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Online food delivery firm <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords">Zomato</keyword> Ltd on Monday reported a consolidated net profit of Rs 175 crore in the March quarter on the back of higher revenue. The company had posted a consolidated net loss of Rs 188 crore in the same quarter last fiscal, Zomato Ltd said in a regulatory filing. Consolidated revenue from operations stood at Rs 3,562 crore. It was Rs 2,056 crore in the year-ago period, it added. Total expenses were at Rs 3,636 crore. The company posted its total expenses at Rs 2,431 crore in the corresponding period a year ago, it said. For the fiscal ended on March 31, 2024, the consolidated net profit was Rs 351 crore. The company had posted a consolidated net loss of Rs 971 crore in the previous fiscal ended on March 31, 2023, the filing said. In FY24, consolidated revenue from operations stood at Rs 12,114 crore. It was at Rs 7,079 crore. The results for the year ended March 31, 2024, are not comparable with the year ended March 31, 2023, due to the acquisition of Blink Commerce Pvt Ltd (formerly known as Grofers India Pvt Ltd) in June 2022, the filing said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/aadhar-housing-finance-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110071990.cms">Aadhar Housing Finance IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms">IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a>

Zomato posts Q4 consolidated net profit at ₹175 crore

<ul><li><keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>’s Q4 consolidated net loss narrowed to about ₹188 crore in the March quarter. </li><li>The company reported consolidated revenue at ₹2,056 crore, a 70% jump from ₹1,212 crore in the year-ago period. </li><li>In FY23, <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>'s loss shrunk to ₹971 crore from ₹1,209 crore a year ago as revenue increased around 70% to ₹7,079 crore. </li></ul>Online food delivery platform Zomato on Friday said that its consolidated net loss narrowed to about ₹188 crore in the March quarter. In the same quarter last year, it posted a net loss of ₹360 crore. In the third quarter, its net loss was at ₹345 crore. The company reported consolidated revenue at ₹2,056 crore, a 70% jump from ₹1,212 crore in the year-ago period. In FY23, Zomato's loss shrunk to ₹971 crore as compared to ₹1,209 crore in FY22. Its annual revenues also increased around 70% to ₹7,079 crore in FY23. "In food delivery, over the last five quarters, we have improved our margins meaningfully while further strengthening our market position. We will continue with the same mindset as we look to further expand the adjusted EBITDA margin (from the current 1.2%) to our stated goal of +4-5% of gross order value," said Deepinder Goyal, Zomato Founder and CEO. Meanwhile, Zomato's arch rival Swiggy declared on Thursday that its food delivery business has become profitable, without giving any more details. Zomato now aims to get to positive adjusted EBITDA (and also profit after tax) on a consolidated basis (including quick commerce) within the next four quarters. "On the quick commerce side, while there is still a long way to go in terms of margin improvement, we are pleased with the outcomes so far in a short period of time. In the month of March 2023, more than 65% of the GOV was from contribution positive stores," said Goyal. <cmsannotation type="cmsannotation" annotationid="Blinkit average order value sees a decline" comment="subhead" text="Blinkit average order value sees a decline">Blinkit average order value sees a decline</cmsannotation> Regarding its quick delivery service Blinkit, contribution margins improved despite a seasonal drop in average order value (AOV) to ₹522 in Q4 as compared to ₹553 in the previous quarter. "We have learnt that the AOV in this business will continue to swing up and down in the near to mid-term due to multiple (mainly seasonal) factors. For example, AOVs will go down when there is a good harvest of vegetables (which leads to lower prices for F&amp;V)," said Blinkit founder and CEO Albinder Dhindsa. "Over time, as we get scale, we hope to be able to predict such swings better and mitigate the impact of these swings on our margins. We expect the AOV to increase QoQ in the current quarter (Q1FY24)," Dhindsa added. <cmsannotation type="cmsannotation" annotationid="ONDC not an immediate risk to Zomato and Swiggy" comment="subhead" text="ONDC not an immediate risk to Zomato and Swiggy">ONDC not an immediate risk to Zomato and Swiggy</cmsannotation> Despite the chatter about ONDC (Open Network for Digital Commerce) providing food delivery, analysts believe that it is still<a href="https://www.businessinsider.in/business/corporates/news/ondc-not-an-immediate-risk-for-zomato-and-swiggy-as-lower-prices-are-due-to-discounts/articleshow/100298963.cms"> not an immediate risk</a> to Zomato and its peer Swiggy which dominate the market. “The cost of ordering food on ONDC, at least in some cases, seems to be lower than on Zomato or Swiggy, though this is largely on account of ONDC-funded discounts, which may not sustain,” said the analysts at Kotak Institutional Equities. The brokerage noted that while the impact in near-term is limited, the long-term impact is not known yet. (With inputs from IANS) SEE ALSO: <a href="https://www.businessinsider.in/business/news/cheese-burst-quick-service-restaurants-see-muted-growth-ahead/articleshow/100332394.cms">Cheese burst: Quick service restaurants see muted growth ahead</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-companies-sc-appointed-panel-finds-no-evidence-of-regulatory-breach-by-adani/articleshow/100352920.cms">Hindenburg row: SC appointed panel finds no evidence of regulatory breach by Adani, Sebi wants to search some more</a> <a href="https://www.businessinsider.in/stock-market/news/mankind-pharma-pnb-among-stocks-to-become-largecap-from-midcap-mutibagger-rail-vikas-nigam-to-turn-midcap-from-smallcap/articleshow/100356527.cms">Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap</a>

Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY

<ul><li>The <keyword id="22287704" type="General" weightage="20" keywordseo="OnePlus-Summer-Launch-Event" source="keywords">OnePlus Summer Launch event</keyword> is scheduled for 6:30 PM on Tuesday, July 16.</li><li>OnePlus will launch the <keyword id="21477413" type="General" weightage="20" keywordseo="OnePlus-Nord-4" source="keywords">OnePlus Nord 4</keyword>, Pad 2, Watch 2R and the <keyword id="22427899" type="General" weightage="20" keywordseo="Nord-Buds-Pro-3" source="keywords">Nord Buds Pro 3</keyword> at the event.</li><li>Here’s everything you need to know about the OnePlus Summer Launch event and the upcoming products.</li></ul> Chinese smartphone maker OnePlus is all set to host the OnePlus Summer Launch event today in Paris, launching multiple devices globally, including India. OnePlus has already revealed the products that are going to be launched at the event. This includes the popular mid-range smartphone, the Nord 4, the <keyword id="21343460" type="General" weightage="20" keywordseo="oneplus-Pad-2" source="Orion">OnePlus Pad 2</keyword> tablet, the Watch 2R and Nord Buds Pro 3. <h2>OnePlus Summer Launch event date and time</h2>The OnePlus Summer Launch event is scheduled for July 16, 6:30 PM Indian time. <h2>How to watch OnePlus Summer Launch event</h2>The OnePlus Summer Launch event will be streamed live on YouTube. <div type="Youtube" id="19uQIVaWXR4" title="OnePlus Summer Launch Event | 50 minutes of livestream, 250 lucky winners. Stay tuned!" thumbUrl="https://i.ytimg.com/vi/19uQIVaWXR4/mqdefault_live.jpg"><url><![CDATA[https://www.youtube.com/watch?v=19uQIVaWXR4]]></url></div> <h2>OnePlus Nord 4</h2>The highlight of the event will be the launch of the OnePlus Nord 4, the successor of the<a href="https://www.businessinsider.in/tech/news/oneplus-nord-3-review-the-most-premium-nord-so-far/articleshow/101506677.cms"> Nord 3</a> smartphone. The device has received a major design overhaul and will be available with a metal back. The OnePlus Nord 4 is expected to feature a 6.74-inch Full HD+ OLED display and be powered by the Snapdragon 7+ Gen 3 chipset. The device is expected to feature a 50MP Sony LYT 600 primary camera with an 8MP ultra-wide-angle sensor. On the front, the device is expected to feature a 16MP selfie camera. It is expected to be powered by a 5,500mAh battery with 100W fast charging support. <h2>OnePlus Pad 2</h2>OnePlus will also launch its flagship tablet, the<a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-pad-review-feature-packed-tablet-with-a-sleek-design/articleshow/99848436.cms"> OnePlus Pad</a> 2 at the event, along with the smart keyboard and OnePlus Stylo 2. <div type="image" title="Pad 2" msid="111772717" hostid="261" sizebytes="12612" caption="&amp;lt;p&amp;gt;OnePlus Pad 2&amp;lt;/p&amp;gt;"></div> The OnePlus Pad 2 is expected to feature a 12.1-inch 3K LCD panel and will be powered by the flagship Qualcomm Snapdragon 8 Gen 3 chipset. It is expected to feature a 13MP primary camera and an 8MP selfie camera. The tablet is expected to be powered by a huge 9,510mAh battery with 67W charging support. <h2><keyword id="22175556" type="General" weightage="20" keywordseo="oneplus-watch-2r" source="Orion">OnePlus Watch 2R</keyword>, Nord Buds Pro 3</h2> <div type="image" title="b78203e9c64a4a9b3af8caecf56f3e88" msid="111772732" hostid="261" sizebytes="59164" caption="&amp;lt;p&amp;gt;OnePlus Watch 2R&amp;lt;/p&amp;gt;"></div> OnePlus is also set to launch the Watch 2R and Nord Buds Pro 3 at the Summer Launch event. The Watch 2R runs on WearOS and will be available in two colour options – Forest Green and Gunmetal Gray. The Nord Buds Pro 3 will be available in Soft Jade and Starry Black colour options. SEE ALSO: <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-6-5-in-q2-2024-xiaomi-records-highest-growth/articleshow/111749023.cms">Global smartphone shipments grow 6.5% in Q2 2024, Xiaomi records highest growth</a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-four-ipos-to-hit-the-street-this-week/articleshow/111745283.cms">IPOs this week – four IPOs to hit the street this week</a>

