BENGALURU, May 19 (Reuters) – Indian meals supply agency Zomato Ltd (ZOMT.NS) on Friday reported a smaller-than-expected rise in its fourth-quarter income, weighed by a leap in strategic bills.

The firm’s consolidated income from operations for the quarter ended March 31 rose 69.7% to twenty.56 billion rupees on account of higher advert monetisation and better buyer supply expenses throughout the quarter, it mentioned in an trade submitting.

However, analysts on common had anticipated a consolidated income of 20.7 billion rupees, in line with Refinitiv IBES information. Total bills rose practically 43% within the quarter.

Chief Financial Officer Akshant Goyal in an announcement mentioned {that a} shorter quarter and the corporate shutting down in round 225 cities, together with greater advertising spends, resulted in a fall in month-to-month transacting clients within the quarter.

Gross order worth (GOV), the whole worth of all orders positioned on-line, rose 12.23% year-on-year in its meals supply enterprise, and its fast commerce enterprise Blinkit noticed a 17% quarter-on-quarter enhance.

The firm mentioned its adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA), excluding Blinkit, turned optimistic within the quarter.

Zomato’s consolidated internet loss additionally narrowed to 1.88 billion rupees from 3.47 billion rupees a yr earlier.

Zomato’s outcomes come a day after rival Bundl Technologies Pvt Ltd, often called Swiggy, said that its meals supply enterprise turned worthwhile in March.

Last month, Blinkit’s operations have been disrupted to make sure security of its staff at shops and supply companions, after it made modifications to the payout construction of Blinkit supply companions.

Shares of the corporate closed 1.57% greater forward of outcomes.

($1 = 81.7800 Indian rupees)

Reporting by Manvi Pant in Bengaluru; Editing by Varun H Ok

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