The B2B e-commerce platform Moglix registers a modest 5.5% increase in revenue during the fiscal year ending March 2024. Despite this slower growth, the company manages to reduce its losses by 16% during the same period.

Moglix's revenue from operations increased to Rs 4,964 crore ($591 million) in FY24, up from Rs 4,704 crore ($560 million) in FY23, according to its consolidated financial statements accessed from its group company in Singapore.

The sale of traded goods is accounted for 98.98% of Moglix's operating revenue, which grew by 5.4% to Rs 4,914 crore in FY24. The remaining income comes from commissions on online sales, information technology services, factoring, and other allied services.

Interest income and other non-operating earnings have boosted Moglix's total revenue to Rs 5,309 crore ($632 million) in FY24. Notably, the Indian market contributed 97.1% of the company's revenue, with the USA accounting for 2.7% and Singapore contributing 0.16%.

Moglix operates on a cash-and-carry model, with procurement costs accounting for 84% of its total expenses. In FY24, due to the increase in scale, these costs rose by 4.4%, reaching Rs 4,620 crore, up from Rs 4,427 crore in FY23.

Moglix  has spent Rs 218 crore on employee benefits and Rs 92 crore on shipping in FY24. Its spending on advertising, legal, information technology, allowance for doubtful debts, and other overheads brought the total cost to Rs 5,493 crore ($654 million) in FY24, compared to Rs 5,208 crore ($620 million) in FY23.