2022-08-04-ZOMT - Ns-Wright Reports-Wright Investors Service Comprehensive Report For Zomato Ltd-97817292

Company Profile
Zomato Ltd
Figures in Indian Rupees
August 3, 2022 Wright Quality Rating: CBD4

Zomato Limited (Zomato) is an India-based company that primarily operates as an Internet portal providing
various information, including details of menus, contacts, discount offers, quality of service and food. Its
technology platform connects customers, restaurant partners and delivery partners, serving their multiple
needs. Customers use its platform to search and discover restaurants, read and write customer generated
reviews and view and upload photos, order food delivery, book a table and make payments while dining-out
at restaurants. Zomato provides restaurant partners with marketing tools, which enable them to engage and
acquire customers to grow their business while also providing a last mile delivery service. The Company has
two core business-to-customer offerings: Food delivery and Dining-out. It also has a business-to-business
offering, Hyperpure, which supplies ingredients to restaurant partners. The Company's business also includes
a customer loyalty program, Zomato Pro.
Key Data Key Executives
Ticker: ZOMATO Employees: 3,755 Non Executive Chairman
Exchanges: NSE Market Cap: 357,689,619,050 Kaushik Dutta
2022 Sales: 41,924,000,000 Shares: 7,642,940,578 Chief Financial Officer
Currency: Indian Rupees Closely Held 5,554,446,842 Akshant Goyal

Shares:
Fiscal Year End: March Chief Financial Officer
http://www.zomato.com Nitin Savara
Share Type: Ordinary
Principal Office Location
Country: INDIA
Sector 43 Golf
Sector: Information Technology Course Road
Industry: Software & Services GURGAON
122009
INDIA +91 124
4268565
Price Stock Price (07/29/2022) 46.80

Recent Stock Performance
1 Week -12.8%
4 Weeks -16.7%
13 Weeks -34.8%
52 Weeks -64.9%
Wright Investors' Service, Inc. | 2 Corporate Drive, Suite 770, Shelton, CT 06484 | research@wisi.com
Company Profile
Zomato Ltd
Figures in Indian Rupees
Earnings Per Share and Dividends Per Share
Key Measures
Valuation (as of 03/31/2022) Profitability (as of 03/31/2022)
P/E Current -28.02

Gross Profit Margin 87.5%
Price/Sales Ratio 8.53
EBITDA Margin -25.2%
Price/Book Ratio 2.17
Return on Equity -10.0%
Earnings (MRQ) -0.47
Return on Assets -9.2%
Earnings (Last12M) -1.67
Return on Total Capital -9.7%
Dividends (Last12M)
Efficiency (as of 03/31/2021)
Liquidity (as of 03/31/2022) Assets per Employee 23,178,543
Quick Ratio 10.4 Sales per Employee 5,309,691
Current Ratio 10.6 Income per Employee -2,164,623
Long-Term Debt to 0.0 Receivables Turnover 10.0