OnePlus Summer Launch Event – OnePlus Nord 4, Pad 2 and more to launch today

Once the Rs 4,447 crore (about $568 million) acquisition of <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword> is closed, <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> will experiment with cross leveraging its customers base for Blinkit and vice versa, its Founder and CEO <keyword id="476451" type="General" weightage="20" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword> has stressed. Goyal said that in India, super brands will work better than super apps. "Which means that the Blinkit app will continue to operate independently. We will also start working on integrating the delivery fleet back-ends which should drive higher delivery efficiency over time," he said in the letter to shareholders. Tech integrations between the two companies will accelerate the pace of progress at both ends, he added. According to the company, the losses for Blinkit are coming down every month -- from Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July. "The losses have come down owing to a) operating leverage and b) improved execution. As the GOV (gross order value) per day per store goes up, losses come down given the high operating leverage in the business," said Zomato CFO Akshant Goyal. The company said that Blinkit has also shut down a number of unviable dark stores, which were not scaling and the team will continue to evaluate non-performing stores. In just six months, the Blinkit business has scaled to 20 per cent of Zomato's food delivery GOV while being present in less than 15 cities. According to Akshant, Zomato took about 45 months since the launch of food delivery to get to the current monthly GOV scale of Blinkit. Deepinder said that there is a misconception that Zomato would have gotten to the same (or perhaps bigger) scale and size had we launched quick commerce organically seven months ago. Akshant added that in Gurugram, Blinkit GOV is 70 per cent of Zomato food delivery GOV (for June). "Quick commerce cuts across a wide range of essential spends including grocery, fruits and vegetables, beauty and personal care, OTC medicines, stationery items, among others. Therefore, we expect the overall customer base, average order value as well as monthly order frequency to be higher than food delivery," he mentioned. With continued solid execution and synergy realisation with Zomato, post the transaction, the Blinkit journey to profitability "should only accelerate", the company noted. Zomato reported Rs 185.7 crore in consolidated loss for the quarter ending June 30, compared to a loss of Rs 359.7 crore in the previous quarter. The consolidated revenue saw 67 per cent increase at Rs 1,413.9 crore from Rs 844.4 crore (same quarter last year), and 16.68 per cent up from Rs 1,211.8 crore in the last reported quarter. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/markets-on-a-wait-and-watch-mode-as-they-await-cues-from-rbi/articleshow/93290015.cms">Markets on a wait and watch mode as they await cues from RBI</a> <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive</a> <a href="https://www.businessinsider.in/business/startups/news/physicswallah-purplle-leadsquared-and-open-were-the-only-for-unicorn-of-last-quarter-in-india/articleshow/93271392.cms">In the funding winter, only four companies turn unicorns in the June quarter</a>

Zomato, Blinkit will cross-leverage each other's customer base soon, says Deepinder Goyal

<keyword id="6354427" type="General" weightage="100" keywordseo="apple" source="Orion">Apple</keyword> removed 1,474 apps from its <keyword id="115504" type="General" weightage="80" keywordseo="app-store" source="Orion">App Store</keyword> as per requests from various governments to take down such apps in 2022, including a massive 1,435 from mainland China and just 14 from <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. According to the company's '2022 App Store Transparency Report', the Pakistan government requested to take down 10 apps while Russia asked to remove seven apps for violating various laws of the land. There were a total 18,412 appeals of app removals from various agencies worldwide (again led by China at 5,484), including 709 from India. Apple restored 24 apps in India after appeals of app removals last year. As of 2022, Apple had 1,783,232 apps in total on the App Store, according to the report. The tech giant reviewed 6,101,913 app submissions and rejected 1,679,694 last year for violating App Store policies. App submissions approved after rejection were 253,466 and total apps finally removed from the App Store were 186,195 in 2022. It was the first report published as part of the company's $100 million settlement with App Store developers in 2021. Category-wise, games (38,883), utilities (20,045) and business (16,997) topped the list of removed apps. Total number of registered Apple developers on the App Store was 36,974,015 while Apple terminated 428,487 developer accounts for violating its policies in 2022. "Since it launched in 2008, the App Store has proven to be a safe and trusted place to discover and <keyword id="8470804" type="General" weightage="50" keywordseo="download-apps" source="Orion">download apps</keyword>," according to Apple. Earlier this week, Apple announced that its App Store prevented over $2.09 billion in potentially fraudulent transactions in 2022, blocking nearly 3.9 million stolen credit cards from being used to make purchases, and banned 7,14,000 accounts from transacting again. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a> <a href="https://www.businessinsider.in/business/corporates/news/indigo-reports-a-net-profit-of-919-crore-in-q4-revenue-soars-76-yoy/articleshow/100331520.cms">IndiGo reports a net profit of ₹919 crore in Q4, revenue soars 76% YoY</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-q4-2022-23-results-indias-largest-lender-posts-highest-ever-quarterly-net-profit-of-16695-crore/articleshow/100327874.cms">SBI Q4 results: India’s largest lender posts record quarterly net profit of ₹16,695 crore, up 83% YoY</a>

