Zomato to release earnings once every fiscal; shareholders can write for queries
- Deepinder Goyal and Akshant Goyal said in a letter, We will do earnings/ analyst calls once a year where we will share a more detailed commentary on the year gone by along with key metrics
- The company urged its shareholders to write to them in case of any queries or clarifications
Food delivery aggregator Zomato announced that from now on it will do earnings calls once every year, at the end of each fiscal. The announcement came immediately after the company shared its Q1 results on Tuesday.
Deepinder Goyal-led company reported a consolidated loss of ₹356.2 crore during the quarter ended June 30, 2021. It had posted a net loss of ₹99.8 crore for the corresponding period of the previous fiscal.
The consolidated revenue from operations of the company stood at ₹844.4 crore for the quarter under consideration against ₹266 crore for the same period a year ago, Zomato said in its regulatory filing on Tuesday
Total expenses of the company rose to ₹1,259.7 crore for the quarter ended June this year from ₹383.3 crore for the year ago period, Zomato said.
Following the results, Founder and CEO Deepinder Goyal, and CFO Akshant Goyal said in a letter, "Call us weird, but we get more excited than disappointed when we hear bad news. Bad news is an opportunity to improve. No business can ever be perfect, but every business can always aim to become better than yesterday."
"Last year, we ranked at the bottom of a gig economy worker survey conducted by an independent third party. We acknowledged that there was a lot we needed to do and we fast tracked a number of initiatives in the pipeline to improve the work environment for our delivery partners."
Announcing the decision to do earning calls only once a year, it mentioned, "We will do earnings/ analyst calls once a year, at the end of each fiscal, where we will share a more detailed commentary on the year gone by along with key metrics."
Shareholders can write to Zomato
However, the company urged its shareholders to write to them in case of any queries or clarification.
The letter mentions, "In the meanwhile, please feel free to write to us at 'shareholders@zomato.com' if you have any questions/clarifications. We will address the most frequent/pertinent ones in our future blogs and/or quarterly shareholder letters."
We aim to be one of the best guardians of your capital/earnings in the long term. Through letters to shareholders (like this one), we will transparently address all meaningful questions around our business, the letter also says.
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Business NewsCompaniesNewsZomato to release earnings once every fiscal; shareholders can write for queries
First Published:11 Aug 2021, 06:25 PM IST
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