Equity
Funds From (as of 03/31/2022)
Total Debt to Total 0.0
Capital
Operations
Funds from -0.1%
Operations %
Total Debt
Comparative Business Analysis
Zomato Ltd
Report Date: August 3, 2022
Company Description
Zomato Limited (Zomato) is an India-based company that primarily operates as an Internet portal providing
various information, including details of menus, contacts, discount offers, quality of service and food. Its
technology platform connects customers, restaurant partners and delivery partners, serving their multiple
needs. Customers use its platform to search and discover restaurants, read and write customer generated
reviews and view and upload photos, order food delivery, book a table and make payments while dining-out
at restaurants. Zomato provides restaurant partners with marketing tools, which enable them to engage and
acquire customers to grow their business while also providing a last mile delivery service. The Company has
two core business-to-customer offerings: Food delivery and Dining-out. It also has a business-to-business
offering, Hyperpure, which supplies ingredients to restaurant partners. The Company's business also includes
a customer loyalty program, Zomato Pro.
Competitor Analysis
Zomato Ltd operates in the Information retrieval services sector. This analysis compares Zomato Ltd with
three other computer services in Asia: MakeMyTrip Limited (2022 sales of 22.61 billion Indian Rupees
[US$284.93 million] of which 52% was Hotel and Packages), Kakaku.com Inc of JAPAN (51.72 billion
Japanese Yen [US$385.85 million] of which 95% was Internet Media Business), and Media Do Co Ltd
which is also based in JAPAN (104.72 billion Japanese Yen [US$781.23 million] of which 95% was E-book
Distribution Business).
Sales Analysis
Zomato Ltd reported sales of 41.92 billion Indian Rupees (US$528.24 million) for the fiscal year ending
March of 2022. This represents an increase of 110.3% versus 2021, when the company's sales were 19.94
billion Indian Rupees .
(Currency in Millions of Indian Rupees)
During 2022, the company's sales increased at a faster rate than all three comparable companies. While
Zomato Ltd enjoyed a sales increase of 110.3%, the other companies saw smaller increases: MakeMyTrip
Limited sales were up 77.1%, Kakaku.com Inc increased 1.3%, and Media Do Co Ltd experienced growth of
25.4%. Zomato Ltd currently has 3,755 employees. With sales of 41.92 billion Indian Rupees (US$528.24
million) , this equates to sales of US$140,677 per employee. The sales per employee levels at the three
comparable companies vary greatly, from US$85,359 to US$1,346,942, as shown in the following table.
Some of the variation may be due to the way each of these companies counts employees (and if they count
subcontractors, independent contractors, etc).
Zomato Ltd
Sales Comparisons (Most Recent Fiscal Years)

Sales /
Year Sales Sales Employee
Company Ended (US$blns) Growth (US$) Largest Region
Zomato Ltd MAR 2022 552 110.3% 0 ()
Kakaku.com Inc MAR 2022 425 1.3% 343,427 Japan (100.0%)
Netjoy Holdings Ltd DEC 2021 484 29.9% 1,096,786 China (Mainland)
(100.0%)
Beijing Quanshi World Online DEC 2021 639 24.2% 695,958 China (Mainland)
Information Co Ltd (100.0%)
Recent Stock Performance

For the 52 weeks ending 7/29/2022, the stock of this company was down 64.9% to 46.80 Indian Rupees .
During the past 13 weeks, the stock has fallen 34.8%. During the past 52 weeks, the stock of Zomato Ltd has
performed worse than the three comparable companies, which saw changes between -51.4% and 20.0%.
During the 12 months ending 3/31/2022, the company has experienced losses totalling 1.67 Indian Rupees
per share. Note that the earnings number includes a 0.41 Net pre-tax credit in fiscal year 2022. This company
is currently trading at 8.53 times sales. The three companies vary greatly in terms of price to sales ratio:
trading from 0.32 times all the way up to 11.90 times their annual sales. Zomato Ltd is trading at 2.17 times
book value.
Summary of Company Valuations (as of 7/29/2022)
52 Week
Price/ Price/ Price/ Price
Company Earnings Book Sales Change
Zomato Ltd -28.0 2.17 8.53 -64.94%
Kakaku.com Inc 37.2 11.05 10.25 -12.97%
Netjoy Holdings Ltd 7.8 0.55 0.28 -68.71%
Beijing Quanshi World Online 78.7 2.07 0.54 -17.53%
Information Co Ltd
The market capitalization of this company is 357.69 billion Indian Rupees (US$4.51 billion) . Closely held
shares (i.e., those held by officers, directors, pension and benefit plans and those shareholders who own
more than 5% of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an
outsider to acquire a majority of the shares without the consent of management and other insiders. The
capitalization of the floating stock (i.e., that which is not closely held) is 97.74 billion Indian Rupees (US
$1.23 billion) .
Dividend Analysis
This company has paid no dividends during the last 12 months. The company also reported losses during the
previous 12 months. The company has not paid any dividends during the previous 5 fiscal years.
Zomato Ltd
Profitability Analysis
On the 41.92 billion Indian Rupees in sales reported by the company in 2022, the cost of goods sold totalled
5.25 billion Indian Rupees , or 12.5% of sales (i.e., the gross profit was 87.5% of sales). This gross profit
margin is lower than the company achieved in 2021, when cost of goods sold totalled 9.6% of sales. There
was a wide variation in the gross profit margins at the three comparable companies, from 9.9% of sales to
100.0% of sales. Some of this disparity may be due to different accounting standards. The company's
earnings before interest, taxes, depreciation and amorization (EBITDA) were -10.58 billion Indian Rupees ,
or -25.2% of sales. This EBITDA margin is better than the company achieved in 2021, when the EBITDA
margin was equal to -33.5% of sales. The three comparable companies had EBITDA margins that were all
higher (between -0.2% and 44.1%) than that achieved by Zomato Ltd. In 2022, earnings before extraordinary
items at Zomato Ltd were -12.09 billion Indian Rupees , or -28.8% of sales. This profit margin is an
improvement over the level the company achieved in 2021, when the profit margin was -40.8% of sales. The
company has reported losses before extraordinary items for each of the past 5 years. The company's
return on equity in 2022 was -15.8%. This was significantly better than the -177.7% return the company
achieved in 2021. (Extraordinary items have been excluded).
Profitability Comparison
Gross Earnings
Profit EBITDA Before
Company Year Margin Margin Extras
Zomato Ltd 2022 83.9% -25.2% -28.8%
Zomato Ltd 2021 83.5% -33.5% -40.8%
Kakaku.com Inc 2022 92.9% 47.5% 27.6%
Netjoy Holdings Ltd 2021 7.0% 5.3% 3.8%
Beijing Quanshi World Online Information Co 2021 4.6% 1.8% 1.3%
Ltd
Financial Position
As of March 2022, the company's long term debt was 510.00 million Indian Rupees and total liabilities (i.e.,
all monies owed) were 8.28 billion Indian Rupees . The long term debt to equity ratio of the company is very
low, at only 0.00. This company has a large cash balance: in 2022, the company had only 41.92 billion
Indian Rupees in sales, but its cash and short term investments as of March 2022 were 68.75 billion Indian
Rupees , or 1.6 times the annual sales. As of March 2022, the accounts receivable for the company were
5.35 billion Indian Rupees , which is equivalent to 47 days of sales. This is slightly higher than at the end of
2021, when Zomato Ltd had 37 days of sales in accounts receivable.
Financial Positions
Zomato Ltd
LT Debt Days Days R&D/