Apple removed 1,474 apps on govt takedown requests in 2022, 14 from India

Asbestos materials were once widely used in homes, buildings, automobile brakes, and many other construction materials due to their strength, resistance to heat and fire, and poor electrical conductivity. Unfortunately, asbestos inhalation of microscopic fibre particles has been shown to be exceedingly carcinogenic. For the first time, <keyword id="83492" type="General" weightage="80" keywordseo="university-of-pennsylvania" source="Orion">University of Pennsylvania</keyword> researchers have demonstrated that extremophilic bacteria from high-temperature marine settings may be employed to lessen the toxicity of asbestos. The study was published in the <keyword id="9827972" type="General" weightage="80" keywordseo="american-society-for-microbiology-journal" source="Orion">American Society for Microbiology journal</keyword> <keyword id="3258791" type="General" weightage="80" keywordseo="applied-and-environmental-microbiology" source="Orion">Applied and Environmental Microbiology</keyword>. Much of their research has focused on use of the thermophilic bacterium Deferrisoma palaeochoriense to remove iron from asbestos minerals through anaerobic respiration of that iron. "Iron has been identified as a major component driving the toxicity of asbestos minerals and its removal from asbestos minerals has been shown to decrease their toxic properties," said Ileana <keyword id="17464928" type="General" weightage="20" keywordseo="perez-rodriguez" source="Orion">Perez-Rodriguez</keyword>, PhD., Assistant Professor of Earth and Environmental Science at the University of Pennsylvania. D. palaeochoriense has also been shown to mediate transfer of electrical charge within the iron contained in asbestos, without changing its mineral structure. Doing so might enhance asbestos' electrical conductivity, said Perez-Rodriguez. Based on this observation, the bacterium could be used to treat asbestos' toxicity through iron removal. Alternatively, the new properties of electrical conductivity could enable reuse of treated asbestos for that purpose. As with iron, the fibrous silicate structures of asbestos are also carcinogenic. Removal of silicon and magnesium from asbestos has been shown to disrupt its fibrous structure. The investigators tested the ability of the thermophilic bacterium Thermovibrio ammonificans to remove these elements from asbestos minerals by accumulating silicon in its biomass in a process known as biosilicification. T. ammonificans accumulated silicon in its biomass when in the presence of "serpentine" asbestos, which has curly fibers, but not while growing in the presence of "amphibole" asbestos, which has straight fibers, said Perez-Rodriguez. This difference, along with the varying amounts and types of elements released during microbe-mineral interactions with different types of asbestos "highlights the difficulty of approaching asbestos treatments as a one-size-fits-all solution, given the unique chemical compositions and crystal structures associated with each asbestos mineral," Perez-Rodriguez said. Overall, these experiments promoted the removal of iron, silicon and/or magnesium for the detoxification of asbestos in a superior manner as compared to other biologically mediated detoxification of asbestos, such as via fungi, said Perez-Rodriguez. However, further analysis will be required to optimize asbestos treatments to determine the most practical methods for the detoxification and/or reuse of asbestos as secondary raw materials. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a> <a href="https://www.businessinsider.in/business/corporates/news/indigo-reports-a-net-profit-of-919-crore-in-q4-revenue-soars-76-yoy/articleshow/100331520.cms">IndiGo reports a net profit of ₹919 crore in Q4, revenue soars 76% YoY</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-q4-2022-23-results-indias-largest-lender-posts-highest-ever-quarterly-net-profit-of-16695-crore/articleshow/100327874.cms">SBI Q4 results: India’s largest lender posts record quarterly net profit of ₹16,695 crore, up 83% YoY</a>

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Zomato posts Q4 consolidated net profit at ₹175 crore

PTI

Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY

Rounak Jain

OnePlus Summer Launch Event – OnePlus Nord 4, Pad 2 and more to launch today

Sourabh Jain

Zomato, Blinkit will cross-leverage each other's customer base soon, says Deepinder Goyal

IANS

Apple removed 1,474 apps on govt takedown requests in 2022, 14 from India

IANS

Study: Heat-temperature marine bacteria help detoxify asbestos

ANI

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