For Q2FY23, the net loss stood at Rs 251 crore. Revenue from operations zoomed 75% to Rs 1,948 crore year-on-year (YoY) as against Rs 1,112 crore in the corresponding quarter last year. Revenue climbed 17% as against Rs 1,661 crore in Q2FY23.

Adjusted revenue grew 66% year-on-year to Rs 2,363 crore (45% year-on-year growth ex-quick commerce, 30% year-on-year growth for food delivery). Acquisition of Blinkit (quick commerce) closed on 10 August 2022. Hence, this quarter was the first full quarter of consolidation of Blinkit financials.

Adjusted revenue for food delivery grew 30% YoY, but saw a degrowth of 1% sequentially over the previous quarter, largely driven by a decline in order volumes.

Zomato business pre acquisition of Blinkit (i.e. ex-quick commerce), turned adjusted EBITDA positive for the month of January 2023 despite a slowdown in the food delivery business.

Adjusted EBITDA loss (ex-quick commerce) was Rs 38 crore for the quarter compared to Rs 272 crore in Q3FY22 a year ago. Even after consolidating quick commerce (a business that didn't exist last year), adjusted EBITDA loss reduced to Rs 265 crore compared with Rs 272 crore in Q3FY22 a year ago.

Including quick commerce, adjusted EBITDA margin stood at -11% in Q3FY23 compared with -19% a year ago.

"We still feel confident about reaching Adjusted EBITDA break-even (ex-quick commerce) by Q2FY24 as per our earlier estimate," Deepinder Goyal, managing director & chief executive officer of the company, said.

Hyperpure revenue grew 26% QoQ (169% YoY) to INR 4.21 billion in Q3FY23. Adjusted EBITDA margin improved to -13% in Q3FY23 as compared to -16% in Q2FY23.

The available cash on a consolidated basis is Rs 11300 crore as at the end of 31 December 2022 as compared to Rs 11500 crore as at the end of 30 September 2022.

The company added 23 million new customers in CY22 as compared to 23.6 million in CY21. These are customers who placed at least 1 order on Zomato in the year. Even in the last quarter of CY22, while the overall demand was soft, the pace of new customer addition was strong.

Gross order value (GOV) growth in food delivery in Q3FY23 was only 0.7% QoQ in an otherwise seasonally strong quarter. Orders declined QoQ while average order value (AOV) grew. On a YoY basis, GOV grew 21% driven by order volume growth of 14% along with 6% growth in AOV.

Moving onto Blinkit, GOV grew by 18% QoQ driven by a 21% growth in order volumes which compensated for reduction in AOV. Growth in revenue per order led to a higher revenue growth of 28% QoQ. Profitability continued to improve with contribution margin (as a % of GOV) improving from -7.3% in Q2FY23 to -4.5% in Q3FY23.

Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.