E-commerce giant Flipkart sees not only a rise in revenue but also expenses for the financial year 2020.
Walmart-owned e-commerce major Flipkart has reported a revenue of Rs 34,610 crore for the financial year 2019-2020. This is an increase of 12 percent from Rs 30,931 crore in the previous year 2018-2019. The company’s net loss during the year, at Rs 3,150 crore, dropped 18 per cent from Rs 3,835 crore in 2018-19, reported regulatory documents from business intelligence platform Tofler.
On the other hand, expenses saw a marginal increase of 8.6 percent to Rs 37,760 crore from Rs 34,766 crore during the said period according to reports from Tofler. Engaged in the business of wholesale distribution of mobile, television, laptop, tablet, mobile accessory, footwear, clothing, etcetera, on business-to-business basis had ‘Purchases of Stock or goods in Trade’ worth Rs 37,636 crore in the financial year 2020 up from Rs 34,396 crore under expenses in the preceding financial year. During the financial year 2020, the company allotted total equity shares worth Rs 4,455 crore to Flipkart Private Limited Singapore.
According to the reports, the National Company Law Appellate Tribunal (NCLAT) directed the Competition Commission of India (CCI) to launch an investigation against Flipkart India Private Limited and Flipkart Internet Private Limited for certain matters arising out of a CCI order dated 6 November 2018. Both entities filed a civil appeal before the Supreme Court challenging the order, which is currently pending.
The company’s disputed statutory dues from 2011 to this financial year were Rs 173 crore, of which Rs 27 crore was paid under protest, according to the records. The forums where these disputes were pending included the Commissioner Of Income-Tax (Appeals), Joint Commissioner of Commercial Taxes (Appeals) and Appellate Deputy Commissioner.
(Also read: Flipkart Group and Amazon corner 88 percent market share in festive sales: Report)
Flipkart and its rival Amazon, besides others, witnessed blockbuster festive-season sales this year. India’s online festive sale in one month (during October-November) stood at $8.3 billion in gross sales, including for brands and sellers, up 65 percent year-on-year.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Merchant Export Marketplace
Best Export Training center