Zomato targets to achieve breakeven next year

Zomato CFO Akshant Goyal said the Zomato business was already positive on cash flow with its adjusted EBITDA losses at ₹150 crore and other income was ₹170 crore in the first quarter of the ongoing fiscal

Online food delivery platform Zomato Ltd is targeting to achieve the breakeven level between the fourth quarter of this fiscal and the second quarter of FY24, according to company CFO Akshant Goyal. In an analyst call, Goyal said the Zomato business was already positive on cash flow with its adjusted EBITDA losses at ₹150 crore and other income was ₹170 crore in the first quarter of the ongoing fiscal. Zomato had reported Q1 earnings on August 1.

Zomato shares have rallied 20% since reporting its Q1 earnings. In the June quarter, the Ant Group-backed company recorded more orders and narrowed its losses in the June quarter. Zomato posted a quarterly loss of ₹186 crore, compared with a loss of ₹356 crore.