Company Year / Equity AR Inv. Sales
Zomato Ltd 2022 0.00 32 19 N/A
Kakaku.com Inc 2022 0.10 55 N/A 0.3%
Netjoy Holdings Ltd 2021 0.00 136 N/A 0.3%
Beijing Quanshi World Online 2021 0.00 16 N/A 1.4%
Information Co Ltd
Summary Analysis
Zomato Ltd
Fiscal Year End - March
Per Share - Indian Rupees
Value Ratios Equity Capital Earnings Dividends

Market Price/ Price/ Percent % Profit Book 12 Month 12 Month Percent
Price Earnings Book Dividend Earned Rate Value Earnings Percent Dividends Payout
Year Last Ratio Ratio Yield Growth (ROE) Start Yr Per Share Change Per Share Ratio
07/29/2022 46.80 -28.0 2.2 n/a n/a 9.74 -1.67 n/c
Sales Analysis
Zomato Ltd
Amounts are in Indian Rupees
Earnings before
Interest, Taxes, After Tax
Depreciation, Income before
and Extraordinary
Cost of Amortization Charges and
Sales Good Sold (EBITDA) Credits Employees
Year-to- After Tax
Amount in Year Amount in Percent Percent Of Percent Sales per Income per
Year Millions Growth Thousands Of Sales Amount Sales Amount Of Sales Number Employee Employee
- -
2019 13,126 181.7% 165,880 1.3% 9,603,530,0 -73.2% 9,652,280,00 -73.5%
00 0
- -
2020 26,047 98.4% 1,089,210 4.2% 22,903,410, -87.9% 23,671,580,0 -90.9% 3,469 7,508,611 -6,823,747
000 00
- -
2021 19,938 -23.5% 1,918,610 9.6% 6,687,430,0 -33.5% 8,128,160,00 -40.8% 3,755 5,309,691 -2,164,623
00 0
- -
2022 41,924 110.3% 5,246,000 12.5% 10,582,000, -25.2% 12,087,000,0 -28.8%
000 00
Price Analysis
Zomato Ltd
High Low Closing Quarterly 12 Months

