Food aggregator Zomato on May 23 reported a net loss of Rs 359 crore in the fourth quarter of fiscal year 2021-22. The company’s revenue, during the same period, climbed to Rs 1,211.8 crore.
The net loss has nearly tripled as compared to the year-ago period, when it stood at Rs 134.2 crore. The revenue, however, has grown by 75 percent as against Rs 692.4 crore recorded in Q4 FY21.
Zomato reported an EBITDA loss of Rs 449.7 crore in Q4 FY22, as compared to a loss of Rs 153.5 crore in the corresponding period last year.
A reason for the increase in losses, experts say, is the surge in expenses which climbed from Rs 885 crore in Q4 FY21 to Rs 1,701 crore in the quarter ending March 31, 2022.
The average monthly transacting customers, however, rose to to “an all time high of 15.7 million” last quarter, growing from 15.3 million in the third quarter.
“Likewise, average monthly active restaurant partners and delivery partners were at all time highs as well,” Zomato’s Chief Financial Officer Akshant Goyal said.
The company noted that its gross order value during the quarter under review grew by 6 percent QoQ and 77 percent YoY to a record high of Rs 58.5 billion. “This was driven by healthy growth in order volumes while the average order value remained stable,” it said.
The food delivery giant added that it increased its presence in around 300 more cities during the fourth quarter. “We are now present in 1,000+ towns and cities across India,” it added.
Zomato Chief Executive Officer Deepinder Goyal said the company, in the upcoming quarters, is aiming for accelerated growth along with reduction in losses.
“We are clear on what our long term shareholders expect of us and we are working hard to deliver on both growth and profitability expectations,” he said.
On the day Zomato released its quarterly results, the company’s shares closed at Rs 57 at the BSE, which was nearly 1.81 percent lower as against the previous day’s close.
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