Online food delivery platform Zomato on Monday reported better-than-expected numbers for the quarter ended June 30, with consolidated losses nearly halving to Rs 185.7 crore from Rs 356.2crore in the same period of the previous fiscal.
The lower losses came after the firm witnessed a rise in order volumes from restaurants, which was also accompanied by a small rise in average order values.
Analysts had projected that the restaurant aggregator will report a net loss of around Rs 350 crore. Zomato had posted a net loss of Rs 359.7 crore in the January-March of 2022.
The period saw revenues urging to Rs 1,413.9 crore from Rs 844.4 crore in the year-ago period, a rise of over 67 percent.
Akshant Goyal, chief financial officer of Zomato, disclosed that the growth in revenue was driven by a 10 percent sequential growth in gross order value to Rs 6,430 crore(Rs 4,540 crore) in its main food delivery business and growth in revenue per order.
Gross order value is the total monetary value of orders, including taxes, customer delivery charges, gross of all discounts excluding tips. He added that gross order value was driven by a robust growth in order volumes and a mild growth in average order values compared with the previous quarter.
The food delivery business hit a milestone by achieving break even in adjusted EBIT-DA (earnings before interest, taxes, depreciation & amortisation).
The period saw revenues urging to Rs 1,413.9 crore from Rs 844.4 crore in the year-ago period, a rise of over 67 percent.
Akshant Goyal, chief financial officer of Zomato, disclosed that the growth in revenue was driven by a 10 percent sequential growth in gross order value to Rs 6,430 crore(Rs 4,540 crore) in its main food delivery business and growth in revenue per order.
Gross order value is the total monetary value of orders, including taxes, customer delivery charges, gross of all discounts excluding tips. He added that gross order value was driven by a robust growth in order volumes and a mild growth in average order values compared with the previous quarter.
The food delivery business hit a milestone by achieving break even in adjusted EBIT-DA (earnings before interest, taxes, depreciation & amortisation).
