Walmart India slashes losses by 68% YoY to Rs 154 Cr in FY24

Walmart India, a wholly-owned subsidiary of Walmart Inc, has managed to cut its net loss by 68% in the financial year ended March 31, 2024. The retail giant posted a net loss of Rs 154 crore in FY24 against a loss of Rs 478 crore in FY23.

Walmart India's cash and carry business was acquired by Flipkart in July 2020. The US based retailer is the majority stakeholder in Flipkart, and had merged its wholesale arm with Flipkart.

The company’s revenue from operations maintained a steady growth clocking Rs 5,194 crore for FY24, up from Rs 5,002 crore in the previous fiscal year. The company generates revenue through its wholesale trading operations, with major contributions via both food and non-food products. 

Walmart India, which operates through its "Best Price" B2B wholesale chain with 28 stores across the country, has clocked a total income of Rs 5,200 crore, compared with Rs 5,006 crore in FY23. Other income also rose by 37% YoY to Rs 5.43 crore in FY24. 

Additionally, the company managed to cut total expenses by 2.37%, bringing them down to Rs 5,354 crore in FY24 from Rs 5,484 crore in FY23, financial statements filed by the company showed.

Employee benefit expenses declined to Rs 155 crore from 163 crore, while depreciation and amortisation expenses saw a sharp drop of 87% YoY to Rs 33 crore from Rs 262 crore. The company’s finance costs increased to Rs 69.64 crore from Rs 65.24 last fiscal year. Similarly, purchases of stock-in-trade rose by 5.7% YoY to Rs 4,820 crore from Rs 4,561 crore in FY23. 

In addition to its wholesale business, Walmart owns ecommerce major Flipkart, which managed to cut its losses by 13.2% to Rs 4,248 crore in FY24.

(The story has been updated to clarify ownership structure of Walmart India.)