Food delivery firm Zomato Ltd’s consolidated net loss for the September quarter narrowed to Rs 251 crore from Rs 430 crore a year ago.
Its Revenue from operations increased by 62.2% Year-on-Year (YoY) to Rs 1,661 crore from Rs 1,024.2 crore in the corresponding quarter last year, the company said in an exchange filing.
Consolidated net loss for the three months ended Sept. 30 was Rs 251 crore, compared with Rs 430 crore a year earlier, the company said in a regulatory filing.
The company said “adjusted” EBITDA loss increased to Rs 192 crore in Q2FY23 as compared to Rs 150 crore in Q1FY23. The increase in loss was on account of the consolidation of quick commerce losses.
For the food delivery business, the gross order value (GOV) growth was 3 per cent quarter-on-quarter (QoQ) and 23 per cent year-on-year (YoY), driven by growth in both order volumes and average order value. Growth in revenue per order led to a higher adjusted revenue (for food delivery) growth of 8 percent QoQ and 27 percent YoY.
"While our food delivery business has been growing and steadily moving towards profitability, I believe there is room for the business to grow much faster than what it is currently trending at. As far as quick commerce is concerned, we haven’t seen any/much slowdown in the business," said Deepinder Goyal, Managing Director & CEO, Zomato.
"I know that most investors currently ascribe zero value to the Blinkit business, and that’s understandable. But I am confident this will change in due course of time," he added.
