The ecommerce giant’s wholesale unit narrowed its net loss by 44% to Rs 342 crore in FY24 from Rs 616 crore the previous year, according to regulatory filings sourced from business intelligence platform Tofler.
Its total income stood at Rs 3,614 crore.
Total expenses also narrowed during the year, coming in at Rs 3,959 crore compared to Rs 4,221 crore in FY23. A significant amount of the expenditure was attributed to purchases of stock in trade which amounted to Rs 3,497 crore, changes in inventories at Rs 296 crore, and other expenses at Rs 116 crore.
The wholesale arm is a key unit of Amazon’s business in India. ET had earlier reported that the unit has been scaling down operations following tightened foreign direct investment (FDI) regulations for ecommerce companies owned by foreign firms in the country.
The ecommerce giant operates several divisions in India, including Amazon Transport, Amazon Seller, Amazon Pay and Amazon Retail. The wholesale unit sells goods and services to sellers and distributors in bulk. In August of last year, ET reported that Amazon’s focus is shifting towards investments in services and technology, according to Amit Agarwal, senior vice president for India and emerging markets.
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In FY22, Amazon Wholesale India’s operational revenue increased 26% to Rs Rs 4,592 crore from Rs 3,618 crore in FY21, while its net loss tripled to over Rs 480 crore from over Rs 161 in FY21.
