In First Results Since IPO, Zomato Net Loss Widens To Rs 356 Crore In June Quarter

9m8c2798 zomato generic 625x300 24 July 21

Zomato’s revenue from operations grew to Rs 844 crore in the June quarter

Zomato announced its April-June quarter results for the financial year 2021-22, reporting a net loss of Rs 356 crore on a consolidated basis, compared to a loss of Rs 99.8 crore in the year-ago period, due to higher expenses as the company’s dining-out business was impacted due to the COVID-19 pandemic. This is the first quarterly earnings update of the country’s leading food aggregator since its stellar stock market debut last month, which gave it a valuation of Rs 98,849 crore. 

The newly listed company’s revenue from operations in the first quarter of the current fiscal stood at Rs 844 crore, compared to Rs 266 crore in the corresponding period last year, marking a growth of 307 per cent year-on-year, according to a regulatory filing by the firm to the stock exchanges today.

”Revenue growth was largely on the back of growth in our core food delivery business which continued to grow despite the severe COVID wave starting April. On the other hand, COVID significantly impacted the dining-out business in Q1 FY22 reversing most of the gains the industry made in Q4 FY21,” said Zomato in its statement.

On Tuesday, August 10, shares of Zomato settled 4.22 per cent lower at Rs 124.95 apiece on the BSE.

Author: desi123

Desi123.com is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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