Amazon Wholesale Cuts Losses 44% To INR 344.7 Cr In FY24

SUMMARY

The company's loss, which stood at INR 344.7 Cr in FY24, went down despite a flat increase of 0.6% in revenue from operations

Total income during the fiscal stood at INR 3.613.8 Cr and total expenditure declined 6.2% to INR 3,956 Cr from INR 4,218.4 Cr in FY23

Meanwhile, Amazon Pay, too, managed to slash its losses by about 39% to INR 911 Cr in FY24 against a loss of INR 1,499 Cr in FY23

Amazon India’s wholesale arm, Amazon Wholesale (India) Pvt Ltd, managed to trim its losses 34% in the financial year 2023-24 (FY24) to INR 344.7 Cr from the INR 615.7 Cr loss it incurred a fiscal ago.

The company’s losses went down despite its revenue from operations remaining flat in the fiscal, according to the company’s standalone financial statement sourced from Tofler.

Meanwhile, revenue from operations in FY24 stood at INR 3,576.7 Cr, down 0.6% from the INR 3,600.5 Cr in FY23.

While the company’s total income during the fiscal stood at INR 3.613.8 Cr, its total expenditure for the fiscal, excluding depreciation, declined to INR 3,956 Cr, down 6.2% from the INR 4,218.4 Cr spent in FY23.

Amazon’s wholesale unit functions as a B2B distribution channel, supplying products from various brands in bulk to third-party vendors, enabling them to sell on online marketplaces.

Meanwhile, the other arms of the US-based ecommerce giant also managed to cut their losses during the fiscal. Its logistics arm, Amazon Transportation Services (ATS), saw a marginal reduction in its net loss to INR 80 Cr from INR 86 Cr last year. It recorded a revenue increase of 7.6% to INR 4,889 Cr.

Amazon India’s fintech arm, Amazon Pay, also managed to slash its losses by about 39% to INR 911 Cr in FY24 against a loss of INR 1,499 Cr in FY23. Its revenue from operations stood at INR 2,286.9 Cr in FY24 compared to INR 2,093 Cr in FY23.