India Inc report a combined net loss for the first time in at least 15 years. Flipkart and Amazon clock $4.3bn in festive sales.
Unforseen: India Inc has reported a combined net loss for the first time in at least 15 years in Q2 on the back of the record losses posted by telecom operators.
Net sales contracted for the first time in four years during the same period due to demand contraction in the domestic economy.
Listed companies, excluding financials and oil and gas, reported a combined net loss of INR16,000cr in Q2 FY20 vs a net profit of INR73,000cr last year. The combined net sales for companies, excluding financials and oil, were down 0.4% YoY - their worst quarterly showing in at least three years.
The listed mobile operators, such as Bharti Airtel and Vodafone Idea, together reported a net loss of INR1.05L cr during the quarter, compared to a net loss of INR4,100cr a year ago. BS
Ecommerce giants Flipkart and Amazon have together raked up sales worth whopping $4.3bn during the 15-day festival period in October, as per a report by RedSeer Consulting. However, the number still fell short of analyst expectations of $5bn in sales. ET Tech
The average order value for Flipkart stood at INR1,976 vs INR1,461 on Amazon. Flipkart led with 64% share of the combined gross sales while Amazon continued to fare higher in net promoter score (NPS). NPS measures the loyalty of customers to a company.
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