Flipkart’s logistics arm Ekart Logistics has reported a 5 per cent drop in revenues while losses have widened by 5x for the financial year 2023-24 from the previous fiscal. According to the regulatory documents sourced from business intelligence platform Tofler, revenue from operations for Instakart Services, which runs Ekart Logistics, declined to Rs 12,115 crore in FY24 from Rs 12,787 crore in FY23 and total income narrowed by 4.3 per cent to Rs 12,431 crore from Rs 13,001 crore.
The net loss, on the other hand, jumped to Rs 1,718 crore in FY24 from Rs 324 crore in FY23. The company’s total expenses also increased to Rs 14,149 crore from Rs 13,325 crore including depreciation, depletion and amortisation expense of Rs 1,183 crore and employee benefit expense of Rs 1,244 crore in FY24.
The depreciation, depletion and amortisation expense in FY23 was Rs 1,204 crore and employee benefit expense stood at Rs 1,132 crore.
Started in 2009, Ekart Logistics has over 7,000 trucks, more than 70 fulfilment centres, over 80 sortation facilities, and 3,500 delivery hubs to deliver e-commerce purchases across 15,000 pin codes in the country. Ekart has partnered with over 300 brands for B2B, warehousing and dropship services, providing customized E2E solutions for industries across D2C, retail, apparel and fashion, fin-tech, telecom, etc.
The company in July last year had launched B2B air and surface express solutions to enable brands and MSMEs to manage their end-to-end logistical requirements.
For FY24, Amazon India’s logistics arm Amazon Transportation Services (ATS) had reported a 7.6 per cent growth in its operating revenue to Rs 4,889 crore from Rs 4,543 crore in FY23. Its, total income stood at Rs 4,946 crore while expenses increased by 7 per cent to Rs 5,004 crore from Rs 4,659 crore in FY23, as per documents from Tofler.
The company’s net loss had declined by 6.9 per cent to Rs 80 crore in FY24 vis-a-vis Rs 86 crore in the previous fiscal.