Zomato shares tank upto ~7% on lackluster numbers in December quarter

10 Feb 2023 , 12:59 PM

Zomato shares fell 7.4% to Rs 50.35 in Friday trade after the company reported a consolidated net loss of Rs 347 core, compared to a loss of Rs 63 crore a year ago and Rs 251 crore a quarter ago.

However, the company reported a 75% y-o-y surge in its revenue at Rs1,948 crore in December quarter.

The December quarter marked the first full quarter since Blinkit’s consolidation. The adjusted revenue increased 66% year on year to Rs 2,363 crore, driven by a 30% increase in the food delivery business.

Zomato added 23 million new customers in 2022, up from 23.6 million in 2021. These are the people who made at least one Zomato order last year. Even in the fourth quarter of 2022, when overall demand was weak, the rate of new customer addition was rapid.

At around 12.50 PM, Zomato was trading 2.02% lower at Rs53.30, against the previous close of Rs54.40 on NSE. The counter touched an intraday high and low of Rs54.15 and Rs50.70 respectively.

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