Miguel Cordon · · 1 min readZomato’s losses shrink by 74% in Q3 on Fitso sale
India-based Zomato‘s losses narrowed by over 74% year-over-year in the third quarter, thanks mostly to its US$50 million sale of sports facilities provider Fitso (Jago Technologies) to Curefit.
Zomato’s delivery executives / Source: Zomato
The food delivery major saw total comprehensive losses (its loss after tax) for Q3 of the financial year ending (FYE) March 2022 narrow to just 998 million rupees (US$13.3 million), compared with a loss of US$51.7 million in the same quarter last year. On a quarter-on-quarter basis, its net loss shrank by more than 77%.
The firm’s adjusted revenue also surged 78% year-over-year to US$190 million. However, the company noted that its revenue stayed at the same level as in the preceding quarter (Q2 FYE 2022).
However, its adjusted EBITDA more than doubled to US$36 million in Q3 from US$16 million last year.
“We are currently well capitalized with US$1.7 billion cash on our balance sheet, and we don’t envisage raising cash in the foreseeable future,” the company wrote in its release. It plans to inject that cash into its core food businesses and its quick commerce efforts.
See Also: Zomato’s financial health in 5 charts
Editing by Collin Furtado
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