NEW DELHI: Majoring in Food Delivery ZomatoConsolidated losses fell nearly 48% yoy to Rs 187.6 crore in the March quarter. Operating revenue increased to Rs.2,056 crore in the fourth quarter of FY2023 from Rs.1,211.8 crore in the same period last year, up about 70% year-on-year.
Although grocery delivery revenue growth was nearly flat sequentially during the quarter, which company executives attributed primarily to the impact of the demand slowdown seen from late October last year through late January, the company said that since then first signs of recovery are visible in February and expects to have gained market share both in the last quarter and for the full financial year.
The food delivery business reported adjusted sales of Rs.1,530 crore in the fourth quarter of fiscal 2023, which was higher than sales of Rs.1,284 crore reported in the same quarter last year but slightly lower than sales of Rs.1,565 crore reported in the previous quarter, the company said in its report Letter to shareholders with .
Deepinder Goyal The Zomato-led company aims to achieve profitability across the business including fast trading over the next four quarters. “In the food delivery service, we have significantly improved our margins over the past five quarters while at the same time further strengthening our market position. In terms of fast trading, we are pleased with the results so far, although there is still a long way to go in terms of margin improvement. In the month of March 2023, more than 65% of GOV (gross order value) came from contributing businesses,” said CEO and co-founder Goyal.
Income from the Quick Commerce department Blinkit rose to Rs.363 crore in the fourth quarter from Rs.301 crore in the third quarter of FY23. Although Blinkit fulfilled 39.2 million orders in the January-March quarter, up from 31.6 million in the previous quarter, the average order value declined . “Better ad monetization and higher delivery fees for customers partially offset the decline in revenue per order due to lower AOVs,” the company said.
Zomato said the fourth quarter was the first quarter in which the company generated Rs.40 crore worth of excess cash.
Comment on the recent discussions about the open digital commerce network (ONDC) waging a price war against food suppliers like Zomato and swiggythe company said it welcomes any innovation that could contribute to the growth of the restaurant industry in India.
Although grocery delivery revenue growth was nearly flat sequentially during the quarter, which company executives attributed primarily to the impact of the demand slowdown seen from late October last year through late January, the company said that since then first signs of recovery are visible in February and expects to have gained market share both in the last quarter and for the full financial year.
The food delivery business reported adjusted sales of Rs.1,530 crore in the fourth quarter of fiscal 2023, which was higher than sales of Rs.1,284 crore reported in the same quarter last year but slightly lower than sales of Rs.1,565 crore reported in the previous quarter, the company said in its report Letter to shareholders with .
Deepinder Goyal The Zomato-led company aims to achieve profitability across the business including fast trading over the next four quarters. “In the food delivery service, we have significantly improved our margins over the past five quarters while at the same time further strengthening our market position. In terms of fast trading, we are pleased with the results so far, although there is still a long way to go in terms of margin improvement. In the month of March 2023, more than 65% of GOV (gross order value) came from contributing businesses,” said CEO and co-founder Goyal.
Income from the Quick Commerce department Blinkit rose to Rs.363 crore in the fourth quarter from Rs.301 crore in the third quarter of FY23. Although Blinkit fulfilled 39.2 million orders in the January-March quarter, up from 31.6 million in the previous quarter, the average order value declined . “Better ad monetization and higher delivery fees for customers partially offset the decline in revenue per order due to lower AOVs,” the company said.
Zomato said the fourth quarter was the first quarter in which the company generated Rs.40 crore worth of excess cash.
Comment on the recent discussions about the open digital commerce network (ONDC) waging a price war against food suppliers like Zomato and swiggythe company said it welcomes any innovation that could contribute to the growth of the restaurant industry in India.
