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<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

Former <keyword id="12987696" type="General" weightage="20" keywordseo="bharatpe-co-founder" source="Orion">BharatPe Co-founder</keyword> and managing director <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> said on Tuesday that <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> should have acquired its arch rival <keyword id="6358977" type="General" weightage="80" keywordseo="swiggy" source="Orion">Swiggy</keyword> than 10-minute grocery platform <keyword id="12724311" type="General" weightage="50" keywordseo="blinkit" source="Orion">Blinkit</keyword> to avoid the mayhem it is experiencing on Dalal Street. Zomato's share price tanked over 11 per cent on Monday and more than 7 per cent to hit an all-time low of Rs 43.05 on Tuesday. According to <keyword id="3433" type="General" weightage="50" keywordseo="grover" source="Orion">Grover</keyword>, merging Swiggy would have seen Deepinder Goyal-led Zomato to reach Rs 450 a share. "On the stock market - letsblinkit served piping hot misery to zomato in 10 minutes! Yeh hi agar Swiggy ko merge kar liya hota to Rs 450 ka stock hota!" (<keyword id="14560447" type="General" weightage="50" keywordseo="had-zomato" source="Orion">Had Zomato</keyword> merged with Swiggy, its stock price would have been Rs 450) tweeted Grover. Zomato acquired Blinkit for about $568 million, saying quick commerce is a natural extension of its food delivery business. The shares of the food delivery platform touched a new low of Rs 43.05 on Tuesday, wiping out more than Rs 89,000 crore. In May, Grover had said that buying Zomato shares, even when it had been falling for months, wouldn't be a bad idea. "It's all about perspective. If you were a Zomato employee and exercised your ESOP (employee stock ownership) at Rs 140 or higher post IPO, you probably paid more cost per share as Income Tax, than what you can buy today from the market freely. At Rs 56 per share price, markets are giving everyone ESOPs," he had tweeted. Grover, along with his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword>, has incorporated a new company called 'Third Unicorn Private Limited' that has both husband and wife as directors, according to the data available on Tofler. Third Unicorn has an authorised share capital of Rs 20 lakh and a total paid-up capital of Rs 10 lakh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dgca-gives-clean-chit-to-spicejet-says-no-safety-violation-found/articleshow/93133139.cms">DGCA gives clean chit to SpiceJet, says no safety violation found</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/star-javelin-thrower-neeraj-chopra-ruled-out-of-commonwealth-games-due-to-groin-injury-ld/articleshow/93133172.cms">Star javelin thrower Neeraj Chopra ruled out of Commonwealth Games due to groin injury (Ld)</a>

