Snapdeal’s FY23 loss narrows to Rs 282 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.