Zomato shares give up intra-day gains to settle lower on profit booking

Shares of Zomato pared all intra-day gains and ended lower amid fag-end selling at the counter on Monday as investors indulged in profit-taking even as its net loss narrowed in the fourth quarter.

The stock climbed initially but finally settled 1.50 per cent lower at Rs 63.57 on the BSE. During the day, it jumped 3.57 per cent to Rs 66.85.

The company's consolidated net loss narrowed to Rs 187.6 crore in the fourth quarter ended March 2023, on the back of robust revenue growth.

At the NSE, it fell 1.55 per cent to settle at Rs 63.50 after climbing 3.64 per cent to Rs 66.85 during the day.

In traded volume terms, 112.11 lakh shares of the firm were traded at the BSE and over 14.70 crore shares at the NSE during the day.

Its consolidated net loss narrowed to Rs 187.6 crore in the fourth quarter ended March 2023, on the back of robust revenue growth.

The company had posted a consolidated net loss of Rs 359.7 crore in the same period of the previous fiscal, Zomato said in a regulatory filing on Friday.

Its consolidated revenue from operations during the period under review stood at Rs 2,056 crore, against Rs 1,211.8 crore in the year-ago period.

The total expenses in the fourth quarter were higher at Rs 2,431 crore, compared to Rs 1,701.7 crore in the corresponding period a year ago, the company said.

For the fiscal ended March 31, 2023, the consolidated net loss was Rs 971 crore, down from a consolidated net loss of Rs 1,222.5 crore in 2021-22.

In FY23, consolidated revenue from operations stood at Rs 7,079.4 crore compared to Rs 4,192.4 crore in FY22, the company said in the filing.