Shares of online food delivery provider Zomato fell over 7% in early trade today after the firm’s December quarter loss widened to Rs 346.6 crore on year for the quarter ended December (Q3FY23) against a loss of Rs 63 crore in the year-ago period. Zomato stock has fallen after three days of gain.
The firm had reported a net loss of Rs 250.8 crore in the previous September quarter. Zomato touched an intraday low of ┬аRs 50.35, falling 7.44% on BSE. ┬аThe stock opened lower at Rs 53 against the previous close of Rs 54.40.
Zomato stock is trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
In a year, the stock is down 44.06% and fallen 11% in 2023. The stock hit a 52-week high of Rs 95.30 on February 10, 2022 and a 52-week low of Rs 40.55 on July 27, 2022. Total 56.31 lakh shares of Zomato changed hands amounting to a turnover of Rs 29.40 crore on BSE. The market cap of the firm rose to Rs 45,153 crore on BSE.
Zomato’s revenue from operations rose 75% to Rs 1,948 crore in the last quarter against Rs 1,112 crore in the corresponding period of last year. On a sequential basis, revenue climbed 17% as against Rs 1,661 crore reported for Q2FY23.
Adjusted revenue – on a year-on-year basis – saw a 66% growth to Rs 2,363 crore. However, adjusted EBITDA loss rose to Rs 265 crore in the December quarter as against Rs 192 crore in the quarter ended in September last year. Excluding Blinkit, the operating loss was Rs 38 crore compared with Rs 272 crore a year ago.
Adjusted EBITDA loss stood at Rs 272 crore in the corresponding quarter of the previous fiscal. Excluding Blinkit business, Zomato turned positive at the operating level in January even as the food delivery business recorded a slowdown.
Also read:┬аMSCI cuts free-float designations of Adani Enterprises, Adani Total Gas, Adani Transmission & ACC
Also read:┬аMSCI rejig: Adani Enterprises, 3 other Adani group stocks may see $428 million outflows
