The company did not attribute any reason for the revenue fall and loss in its RoC filings.
An email sent to the company remained unanswered till Thursday press time.
The company said in the filings it has built a “sustainable business that can be scaled up rapidly.”
“This was reflected in the fact that during the year under review your company opened 46 supermarkets and 5 hypermarkets,” it said. As of FY23, More operated 873 supermarkets and 42 hypermarkets across 11 states.
As per the filings, the major revenue contributors are grocery food and staples at 53% of the sales, followed by grocery non-food at 22% and fresh products at 19%.”More Retail’s revenue has witnessed a decline, while operational costs have surged, intensifying the company’s financial strain,” said Mohit Yadav, founder of business intelligence firm AltInfo. “The major chunk of expenditure is allocated towards inventory, underscoring the imperative need for bolstered margins to ensure the company’s sustained growth,” he said.
The filings also show More Retail entered related-party transactions with various Amazon entities in India in FY23. This includes transactions worth Rs 44 crore with Amazon Retail India, which includes purchase of fruits and vegetables worth Rs 2.3 crore.
The rest are B2B sales. There are also transactions with Amazon Seller Services and Amazon Pay India, such as commission on orders placed, commission on payments made through Amazon Pay and promotion discount recovery.
More Retail in the filings said it has chalked out a profitable growth strategy driven by the rollout of its own e-commerce in supermarkets and hypermarkets, rapid expansion plans in current and new markets, sustainable operating model with strong backend support, and tight control on margin earnings and overhead costs.
