Online food delivery platform Zomato on Friday said its consolidated net loss narrowed to Rs 187.6 crore in the fourth quarter ended March 2023 on the back of robust revenue growth.
The company had posted a consolidated net loss of Rs 359.7 crore in the same period previous fiscal, Zomato said in a regulatory filing.
Its consolidated revenue from operations during the period under review stood at Rs 2,056 crore against Rs 1,211.8 crore in the year-ago period.
The total expenses in the fourth quarter were higher at Rs 2,431 crore compared to Rs 1,701.7 crore in the corresponding period a year ago, the company said.
For the fiscal ended March 31, 2023, the consolidated net loss was Rs 971 crore, down from a consolidated net loss of Rs 1,222.5 crore in 2021-22.
In FY23, consolidated revenue from operations stood at Rs 7,079.4 crore compared to Rs 4,192.4 crore in FY22, the company said in a filing.
Zomato said it has appointed Rakesh Ranjan as CEO-Food ordering and delivery business, while Rinshul Chandra has been designated as COO-Food ordering and delivery business.
In addition, Rishi Arora has been appointed as CEO-Zomato Hyperpure, a subsidiary of the company.
Ranjan, Chandra and Arora have been with Zomato/ Blinkit for more than 5 years across various roles, it added.
In a letter to the shareholders, Zomato Managing Director and CEO Deepinder Goyal asserted that the company is confident of achieving profitability for the entire business within the next four quarters.
Zomato is aiming to get there by increasing profits in the food delivery business and reducing losses in the quick commerce (Blinkit) business, he added.
“In food delivery, over the last five quarters, we have improved our margins meaningfully while further strengthening our market position,” Goyal said, adding the company would continue with the same mindset as it looks to further expand the adjusted EBITDA margin from the current 1.2 per cent to the stated goal of over 4-5 per cent of gross order value (GOV).
It would translate to Rs 1,000 crore to Rs 1,300 crore of annual cash operating profit at the current scale of the food delivery business, he added.
