New Delhi: Food delivery company Zomato reported its consolidated net loss narrowed to Rs 188 crore for the Quarter March of the financial year 2023 against Rs 360 crore a year back.

On the other hand, the company trimmed its losses to Rs 345 crore in the previous December quarter.

Whereas, its revenue hiked by 70 per cent to Rs 2,056 crore against Rs 1211.8 crore in the year-ago period.

As per the firm, excluding quick commerce, EBITDA for the March quarter was positively driven by the food delivery business, which brought about Rs 78 crore of EBITDA. Adding further Zomato said that it plans to get positive adjusted EBITDA and PAT on a consolidated basis including quick commerce in the next four quarters.

“Over the last five quarters, we have improved our margins meaningfully while further strengthening our market position. We will continue with the same mindset as we look to further expand the Adjusted EBITDA margin (from the current 1.2 per cent) to our stated goal of +4-5 per cent of GOV (which would translate to ₹1,000 to 1,300 crore of annual cash operating profit at the current scale of the food delivery business),” said Deepinder Goel, founder of Zomato, in a release.

Revenue Report

Zomato reported a revenue of Rs 1,530 crore for the fourth quarter in comparison to Rs 1,284 crore in the year-ago period. The firm also reported a revenue of Rs 478 crore against Rs 194 crore.

However, its competitor Blinkit reported a revenue of Rs 363 crore against Rs 301 crore in the previous quarter.

The food delivery company’s gross order value jumped to Rs 6,569 crore compared to Rs 5,853 crore in the year-ago period but dropped from Rs 6,680 crore in the prior quarter.

The firm’s quarterly growth was low due to the slowdown noticed in late October previous year at the end of January this year with its exit from 225 cities in the last quarter.

On May 19, Zomato’s shares traded at 1.72 higher at Rs 64.54 per share on the BSE.