Snapdeal's FY23 consolidated loss narrows to Rs 282 cr from Rs 510 cr

Snapdeal's has seen its consolidated loss after tax narrow to Rs 282.2 crore for FY23, from Rs 510 crore in previous year, according to a statutory filing.

As per the company's RoC filing, the total income fell to Rs 388.1 crore in FY23, from Rs 563.5 crore in the previous fiscal (FY22).

"The focus on profitability and long-term sustainability of the business yielded results with adjusted EBITDA loss reducing to Rs 144 crore in FY2022-23, from Rs 419 crore in FY2021-22," the filing said.

The loss reduction measures also led to revenue decreasing to Rs 388 crore in FY2022-23 from Rs 564 crore in FY2021-22, it added.

"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." the filing said.

The company said it has implemented several enhancements to its operations.

"These focused on improving selection and delivery experiences, optimising cost and minimising returns. These initiatives resulted in significant improvements in our profit and loss statement...," it added.