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Zomato Exits Smaller Cities: Big news related to Zomato, a company working in online food delivery in the country, is coming out. Zomato has pulled out of around 225 small cities in the last month. That is, now Zomato has stopped its business in these cities. This has been revealed in the December-quarter earnings report of the company. Know what is the new update related to it.
The company wrote a letter to the shareholders
Zomato’s Chief Financial Officer, Akshant Goyal has written a letter to the shareholders of the company. In which he said that, in the month of January, we have exited around 225 small cities, the company has released the report related to the October-December quarter (Q3FY23). It has contributed 0.3 per cent of the Gross Order Value (GOV). Goyal told shareholders that it remains a challenging environment, but we are seeing an improvement in demand in recent weeks, which gives us confidence that the worst is over.
Had business in more than 1,000 cities
According to Zomato’s annual report, last year in 2021-22, the company was running food ordering and delivery business in more than 1,000 cities of the country. Which has now been limited. Goyal said that we had to do this because of the poor performance of these (225) cities in the last few quarters. Pulled your hands from these cities. Whether moving out of these cities will have any effect on the cost of the company. In this regard, Goyal said that there will not be much impact.
Company’s loss increased 5 times
Gurugram-based Zomato Company says that its revenue has increased by 75 percent to Rs 1,948 crore in the October-December quarter. The loss of the same company has increased 5 times to Rs 346 crore. On a year-on-year basis, the company’s revenue for the period of 3 months ended 31 December has seen a growth of 30 per cent. Earlier Zomato posted an adjusted revenue of Rs 1,581 crore in the September quarter and Rs 1,565 crore compared to Rs 1,200 crore in the quarter ending December 2021.
Zomato’s stock declined
There has been a decline in the shares of Zomato. The company’s stock fell 1.47 per cent to Rs 53.60 on the BSE in Friday morning trade. It has fallen 1.38 percent to Rs 53.65 on the NSE. Meanwhile, the 30-share BSE Sensex was trading at 60,688.07, down 118.15 points or 0.19 per cent.
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