Zomato shares dipped nearly 6% to Rs 89.00 on the BSE at 10:30 am on Friday after reporting Q3 results for the financial year 2022.

The online food delivery giant posted a consolidated loss of Rs 63.2 crore, narrowing sharply from Rs 352.6 crore in the corresponding quarter last year. It had posted a net loss of Rs 429 crore in the previous quarter (Q2FY22).

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Revenue from operations stood at Rs 1,112 crore, up 82.47% against Rs 609.4 crore in the year-ago period. Adjusted revenue saw 78% year on year growth to Rs 1,420 crore, while on a sequential basis the company had a flat quarter.

The restaurant aggregator and food delivery company’s gross order value (GOV) grew by 84.5% YoY and 1.7% QoQ in the quarter ended December 31, 2021.

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“The number of orders grew 93% YoY and 5% QoQ. Average order value (AOV, which includes customer delivery charges) shrunk by – 3% QoQ, mostly on account of a reduction in customer delivery charges,” the company said in its statement.

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The customer delivery charges de-grew by 22% and it was driven by Rs 7.5 per order reduction in customer delivery charges as compared to the second quarter. Part of lowering the customer delivery charges is because Zomato has started operations in 180 new cities, where they have introduced temporary free delivery to cultivate a culture of ordering food from restaurants.  Zomato is now operating in more than 700 cities.

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In Q3FY22, adjusted EBITDA was reduced to Rs 270 crores as compared to Rs 310 crore in the previous quarter, said Zomato.

The company said it is currently well-capitalized with $1.7 billion cash in its balance sheet and doesn’t envisage raising cash in the foreseeable future.

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Zomato in its press statement with the regulatory filing said it plans to focus on key areas of investment – core food businesses and quick commerce.

It made cash investments of around $225 million in the past year across three companies – Blinkit (erstwhile Grofers), Shiprocket and Magicpin. The investments were made with the objective put quick e-commerce in India, said Zomato in a press release.

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Zomato stocks are 25% down since listing amid weakness in the broader market valuation concerns and expectations for monetary tightening by global central banks.