Food delivery platform Zomato’s consolidated net loss for the quarter ended March narrowed sharply to Rs 188.2 crore on the back of a 70 per cent jump in its overall revenue.
Zomato’s revenue from operations for the last quarter came in at Rs 2,056 crore compared with Rs 1,211.8 crore in the corresponding quarter of the previous year.
The company also announced that its business, excluding the quick commerce vertical, BlinkIt, turned adjusted Ebitda (earnings before interest, taxes, depreciation, and amortization) positive. It calculates adjusted Ebitda as Ebitda plus share-based payment expense minus rental paid for the period.
The profitability was driven by the company’s food delivery business, which generated an adjusted Ebitda of ₹78 crore in the March quarter. It added that the difference between the adjusted Ebitda and net profit has narrowed significantly over time.
Zomato’s adjusted revenue from the food delivery arm, which accounted for most of its topline, stood at Rs 1530 crore, down from 1565 crore in the quarter ago. This is mainly due to the slowdown in the overall food delivery space which also brought down its gross order value (GOV) to Rs 6559 crore in the March quarter from Rs 6680 crore in the December quarter.
