Zomato reports a net loss of Rs 356 crore for the financial year 2021-22
Zomato announced its April-June quarter results for the financial year 2021-22, reporting a net loss of Rs 356 crore on a consolidated basis, compared to a loss of Rs 99.8 crore in the year-ago period, due to higher expenses as the company's dining-out business was impacted due to the Covid-19 pandemic. This is the first quarterly earnings update of the country's leading food aggregator since its stellar stock market debut last month, which gave it a valuation of Rs 98,849 crore.
The newly listed company's revenue from operations in the first quarter of the current fiscal stood at Rs 844 crore, compared to Rs 266 crore in the corresponding period last year, marking a three-fold increase year-on-year, according to a regulatory filing by the firm to the stock exchanges today.
''Revenue growth was largely on the back of growth in our core food delivery business which continued to grow despite the severe Covid wave starting April. On the other hand, Covid-19 significantly impacted the dining-out business in Q1 FY22 reversing most of the gains the industry made in Q4 FY21,'' said Zomato in its statement.
The company's total expenses in the June quarter stood at Rs 1,259 crore, compared to Rs 383 crore in the corresponding quarter last year. During the quarter, Zomato recorded its highest-ever gross order value, the number of orders, transacting users, as well as active delivery partners in its history.
The gross order value of the Indian food delivery business grew more than four-fold year-on-year to Rs 4,540 crore in the April-June quarter, while the sequential growth compared to the preceding January-March quarter of fiscal 2020-21 was 37 per cent.
''...our India food delivery business continues to remain contribution positive; although the contribution margin reduced slightly in Q1 FY22 as compared to the previous quarter on account of growth investments in addition to the costlier business environment (due to lockdowns) in which this growth was achieved,'' added Zomato.
Ahead of the earnings, shares of Zomato declined 4.22 per cent to settle at Rs 124.95 apiece on the BSE.