Deepinder Goyal | February 9, 2023 | 1 min read
Q3FY23 shareholders’ letter and results

Headline Results

  • Adjusted Revenue grew 66% year-on-year to INR 23.63 billion (45% year-on-year growth ex-quick commerce, 30% year-on-year growth for food delivery).
    Acquisition of Blinkit (quick commerce) closed on August 10, 2022. Hence, this quarter was the first full quarter of consolidation of Blinkit financials.

  • Adjusted EBITDA loss (ex-quick commerce) was INR 0.38 billion for the quarter compared to INR 2.72 billion in Q3FY22 a year ago. Even after consolidating quick commerce (a business that didn’t exist last year), Adjusted EBITDA loss reduced to INR 2.65 billion as compared to INR 2.72 billion in Q3FY22 a year ago.

  • Adjusted EBITDA margin (ex-quick commerce) improved to -2%in Q3FY23 as compared to -19% a year ago. Including quick commerce, Adjusted EBITDA margin improved to -11% in Q3FY23 as compared to -19% a year ago.


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