Zomato Ltd on Thursday reported consolidated net loss narrowed to ₹251 crore for the quarter ended September 2022. This is against consolidated net loss of ₹430 crore a year ago.
The company consolidated revenue from operations rose by 62.2 per cent to ₹ ₹1,661 crore as against ₹1,024 crore in the year ago period.
Zomato completed the acquisition of Blinkit in August. Hence, the earnings include about 50 days of Blinkit’s financials in the consolidated numbers, it said. Adjusted for Blinkit, the revenue grew 48 per cent year-on-year, which translates to annualized revenue of $ 1.05 billion.
“This is the first quarter where we have crossed the billion dollar annualized revenue mark,” said Zomato in its filing.
Blinkit’s gross order value grew 26 per cent quarter-on-quarter to ₹14.82 billion while the revenue grew 44% quarter-on-quarter.
“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 further added.
The scrip ended 2.07 per cent down at ₹63.95 at BSE.
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