Consolidated revenue grew 67 per cent to Rs 1,413.9 crore from Rs 844.4 crore (same quarter last year), and was up 16.68 per cent from Rs 1,211.8 crore in the previous quarter.
“The growth in revenue was driven by a 10 per cent QoQ growth in Gross Order Value (GOV) to Rs 64.3 billion in Q1FY23 and an increase in revenue per order. The GOV growth, in turn, was driven by a strong growth in order volumes and a marginal increase in Average order value as compared to the previous quarter,” said Zomato CFO Akshat Goyal.
Shares of Zomato closed at Rs 46.35, down 1.07 per cent on Monday. The company’s market cap is around Rs 36,494.39 crore. The company said Blinkit’s losses are coming down every month – from Rs 2,040 million in January to Rs 929 million in July.
It added, “The operating leverage and better execution have resulted in reduction in losses. As the GOV per store increases, losses are reduced given the higher operating leverage in the business.”
The company recovered losses in the food distribution business. Overall, the adjusted EBITDA loss narrowed to Rs 150 crore in Q1FY23, Rs 220 crore in Q14FY22 and Rs 170 crore in Q1FY22.
Deepinder Goyal, Founder and CEO, Zomato said, “The real driver here is focus and mindset. With the market context changing over the past few months, our focus on profitability has intensified, without focusing on our growth.”
He said the company is focused on spending wisely and continuously reinforcing a low-cost culture – “especially in a business like ours that is currently making losses”.
Goyal said, “While we do, we will continue to focus on retaining (and hiring) talented employees – we understand that a smart, courteous and inquisitive team may be our only real gap in the long term. Is.”
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