New-age tech platforms seem to be finally realizing the importance of focusing on growth with sustainable profits. A look at the FY23 first quarter results shows that the management of the companies is eyeing improved margins and bottom line growth.
Food delivery aggregator Zomato, for instance, has brought down its losses by huge margin. Losses for Q1 of FY23 were ₹186 crore against ₹359.7 crore in Q1 of FY22 and 2359 crore in Q4 of FY22.
Moreover, the company managed to break even on adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) during the quarter (against -1.3 percent and -2.2 percent, in Q4 and Q3 of FY22, respectively). The firm achieved this by increasing the monthly transacting users (MTU) to 16.7 million, improving order frequencies, and buoyant food delivery gross order values. Gross order values grew 42 percent year-on-year (YoY) and 10 percent, sequentially. The firm grew its MTU despite a fall in advertisement spends.
This story is from the August 15, 2022 edition of Business Standard.
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This story is from the August 15, 2022 edition of Business Standard.
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