Downloaded from: justpaste.it/4il0i
Zomato Q1 net loss widens to Rs 356 crore; revenue rises to
Rs 844 crore
Revenue from operations in Q1 rose to Rs 844.40 crore from Rs 266 crore a year ago
In its first quarterly results after its listing last month, food delivery
platform Zomato said its net loss widened in the first quarter (Q1)
ended June 30 due to increased expenses and a hit on dining out
as the second wave of the Covid-19 pandemic upended lives and
livelihoods Zomato also crossed one billion overall orders on the
platform last week. The total
loss attributable to equity
shareholders rose to Rs 356 crore, from Rs 99.8 crore a year ago.
Adjusted earnings before
tax, depreciation, and
amortisation (Ebitda) loss widened nearly 42 per cent to Rs 170
crore on a quarterly basis.
Revenue from operations in Q1 rose to Rs 844.40 crore, from Rs
266 crore a year ago. Chief Executive Officer and Co-Founder
Deepinder Goyal and Chief Financial Officer Akshant Goyal in a
blogpost filed to the BSE and on the company’s website said the
reported loss in Q1 was “largely on account of non-cash employee
stock option plan (ESOP) expenses, which have increased
meaningfully in Q1 of 2021-22 (FY22) due to significant ESOP
grants made in the quarter pursuant to creation of a new ESOP
2021 scheme. This divergence in reported profit/loss and adjusted
Ebitda will continue, going forward”.
They said Zomato will do earnings/analyst calls once a year, at
the end of each financial year, where the firm will share a more
detailed commentary on the year gone by, along with key metrics.
They added that revenue growth was largely on the back of
growth in Zomato’s core food delivery business, which continued
to grow despite the severe Covid wave that started in April. “On
the other hand, Covid significantly impacted the dining-out
business in Q1FY22, reversing most of the gains the industry
made in the fourth quarter (Q4) of 2020-21 (FY21),” they said.