Zomato Q1 Results: Online Food Delivery App Net Loss Widens to Rs 356 Crore in Q1 As Expenses Exceed Revenue
New Delhi, August 10: Online food delivery platform Zomato on Tuesday reported widening of its net loss to Rs 360.7 crore for the quarter ended on June 30, 2021, mainly on account of rise in expenses. The company had posted a net loss of Rs 99.8 crore for the corresponding period of the previous fiscal, Zomato Ltd said in a regulatory filing.
Consolidated revenue from operations of the company stood at Rs 844.4 crore for the quarter under consideration against Rs 266 crore for the same period a year ago, it added. Total expenses of the company rose to Rs 1,259.7 crore for the quarter ended June this year from Rs 383.3 crore for the year ago period, Zomato said.
During the quarter ended June 30, 2021, the Group has entered into definitive agreements with Grofers India Pvt Ltd, Hands On Trades Pvt Ltd (HOTPL), Grofers International Pte Ltd and others, in relation to the acquisition of 9.25 per cent stake in Grofers India Pvt Ltd and 9.27 per cent stake in HOTPL respectively, it added. Motorola Edge 20 Series India Launch Confirmed for August 17, 2021.
“Last year, we ranked at the bottom of a gig economy worker survey conducted by an independent third party. We acknowledged that there was a lot we needed to do and we fast tracked a number of initiatives in the pipeline to improve the work environment for our delivery partners,” Zomato Founder and CEO Deepinder Goyal, and CFO Akshant Goyal said in a letter.
On an average, the top 20 per cent of Zomato’s delivery partners who deliver on bikes and put in more than 40 hours a week receive a payout of more than Rs 27,000 per month, they added.
“We had 310k active delivery partners in July, which is the highest ever in our lifetime,” the letter said. Last but not the least, “we also remain grateful to our shareholders and investors, who have believed in us and in our long-term view of our business,” it added. Zomato made a stellar debut on bourses on July 23. Shares of Zomato Ltd closed at Rs 124.95 on BSE, down 4.22 per cent from the previous close.
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