By Anuj Suvarna

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Walmart India Private Limited, the Indian arm of Walmart Inc, reported a modest rise in revenue and a reduction in losses in the financial year ended March 31, 2025.

Revenue from operations rose 2.5% to Rs 5,330 crore in FY25 from Rs 5,200 crore in the previous year, according to the company’s filings with the Ministry of Corporate Affairs.

The topline included other income of Rs 43 crore, comprising interest income, foreign exchange gains and profit on asset sales, with the total income reaching Rs 5,374 crore.

The company trimmed its net loss to Rs 109.8 crore from Rs 154.1 crore a year earlier. Total comprehensive loss stood at Rs 110.6 crore. Meanwhile, earnings before interest, tax, depreciation and amortisation (EBITDA) improved to a loss of Rs 19.2 crore from a loss of Rs 51.2 crore a year earlier.
Purchases of traded goods cost the company Rs 4,975 crore, while freight and forwarding charges amounted to Rs 93.9 crore. Employee benefits expenses stood at Rs 139.4 crore, including Rs 122.8 crore in salaries and Rs 9.3 crore in staff welfare costs. Other expenses rose to Rs 191.8 crore, driven by Rs 29 crore in legal and professional fees, Rs 34.3 crore in rent, and Rs 23.3 crore in freight and distribution costs.

Walmart India, acquired by Flipkart in 2020, ended FY25 with total assets of Rs 1,302.6 crore and equity share capital of Rs 2,830.9 crore. Its accumulated losses swelled to Rs 3,895.3 crore, dragging its net worth down to Rs 36.9 crore from Rs 147.4 crore a year ago. The company’s current liabilities rose to Rs 703.1 crore, while non-current liabilities declined to Rs 558.6 crore.

Auditor S.R. Batliboi & Associates LLP issued an unqualified opinion on the company’s accounts, stating that internal financial controls were adequate. However, it noted that the accounting software’s audit trail feature was not enabled throughout the year, and that backups of books of account were not maintained on servers located in India on a daily basis.

These are compliance lapses mandated to be disclosed, not as indications of misstatement or fraud. The auditors also noted that the company has several large indirect tax demands under dispute across multiple states, including GST claims in Punjab, Maharashtra, Madhya Pradesh, Telangana, and Andhra Pradesh, as well as older VAT, CST and entry tax cases from the pre-GST era.

These amounts, along with an income tax penalty of Rs 5.27 crore currently under appeal, have been disclosed as contingent liabilities in the financial statements. Such dues are not yet payable and will become enforceable only if the cases are decided against the company.
(Edited by Kanishk Singh)