Q4 Results: Zomato's Net Loss Widens By 168%
The net loss stood at INR 360 crore during the period under review compared with INR 134 crore in the same year-ago period
Zomato on Monday reported a widening of 168 per cent in its consolidated net loss in the fourth quarter ended March 31, 2022. The net loss stood at INR 360 crore during the period under review compared with INR 134 crore in the same year-ago period.
Consolidated revenue from operations rose 75 per cent to INR 1,212 crore. The gross order value ("GOV") grew by 6 per cent q-o-q and 77 per cent y-o-y to a record high of INR 58.5 billion in Q4FY22. "This was driven by healthy growth in order volumes while the average order value remained stable," the company said in a statement.
"Top eight cities contributed approximately 60 per cent of our GOV in Q4FY22 and top 300 contributed approximately 99 per cent. Beyond the top 300 cities, the GOV share is currently minuscule at less than 1 per cent but we expect it to grow. Our presence in these cities is for the long term, as demographics in India upgrade rapidly," said Deepinder Goyal, founder and CEO of Zomato in the statement.
The average monthly transacting customers stood at 15.7 million in the last quarter growing from 15.3 million in the previous quarter. Its average monthly active restaurant partners and delivery partners were also at an all time high.
"New customer addition remains healthy and similar to Q3 numbers despite reduced marketing spends," the statement added.
Recently, One 97 Communications, the parent company which operates Paytm, said its net loss widened to INR 761.4 crore in the quarter ended March 2022. The company recorded INR 441.8 crore loss in the same quarter last year.