Zomato’s Q1 consolidated net loss widens to Rs 356 cr

Food delivery platform Zomato, which got listed on stock markets last month, on Tuesday said its consolidated net loss widened to Rs 356 crore for the quarter ending June 30, 2021. Zomato, which is backed by China’s Ant Group, reported net loss of Rs 99.8 crore in the year-ago period.

The Covid pandemic has hurt the company’s dining-out business and it incurred higher expenses in June quarter. Zomato said a second wave of Covid infections in India significantly impacted the dining-out business and reversed most of the gains the industry made in the previous quarter.

Consolidated revenue from operations rose 217% to Rs 844 crore as against Rs 266 crore a year ago. Non-cash employee stock ownership plan expenses increased in the first quarter and also affected results, the company added. Zomato’s total expenses more than tripled to Rs 1,260 crore.