Zomato Q4 Results: Net loss nearly triples to Rs 360 crore; revenue spikes 75%

NEW DELHI: Food delivery platform on Monday said its consolidated net loss for the quarter ended March widened to Rs 359.7 crore compared to Rs 134.2 crore in the corresponding quarter last year.

Revenue from operations came in at Rs 1,211.8 crore, up 75.01 per cent compared to Rs 692.4 crore in the same quarter last year.

The company said it expects our adjusted revenue growth to accelerate to double digits in the next quarter and the adjusted EBITDA losses to also come down meaningfully. “Reduction in losses will be driven by improvement in a contribution margin of the food delivery business and also operating leverage playing out as our revenue is growing faster than our fixed costs,” it said.

Zomato said it launched 300+ new cities in Q4FY22, taking its presence to 1,000+ towns and cities across India.

For the fiscal year 2022, losses of the company came in at Rs 1222.5 crore, compared to Rs 816.4 in the previous year.

Revenue also increased to Rs 4192.4 crore from Rs 1993.8 crore. Its average order value for FY22 was Rs 398 compared to Rs 397 for FY21. For the top 8 cities, it saw the value increase by 3 per cent in FY22 over FY21.

The company accepted that there was a shortage of workers. “We are seeing some stress on the availability of delivery partners in the current quarter in select large cities since the last week of April. We think this is short-term in nature, as the post covid economic recovery has brought back jobs in cities, and we lost some delivery partners to such jobs,” it said.