Ashneer Grover blames Zomato's Blinkit acquisition for its share price fall

Because of their small and relatively collapsible airways, young children with <keyword id="1609796" type="General" weightage="100" keywordseo="omicron" source="Orion">Omicron</keyword> are more vulnerable to upper airway infection such as croup, which if severe can lead to cardiac arrest, finds a study. Croup is a type of respiratory illness, known medically as laryngotracheitis, in babies and young children. It is characterised by barking cough, and noisy breathing. In severe cases, it can dangerously constrict breathing. A team of researchers from Universities of Colorado and Northwestern in the US, examined 18,849 children hospitalised with SARS-CoV-2. Their results published in the JAMA Pediatrics showed that upper airways infection increased during the Omicron surge. More than one-fifth of children hospitalised with SARS-CoV-2 and upper airways infection in the US developed severe disease. About 384 had upper airway infection. Severe disease, defined as requiring invasive ventilation, vasopressors, or extracorporeal membrane oxygenation or death, occurred in 81 children. The study also found that children with upper airways infection during the Omicron period were more likely to be younger and less likely to receive dexamethasone or develop severe disease compared with those in the pre-Omicron period. "Children with severe upper airway infection are at risk of cardiac arrest from rapid-onset upper airway obstruction. They may require therapies typically provided in intensive care units, including frequent administration of nebulized racemic epinephrine, helium-oxygen mixtures, and intubation," said the researchers including <keyword id="13642831" type="General" weightage="50" keywordseo="blake-martin" source="Orion">Blake Martin</keyword>, from Department of Pediatrics at University of Colorado's School of Medicine. "While the rate of SARS-CoV-2 paediatric upper airway infection is not overwhelmingly high, understanding this new clinical phenotype and the potential for acute upper airway obstruction may help guide therapeutic decision-making," they added. After being detected from African countries in November last year, Omicron soon gained presence worldwide and became the dominant strain, replacing <keyword id="6383835" type="General" weightage="50" keywordseo="delta" source="Orion">Delta</keyword>. It became dominant in the US the week ending December 25. "Omicron is known to cause lower severity disease than the Delta (B.1.617.2) variant. This may be because Omicron replicates less efficiently in lung parenchyma and more efficiently in the conducting airways," the researchers said. The team explained that SARS-CoV-2 can cause severe paediatric disease, including acute Covid-19 and multisystem inflammatory syndrome. Published reports associating SARS-CoV-2 with upper airway infection, such as laryngotracheobronchitis (croup), have been limited to small case series. Although non coronaviruses, including parainfluenza and respiratory syncytial virus, most frequently cause upper airway infection, coronaviruses (eg, type NL63) are also commonly implicated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-power-renewable-raises-4000-crore-shares-down-over-5-on-profit-booking/articleshow/90910230.cms">Tata Power Renewable raises ₹4,000 crore; shares down over 5% on profit booking</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zomato-and-swiggy-are-now-backing-restaurant-management-company-urbanpiper/articleshow/90908052.cms">Zomato and Swiggy invest in this restaurant management company that fulfils 2 in 10 food deliveries in India</a>

Omicron increases the risk of upper airway infections and cardiac arrest in children, shows study

The Australian state of Victoria has announced that it would extend its public health order issued under the pandemic for three months, citing the serious risk of the BA.2 <keyword id="1609796" type="General" weightage="80" keywordseo="omicron" source="Orion">Omicron</keyword> wave in the state. The extension would begin from Tuesday next week and would last three additional months. Victorian Premier <keyword id="1919155" type="General" weightage="80" keywordseo="daniel-andrews" source="Orion">Daniel Andrews</keyword> made the announcement on Wednesday night following advice from the state's acting chief health officer, Xinhua news agency reported. "This extension enables us to keep modest and sensible settings in place to reduce transmission and hospitalisation -- that means more support for health workers and limiting its impact on our community," said <keyword id="56217" type="General" weightage="80" keywordseo="andrews" source="Orion">Andrews</keyword>. "We don't want rules on any longer than they need to be -- we'll continue to follow the advice to protect what we've built while protecting our community." <keyword id="8764262" type="General" weightage="20" keywordseo="COVID" source="Orion">Covid</keyword> cases have surged in the state since the highly transmissible Omicron BA.2 sub-strain has become the dominant strain of the virus in <keyword id="6355478" type="General" weightage="20" keywordseo="australia" source="Orion">Australia</keyword>. On Thursday, Victoria reported 12,314 new cases and 4 additional deaths. The highest single-day increase since the tail end of its initial Omicron wave at the beginning of February. All of Australia's states and territories are fighting similar battles against the raging subvariant. On Thursday, New South Wales (NSW) recorded 22,255 cases and 16 deaths. As of 9 p.m. Wednesday, the Australian Government Department of Health estimated that there are nearly half a million active cases of Covid across the nation. SEE ASLO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-is-now-the-sixth-richest-person-in-the-world-as-per-forbes-real-time/articleshow/90698849.cms">Gautam Adani is now the sixth richest person in the world</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-is-now-the-sixth-richest-person-in-the-world-as-per-forbes-real-time/articleshow/90698849.cms"> </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/byjus-swiggy-dream11-and-ola-are-among-the-highest-valued-startups-in-india/slidelist/90689106.cms">Byju’s, Swiggy, Dream11 and Ola are among the highest valued startups in India</a>

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

Rounak Jain

Ashneer Grover blames Zomato's Blinkit acquisition for its share price fall

IANS

Omicron increases the risk of upper airway infections and cardiac arrest in children, shows study

IANS

Australian state extends pandemic declaration and COVID-19 emergency measures for a further 3 months

IANS

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