Zomato Q1 Results: Net loss narrows to Rs 186 crore; revenue jumps 67% YoY

The consolidated revenue from operations surged 67.44 per cent YoY to Rs 1,413.90 crore from Rs 844.40 crore in the corresponding quarter last year.

Ebitda loss reduced to Rs 150 crore, the company said in a BSE filing.

Zomato said its food delivery business grew 15 per cent sequentially and saw adjusted Ebitda break-even.

Growth in revenue was driven by 10 per cent sequential growth in gross order value (GOV) to Rs 6,430 crore in June quarter and growth in revenue per order.

GOV growth was in turn driven by robust growth in order volumes and mild growth in average order values as compared to the previous quarter.

Discover the stories of your interest

“On the profitability front, the food delivery business hit an important milestone last quarter by getting to Adjusted Ebitda break-even. Contribution as a percentage of GOV increased to 2.8 per cent in Q1FY23 compared with 1.7 per cent in Q4FY22 driven by improvements on both cost and revenue side, as we had indicated in the past,” Zomato said.

Hyperpure (B2B supplies) revenue grew 40 per cent QoQ and 260 per cent YoY to Rs 270 crore in Q1FY23. Adjusted Ebitda loss margin improved from minus 20 per cent in Q4FY22 to minus 13 per cent in Q1FY23.

“The constraint for growth in this business is not demand but the infrastructure (supply chain, warehousing, last mile delivery, etc.). And now that we have quality infrastructure set-up in many cities after 4 years of hard work, we are seeing rapid growth,” Zomato said.

The bank said its cash balance stood at Rs 11,400 crore as at June 30.

More to come…