.2 crore in the 2023 financial year, largely due to improvements across its operations. However, the company experienced a decline in income, which stood at Rs. 388.1 crore during the last fiscal year.
The company highlighted its focus on achieving profitability and ensuring the long-term sustainability of its business. Snapdeal reported a noteworthy reduction in adjusted EBITDA loss to Rs. 144 crore in FY 2022-23, a significant improvement from Rs. 419 crore in FY 2021-22, as per India Retailing’s report citing the company’s filing with the RoC.
In the previous fiscal year, Snapdeal continued its emphasis on the value segment while maintaining a steadfast commitment to progressing towards profitability. The company disclosed a revenue of Rs. 564 crore in the fiscal year 2022, while its post-tax loss amounted to Rs. 563.5 crore. Snapdeal acknowledged that implementing specific cost-cutting measures had contributed to reducing losses but also mentioned that these measures affected revenue generation.
The cost optimization strategies primarily focused on minimizing returns, enhancing selection, and improving delivery experiences. According to Snapdeal, these initiatives significantly improved their profit and loss statement.
