Zomato Q2 Results FY2023, Net loss at Rs. 251 crores

On 10th November 2022, Zomato announced its quarterly results for the second quarter of FY2023.
 

Q2FY23 Performance updates:

- Revenue from operations increased by 62.2% YoY to Rs 1,661 crore
- The company’s adjusted EBITDA loss increased to Rs 192 crore in Q2FY23, on account of the consolidation of quick commerce losses.
- Consolidated net loss was Rs 251 crore

Zomato Q2FY2023: Zomato Shares Zoom 13% post Strong Q2 Results: 

Business Highlights:

- For the food delivery business, the gross order value (GOV) growth was 3 percent QoQ and 23 percent YoY, driven by growth in both order volumes and average order value. 
- Growth in revenue per order led to a higher adjusted revenue (for food delivery) growth of 8 percent QoQ and 27 percent YoY.

Commenting on the results, Deepinder Goyal, Managing Director & CEO, Zomato said: "While our food delivery business has been growing and steadily moving towards profitability, I believe there is room for the business to grow much faster than what it is currently trending at. As far as quick commerce is concerned, we haven’t seen any/much slowdown in the business. I know that most investors currently ascribe zero value to the Blinkit business, and that’s understandable. But I am confident this will change in due course of time".