Zomato shares fall 7% as Q3 losses widen to Rs 347 cr; Morgan Stanley still ‘overweight’ on stock

Zomato’s Q3 revenue from operations zoomed 75 percent to Rs 1,948 crore year-on-year (YoY) as against Rs 1,112 crore.

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Share price of Zomato fell 7 percent intraday on February 10, a day after the food aggregator reported its December quarter earnings.

The company’s consolidated net loss for Q3FY23 widened to Rs 347 crore against Rs 63 crore registered in the same quarter last year. For Q2FY23, the net loss stood at Rs 251 crore.

Meanwhile, the Gurugram-headquartered company’s revenue from operations zoomed 75 percent to Rs 1,948 crore year-on-year (YoY) as against Rs 1,112 crore in the corresponding quarter last year. Sequentially, revenue improved by 17 percent as against Rs 1,661 crore reported for Q2FY23.

Zomato‘s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss increased to Rs 265 crore in the December quarter as compared to Rs 192 crore in the quarter ended in September 2022. Adjusted EBITDA loss stood at Rs 272 crore in the corresponding quarter of the previous year.