Tuesday, June 25, 2024
HomeTrending NewsZomato reported a net loss of 356 crore rupees during the pandemic.

Zomato reported a net loss of 356 crore rupees during the pandemic.

Zomato currently reported a net loss of 356 crore rupees on a consolidated basis and it is very much higher as compared to their previous records when they reported a loss of rupees 99.8 crores. Due to the higher expenses, their April June quarter results are not very profitable and appealing for the company, and for the financial year of 2021 to 2022 have reported that they have been facing a huge loss due to higher expenses as the company is dining or business was actually facing issues. What’s the main reason behind this is the spread of the deadly coronavirus which resulted in a serious pandemic. Well, it is true that the pandemic has adversely affected many businesses and working sectors and Zomato is one of them. The report says that this is the first quarterly earnings update of the country’s leading online food ordering system, since its stellar stock market debut last month.

These are the Zomato Q1 results which you can give a look at now!

  • The company’s revenue from the first quarter of the current fiscal stored at 844 crore rupees as compared to 266 crores in the corresponding period in the last year marking a three-fold increase on-year according to regulatory filing by the firm to the stock exchanges today.
  • Zomato said in a statement that “Revenue growth was largely on the back of growth in our core food delivery business which continues to grow despite the severe covid waves starting April. On the other hand, covid significantly impacted the dining out business in Q1 FY22 reversing most of the gains the industry made in Q4 FY21.”
  • In the month of June, the company’s total expenses quarter stood at 1259 crore rupees compared to 383 crores in the corresponding quarter of last year. During the quarter Zomato actually recorded the highest ever gross order value, the number of orders, transacting users, as well as active delivery partners in its entire system’s history.
  • Zomato added to their statement that “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 the account of growth investment in addition to the costlier business environment (due to lockdowns) in which this growth was achieved.”
  • Zomato previously on July 23rd got listed on the bourses and achieved a market capitalisation of rupees 1.08 lakh crore on the BSE making it one of the few listed entities to enter the rupees 1 lakh market cap club upon market debut. It also makes Zomato an online food delivery service provider who is the first to go public among all the other Indian mega startups.
  • Later Zomato shares declined 4.22 % to settle at rupees 124.95 apiece on the BSE on Tuesday, August 10.
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