Food delivery platform Zomato on Friday posted net loss for the fiscal fourth quarter at Rs 187.60 crore that narrowed from Rs 359.70 crore in the same quarter last year. It posted revenue from operations at Rs 2,056 crore, up 69.7 per cent from Rs 1211.80 crore in the fourth quarter last year. Zomato’s total expenses for the quarter stood at Rs 2431 crore as against the expenses of Rs 1701.70 crore in the corresponding quarter last year. And the total income for the quarter stood at Rs 2226.50 crore in comparison to Rs 1350 crore in the same quarter last year. The balance facilitated the narrowed loss in the quarter.
In a regulatory filing, Zomato said that the business, excluding quick commerce, turned adjusted EBITDA positive in Q4FY23 driven by the food delivery business generating Rs 78.00 crore of Adjusted EBITDA in the quarter. “In August 2022, we had announced that this business will get to break-even within the next 3-5 quarters, and we are pleased to have delivered on that goal in the third quarter post that announcement,” the company said. Moving forward, Zomato is aiming to get to positive Adjusted EBITDA on a consolidated basis (including quick commerce) within the next four quarters. Elaborating on the same, Deepinder Goyal, CEO, Zomato, said that Zomato is aiming to get there by 1) increasing profits in the food delivery business and 2) reducing losses in the quick commerce (Blinkit) business.
Zomato’s performance across segments
Zomato’s food delivery business posted adjusted revenue at Rs 1,284 crore, its Hyperpure business recorded revenue of Rs 194 crore and quick commerce revenue was at Rs 164 crore.