Quarter Price Price Price % Change % Change
07/29/2022 46.800 -34.8% -64.9%
Earnings And Dividends Analysis
Zomato Ltd
Earnings Per Share Dividends Per Share

12 Months Qtr Reported 12 Months Qtr Reported
Earnings Dividends
Calendar Percent Q1 Q2 Q3 Q4 Percent Q1 Q2 Q3 Q4 Percent
Years Earnings Change Jun Sep Dec Mar Dividends Change Jun Sep Dec Mar Payout
2019 -1.23 0.0%
2020 -3.02 0.0%
2021 -0.29 -0.17 0.0%
2022 -1.67 -0.55 -0.57 -0.08 -0.47 0.0%
Wright Quality Rating®
Since 1970, Wright Investors' Service has rated all of the companies in its database (when there is sufficient
information available). The Wright Quality Rating measures the overall investment quality of a company.
Wright Quality Ratings are based on numerous individual measures of quality, grouped into four principle
components: (1) Investment Acceptance (i.e. stock liquidity), (2) Financial Strength, (3) Profitablilty &
Stability, and (4) Growth. The ratings are based on established principles using 5-6 years of corporate record
and other investment data.
The ratings consist of three letters and a number. Each letter reflects a composite qualitative measurement of
numerous individual standards which may be summarized as follows:
A = Outstanding; B = Excellent; C = Good; D = Fair; L = Limited; N = Not Rated
The number component of the Quality Rating is also a composite measurement of the annual corporate
growth, based on earnings and modified by growth rates of equity, dividends, and sales per common share.
The Growth rating may vary from 0 (lowest) to 20 (highest). (See sample Quality Rating below.)
Wright Quality Rating: BAC8

Investment Acceptance B Excellent
Financial Strength A Outstanding
Profitability & Stability C Good
Growth 8
The highest quality rating assigned by Wright is AAA20. This rating would be assigned to a company that
has a large and broad base of shareholders, an outstanding balance sheet, and strong and stable profitability.
The company would also have experienced superior growth over the past several years.
The Wright Quality Rating assigned to a company also takes into consideration country and industry
variations. If there is not sufficient information available, the quality rating will not be assigned or an "N"
(not-rated) will be applied for that particular quality criteria.
Wright Quality Rating® - Investment Acceptance
Zomato Ltd
Currency amounts are in millions of Indian Rupees
Wright Quality Rating CBD4

Investment Acceptance Rating C
Total Market Value of Shares Outstanding
Three-Year Average 8,907
Current Year 8,907
Public Market Value (Excludes Closely Held)
Three-Year Average 2,434
Current Year 2,434
Trading Volume
Three-Year Average 0
Current Year 0
Turnover Rate
Three-Year Average 0.0%
Current Year 0.0%
Stock Exchange Listings NSE
Number of Institutional Investors 0
Number of Shareholders 0
Closely Held Shares as % of Total Shares Outstanding 72.7%
Wright Quality Rating® - Financial Strength
Zomato Ltd

Financial Strength Rating B
Total Debt as % of Mkt Value 0.1%
Total Shareholders' Equity as % of Total Capital 99.6%
Solvency Score 47.4
Total Debt to Funds from Operations Ratio -
Total Debt as % of Total Capital 0.4%
Fixed Charge Coverage Ratio: (Pretax Income/Interest Expense & -98.6
Preferred Dividends)
Fixed Charge Coverage Ratio: (Pretax Income/"Net" Interest Expense 114.0
& Preferred Dividends)
Quick Ratio: (Cash & Receivables/Current Liabilities) 10.40
Current Ratio: (Current Assets/Current Liabilities) 10.6
Wright Quality Rating® - Profitability & Stability
Zomato Ltd

Profitablility & Stability Rating D
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 0.0%
Basic Trend 0.0%
Cash Earnings Return on Equity - Time-Weighted Average -25.4%
Basic Trend 4.0%
Cash Earnings Return on Equity - Stability Index 39.6%
Return On Assets (Time-Weighted Average) -42.1%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) -26.2%
Operating Income as % of Total Assets (Time-Weighted Average) -33.4%
Operating Income as % of Total Capital (Adjusted Rate) -85.3%
Wright Quality Rating® - Corporate Growth
Zomato Ltd
Figures are Time-Weighted Averages and are expressed on a Per Share Basis

