Flipkart's Net Cash From Operations Drops In FY22
In fiscal 2022, the company also raised additional funds by issuing new shares.
Walmart-owned Flipkart Pvt.'s investments into its India business jumped even as net cash from operations fell in the year ended March.
Net cash generated from operations fell 7% to Rs 1,670.9 crore for FY22, according to filings reviewed by BQPrime from the Singapore regulator. The company had Rs 1,802.9 crore as net cash from operations in FY21.
Flipkart Pvt.is the Singapore-based subsidiary of Walmart Inc. and the parent company for Indian subsidiaries involved in the marketplace, technology services, and PhonePe.
The company net invested Rs 18,850 crore in FY22, an increase of Rs 7,776.50 crore over the previous year, in its Indian subsidiaries.
These include investing in or launching new businesses such as Shopsy, Flipkart Health+, Cleartrip, and ANS Commerce; strengthening deep and expansive supply chain that generates more than 200,000 employment opportunities; and building strong technology capabilities such as image search, a revamped UX interface, live commerce, and more, said a Flipkart spokeswoman in a statement shared with BQ Prime.
The company declined to share individual investments undertaken in the last fiscal.
In fiscal 2022, the company also raised additional funds through the issue of new shares. Net cash flow from financing stood at Rs 16,953.5 crore in the last fiscal, the documents revealed.
In the financial year 2022, Flipkart received $3.2 billion in new equity funding. That reduced Walmart’s ownership to 75% as on Jan. 31 from about 83% a year earlier.
At the end of fiscal 2022, Flipkart had a loss before tax of Rs 64.9 crore from continuing operations. The loss after tax for continuing operations stood at Rs 66.4 crore. That compared with a loss before tax of Rs 100.6 crore and a loss after tax of Rs 87.90 crore in the previous fiscal.
The company saw its total assets swell to Rs 98,377.5 crore at the end of FY22 from Rs 67,432.1 crore in FY21, largely led by current assets, which rose to Rs 11,676.1 crore in FY22 from Rs 2,264 crore in the previous year.
At the end of fiscal 2022, its accumulated losses stood at Rs 59,549.1 crore.