Zomato Q1 2021 Result: Food aggregator sees big increase in net revenue & loss both

Online food delivery aggregator Zomato on Tuesday, reported widening of its net loss to Rs 356 crore for the quarter culminated on June 30, 2021, compared to a net loss of Rs 99.8 crore year-ago, the company said in a regulatory filing. The losses have stretched due to higher expenses as Zomato's business was impacted due to novel coronavirus pandemic.

Zomato Q1 results

For the quarter, the company's revenue from operations stood at Rs 844.4 crore against Rs 266 crore for the corresponding period of the previous fiscal. The total expenses also rose to Rs 1,259.7 crore for the first quarter from Rs 383.3 crore year ago.

During the quarter that ended on June 30, Zomato entered into agreements with Grofers India Pvt Ltd, Grofers International Pvt Ltd, Hands-On Trades Pvt Ltd and others in connection to the acquisition of 9.27% stake in HOTPL and 9.25% in Grofers India Pvt Ltd, respectively.

"Last year, we ranked at the bottom of a gig economy worker survey conducted by an independent third party. We acknowledged that there was a lot we needed to do and we fast-tracked a number of initiatives in the pipeline to improve the work environment for our delivery partners," Zomato CEO Deepinder Goyal, and CFO Akshant Goyal said in a letter.

'20% delivery partners earn over Rs 27,000'

The letter informed that the top 20% of delivery partners of Zomato, who work for over 40 hours a week, earn more than Rs 27,000. "We had 310k active delivery partners in July, which is the highest ever in our lifetime," they added.

Notably, this is the first quarterly earning update by the online food aggregator after its dashing debut on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on July 23. Zomato, the first online startup to go public, achieved a market capitalisation of Rs Rs 1.08 lakh crore, a feat achieved by only a few listed entities. After the announcement of quarterly results, Zomato's shares were down by 4.22% to settle at Rs 124.95 on BSE.

(Image Credit: PTI)