Growth Rating 4
Normal Earnings Growth 0.0%
Cash Earnings Growth 0.7%
Cash Earnings Stability 0.0%
Earned Equity Growth 0.0%
Dividend Growth 0.0%
Operating Income Growth 0.0%
Assets Growth 25.0%
Sales/Revenues Growth 25.0%
Balance Sheet - (Actual Values)
Zomato Ltd
Amounts are in millions of Indian Rupees
2022 2021 2020 2019 2018

Fiscal Year End March March March March March
Assets
Cash & Short-Term Investments 68,746 37,056 6,838 23,817 10,279
Cash 3,923 3,065 1,672 2,124 1,004
Short-Term Investments 64,823 33,990 5,166 21,693 9,275
Receivables (Net) 5,349 1,995 2,651 4,650 653
Total Inventories 397 148 37 21 0
Raw Materials - - - - 0
Work in Process - - - - 0
Finished Goods 397 148 37 21 0
Progress Payments & Other - - - - 0
Prepaid Expenses - 950 449 634 66
Other Current Assets 958 1,357 2,658 596 102
Total Current Assets 75,450 41,505 12,634 29,718 11,099
Long-Term Receivables 670 54 297 287 114
Investment in Associated Companies - 0 0 0 0
Other Investments 83,051 0 0 73 95
Property Plant and Equipment - Net 1,157 838 1,034 1,325 242
Property Plant and Equipment - Gross - 1,742 1,773 1,885 697
Accumulated Depreciation - 904 739 560 454
Other Assets 12,942 44,638 15,039 2,731 2,193
Deferred Tax Asset - - - - -
Deferred Charges 0 22 53 40 5
Tangible Other Assets 50 30,063 105 112 519
Intangible Other Assets 12,892 14,553 14,881 2,578 1,669
Total Assets 173,270 87,035 29,004 34,134 13,745
Balance Sheet - (Actual Values)
Zomato Ltd
2022 2021 2020 2019 2018
Liabilities & Shareholders'

Equity
Accounts Payable 4,288 2,972 2,687 3,762 674
Short-Term Debt & Current Portion of
193 196 153 286 182
Long-Term Debt
Accrued Payroll - - - - -
Income Taxes Payable - 289 161 251 32
Dividends Payable - - - - -
Other Current Liabilities 2,634 1,721 4,207 2,762 478
Total Current Liabilities 7,115 5,177 7,208 7,061 1,366
Long-Term Debt 510 530 579 756 118
Long-Term Debt Excluding
0 0 15 13 13
Capitalized Leases
Capitalized Lease Obligations 510 530 564 743 105
Provision for Risks and Charges 653 259 167 143 72
Deferred Income 3 139 257 490 0
Deferred Tax Liability - - - - -
Other Liabilities 0 0 13,759 0 0
Total Liabilities - - - - -
Non-Equity Reserves 0 0 0 0 0
Minority Interest -66 -57 -65 -314 84
Preferred Stock - 4,549 2,524 2,437 1,744
Common Equity 165,055 76,438 4,574 23,562 10,361
Total Liabilities & Shareholders'
173,270 87,035 29,004 34,134 13,745
Equity
Balance Sheet - (Common Size)
Zomato Ltd
Figures are expressed as Percent of Total Assets
Total Assets are in millions of Indian Rupees
2022 2021 2020 2019 2018

