Zomato share price increased 10.67% to 51.80 on the BSE. At the NSE, it skyrocketed 10.79% to 51.30.
On Tuesday, shares of the online food delivery platform Zomato soared over 11 percent after the business announced that its consolidated net loss for the first quarter of the current fiscal year nearly halved from the previous quarter. On the BSE, the price of the stock increased by 10.67% to 51.80 rupees. On the NSE, it skyrocketed 10.79% to Rs 51.30 before settling.
Zomato said on Monday that its consolidated net loss for the first quarter of the current fiscal year almost halved to Rs 186 crore because of increased revenue. The previous year, the business had incurred a net loss of Rs 360.7 crore over the same period.
The entire revenue of the firm increased to Rs 1,582 crore during the period under consideration, compared to Rs 916.6 crore during the same period in the previous year.
The consolidated income from operations increased by 67.44 percent year over year, going from Rs 844.40 crore in the same quarter of the previous year to Rs 1,413.90 crore in the current quarter. According to a filing made with the BSE, the business reported that its Ebitda loss had shrunk to 150 crores. Zomato said that its meal delivery business saw sequential growth of 15% and reached breakeven in terms of adjusted Ebitda.
In the first quarter of fiscal year 23 (Q1FY23), the company’s adjusted revenue was Rs 1,810 crore, representing an increase of 18 percent from the previous quarter (QoQ) and 56 percent from the previous year (YoY).
The loss on adjusted EBITDA came in at Rs. 150 crores (8% of adjusted revenue) in the current quarter, which is a significant improvement from the previous quarter’s loss of Rs. 220 crores (-15% of adjusted revenue), which was reported.
Zomato’s revenue from operations increased by 67 percent to 1,414 crores in the June quarter, compared to 844 crores in the same period a year earlier. The majority of Zomato’s income comes from its core meal delivery business, as well as ancillary fees that it charges eateries for utilising its platform.
