Zomato’s consolidated revenue for the quarter surged 62.20 per cent to Rs 1,661.30 crore from Rs 1,024.20 crore in the corresponding quarter last year.
Zomato on Thursday reported a consolidated net loss of Rs 250.80 crore for the September quarter, which was higher than June quarter’s Rs 186 crore loss but less than the year-ago’s Rs 434.90 crore loss.
The acquisition of Blinkit (quick commerce) closed on August 10 and, September quarter results included 50 days of Blinkit financials, the company said in a BSE filing.
Consolidated revenue for the quarter surged 62.20 per cent to Rs 1,661.30 crore from Rs 1,024.20 crore in the corresponding quarter last year.
Zomato said Blinkit’s gross order value (GOV) rose 26 per cent quarter-on-quarter to Rs 1,482 crore while the revenue grew 44 per cent quarter-on-quarter. Adjusted Ebitda loss in quick commerce fell to Rs 259 crore from Rs 326 crore in the June quarter, leading to adjusted Ebitda (as a percentage of GOV) of minus 17.5 per cent in September quarter compared with minus 27.8 per cent in June quarter.
For food delivery business, average monthly transacting customers grew 4.4 per cent sequentially to 1.75 crore in September quarter against 1.67crore in June quarter.
“While our food delivery business has been growing and steadily moving towards profitability, I believe there is room for the business to grow much faster than what it is currently trending at. I don’t know if I can attribute this to the macro environment — primarily because I know for a fact that we could have innovated and executed better in the last couple of months. The restaurant and food delivery industry in India is still nascent and we need to relentlessly execute to tap into the large opportunity,” said Deepinder Goyal, CEO at Zomato.
Goyal said as a shareholder he would get worried if his company is unable to execute well, and unable to deliver both growth and profitability simultaneously.
Goyal said his company is determined to do a great job in all aspects of building a great business.
“Will we make mistakes? Yes. But I believe it is okay to make mistakes — it is just unacceptable to not learn from them. We are building for the long term, and we are going to continue evaluating and taking bets which may compromise short term expectations for the long term,” he said.
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