Zomato, on Friday, said its consolidated net loss narrowed to Rs 188 crore in the quarter that ended on March 31 as compared to Rs 347 crore a year ago. The consolidated revenue was up 70 per cent year-on-year to Rs 2,056 crore.
In FY23, the company's loss fell to Rs 971 crore from Rs 1,209 crore in 2021-22. Revenue rose 69 per cent to Rs 7,079 crore.
"Zomato Gold membership base scaled to 1.8 million members during the quarter and while that had some negative impact on our contribution margin, it was more than compensated for by progress across other revenue and cost levers which we have been working on in the last couple of quarters," Deepinder Goyal, chief executive officer of Zomato said in a letter to shareholders.
Chief financial officer Akshant Goyal in a statement said that a shorter quarter and the company shutting down in around 225 cities, along with higher marketing spends, resulted in a fall in monthly transacting customers in the quarter.
Gross order value (GOV), the total value of all orders placed online, rose 12.23 per cent year-on-year in its food delivery business, and its quick commerce business Blinkit saw a 17 per cent quarter-on-quarter increase.
The company said its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), excluding Blinkit, turned positive in the quarter.
Zomato's results come a day after rival Bundl Technologies Pvt Ltd, known as Swiggy, said that its food delivery business turned profitable in March.
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Last month, Blinkit's operations were disrupted to ensure safety of its employees at stores and delivery partners, after it made changes to the payout structure of Blinkit delivery partners.
Shares of the company closed 1.57% higher ahead of results.
(With inputs from Reuters)
(With inputs from Reuters)
