Zomato’s Q3 consolidated loss widens at Rs 347 crore against Rs 250 crore in the previous quarter and Rs 63 crore a year ago. The co’s revenue from operations came in at Rs 1,948 crore for the quarter ended December 2022 against Rs 1,661 crore in the previous quarter.
The company’s adjusted revenue came in at Rs 2,363 crore. The food delivery business, however, saw a dip sequentially with adjusted revenue at Rs 1,565 crore. “ We have seen an industry-wide slowdown in the food delivery business since late October (post the festival of Diwali). This trend has been seen across the country but more so in the top 8 cities,” the company said on Thursday.
They added that “it remains a challenging demand environment, but we are seeing green shoots of demand coming back in the recent weeks, which makes us believe that the worst may be behind us.”
