Zomato's Deepinder Goyal post Q3 result: Rough years for tech industry only a blip

"Globally, companies may have gone on the defensive but we believe attack is the best defense," Zomato CEO Deepinder Goyal tweeted

Zomato's founder and chief executive officer (CEO) Deepinder Goyal on February 9 said that he remains optimistic about the food delivery startup's growth in the coming future, even as its loss in the December quarter widened.

Taking to Twitter, Goyal shared the financial results for the third quarter of FY23 and stated, "At Zomato, winter is NOT coming."

In a series of tweets, defending the quarterly performance further, Goyal added, "Rough years for the tech industry are only a blip. Globally, companies may have gone on the defensive but we believe the attack is the best defense."

He also hinted at Zomato's plans of hiring as he posted, "This is the best time to be on the lookout for great talent."

Moreover, updating on the policy of its delivering partners, Goyal mentioned that the company has set a goal of ‘zero’ on-road delivery partner fatalities and is working towards it with prompt ambulance support, incorporating reflectors on all delivery partner assets, and several other initiatives.

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On ESG, Goyal informed, "We’re on track to meet both our plastic recycling and 100 percent EV fleet targets. Along with Feeding India, we will continue to drive both long and short-term impact." Feeding India by Zomato is a not-for-profit organization, designing interventions to reduce hunger among underserved communities in India. In January 2019, Zomato and Feeding India (registered as Hunger Heroes) collaborated to eradicate hunger and malnutrition in India.

"Zomato was an idea to serve the community, which became an accidental company. We are proud to have served millions of customers through thick and thin, and this is what inspires us every single day," Goyal concluded.

Earlier today, Zomato reported a widening of consolidated net loss in Q3FY23 to Rs 347 crore against Rs 63 crore registered in the same quarter last year. Its revenue from operations zoomed 75 percent to Rs 1,948 crore year-on-year (YoY) as against Rs 1,112 crore in the corresponding quarter last year.

Despite a slowdown in the food delivery business, Zomato said that its business, excluding the acquisition of Blinkit, had turned adjusted EBITDA positive for the month of January.

Adjusted EBITDA is a metric that many tech companies use even as each one of them defines it differently. Typically, costs that are not considered operational for the business such as employee stock option expenses are kept out of it.

Meanwhile, shares of Zomato on Thursday (February 9) closed 0.28 perent higher at Rs 54.40 apiece after rising 3.3 percent intra-day.