Zomato’s losses fall 50% to Rs. 186 crore, shares rose 20%
The country’s top food platform company Zomato is in the headlines these days. After hitting an abrupt hiatus and historic low last week following a strong share price at the time of IPO valuations and great listing, Zomato shares have seen a jump of 18% today. The results of the company led to a jump in the stock of Zomato.
Half the loss:
Zomato’s consolidated net loss almost halved to Rs. 186 crore has been reached. In the April-June quarter of the last financial year, the company has earned Rs. There was a net loss of 360.7 crores.
Zomato in a filing to the stock exchanges on Monday said that its losses have come down due to increase in revenue. During the April-June quarter of the current financial year, the company’s operating income increased to Rs. 1582 crores. In the same period a year ago, the revenue was Rs. 916.6 crores.
However, the company’s total expenses also increased to Rs. 1767.7 crores. In the corresponding quarter of the last fiscal, Zomato’s expenses stood at Rs. 1259.7 crores.
Zomato share price bounced back in Tuesday’s session following strong overall results from the earlier rupee. It opened at Rs 50 against the closing price of Rs 46.30, fell to Rs 48.40 and remained bullish throughout the day, closing in the upper circuit of Rs 55.55 around 2 pm.