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Flipkart India trims losses to Rs 244.7 cr in FY17

Press Trust of India  |  New Delhi 

India, the B2B arm of the major, has halved its standalone losses to Rs 244.7 crore during the 2016-17 fiscal from Rs 544.5 crore in the previous year, according to regulatory documents.

-- under which the Bengaluru-based company operates its cash and carry trading/wholesale trading business -- saw revenues rising 18 per cent to Rs 15,569.2 crore in FY2017 from Rs 13,177.4 crore in the previous year, as per documents submitted with the (MCA).

Locked in an intense battle for market leadership against American rival in India, had recently inked an agreement with

Under the mega deal, US will pick up 77 per cent stake in holding company that is registered in for USD 16 billion and the transaction is subject to statutory approvals, including that of (CCI).

As per the documents filed with MCA, reduced employee benefit expense from Rs 245.4 crore in financial year 2015-16 to Rs 166.6 crore in 2016-17 fiscal. Its also reduced marginally from Rs 10.2 crore in 2015-16 to Rs 10 crore in 2016-17.

The documents noted that in view of the continuing losses, the directors have not recommended any dividend for the financial year ended March 2017.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 16 2018. 20:55 IST