Assets
Total Assets 173,270 87,035 29,004 34,134 13,745
Cash & Short-Term Investments 39.7% 42.6% 23.6% 69.8% 74.8%
Cash 2.3% 3.5% 5.8% 6.2% 7.3%
Short-Term Investments 37.4% 39.1% 17.8% 63.6% 67.5%
Receivables (Net) 3.1% 2.3% 9.1% 13.6% 4.7%
Total Inventories 0.2% 0.2% 0.1% 0.1% 0.0%
Raw Materials - - - - 0.0%
Work in Process - - - - 0.0%
Finished Goods 0.2% 0.2% 0.1% 0.1% 0.0%
Progress Payments & Other - - - - 0.0%
Prepaid Expenses - 1.1% 1.5% 1.9% 0.5%
Other Current Assets 0.6% 1.6% 9.2% 1.7% 0.7%
Total Current Assets 43.5% 47.7% 43.6% 87.1% 80.8%
Long-Term Receivables 0.4% 0.1% 1.0% 0.8% 0.8%
Investments in Associated Companies - 0.0% 0.0% 0.0% 0.0%
Other Investments 47.9% 0.0% 0.0% 0.2% 0.7%
Property Plant and Equipment - Net 0.7% 1.0% 3.6% 3.9% 1.8%
Property Plant and Equipment - Gross - 2.0% 6.1% 5.5% 5.1%
Accumulated Depreciation - 1.0% 2.5% 1.6% 3.3%
Other Assets 7.5% 51.3% 51.9% 8.0% 16.0%
Deferred Charges 0.0% 0.0% 0.2% 0.1% 0.0%
Tangible Other Assets 0.0% 34.5% 0.4% 0.3% 3.8%
Intangible Other Assets 7.4% 16.7% 51.3% 7.6% 12.1%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Balance Sheet - (Common Size)
Zomato Ltd
Figures are expressed as Percent of Total Assets
Total Assets are in millions of Indian Rupees
2022 2021 2020 2019 2018

Equity
Accounts Payable 2.5% 3.4% 9.3% 11.0% 4.9%
0.1% 0.2% 0.5% 0.8% 1.3%
Long-Term Debt
Income Taxes Payable - 0.3% 0.6% 0.7% 0.2%
Other Current Liabilities 1.5% 2.0% 14.5% 8.1% 3.5%
Total Current Liabilities 4.1% 5.9% 24.9% 20.7% 9.9%
Long-Term Debt 0.3% 0.6% 2.0% 2.2% 0.9%
0.0% 0.0% 0.1% 0.0% 0.1%
Capitalized Leases
Capitalized Lease Obligations 0.3% 0.6% 1.9% 2.2% 0.8%
Provision for Risks and Charges 0.4% 0.3% 0.6% 0.4% 0.5%
Deferred Income 0.0% 0.2% 0.9% 1.4% 0.0%
Other Liabilities 0.0% 0.0% 47.4% 0.0% 0.0%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% -0.1% -0.2% -0.9% 0.6%
Preferred Stock - 5.2% 8.7% 7.1% 12.7%
Common Equity 95.3% 87.8% 15.8% 69.0% 75.4%
100.0% 100.0% 100.0% 100.0% 100.0%
Equity
Balance Sheet - (Year-to-Year Percent Change)
Zomato Ltd
Figures are the Percent Changes from the Prior Year
2022 2021 2020 2019 2018

Assets
Cash & Short-Term Investments 85.5% 441.9% -71.3% 131.7% -
Cash 28.0% 83.3% -21.3% 111.6% -
Short-Term Investments 90.7% 557.9% -76.2% 133.9% -
Receivables (Net) 168.1% -24.8% -43.0% 612.6% -
Total Inventories 168.3% 297.0% 74.9% - -
Raw Materials - - - - -
Work in Process - - - - -
Finished Goods 168.3% 297.0% 74.9% - -
Progress Payments & Other - - - - -
Prepaid Expenses - 111.4% -29.1% 861.4% -
Other Current Assets -29.4% -48.9% 345.9% 484.4% -
Total Current Assets 81.8% 228.5% -57.5% 167.7% -
Long-Term Receivables 1151.9% -82.0% 3.5% 150.9% -
Investments in Associated Companies - - -100.0% 0.0% -
Other Investments - - -100.0% -23.8% -
Property Plant and Equipment - Gross - -1.8% -5.9% 170.7% -
Accumulated Depreciation - 22.3% 31.9% 23.3% -
Property Plant and Equipment - Net 38.0% -18.9% -21.9% 447.3% -
Other Assets - - - - -
Deferred Charges -100.0% -58.8% 34.3% 647.3% -
Tangible Other Assets -99.8% 28596.7% -6.8% -78.4% -
Intangible Other Assets -11.4% -2.2% 477.1% 54.5% -
Total Assets - - - - -
Balance Sheet - (Year-to-Year Percent Change)
Zomato Ltd
2022 2021 2020 2019 2018

Equity
Accounts Payable 44.3% 10.6% -28.6% 458.6% -
-1.5% 28.2% -46.6% 57.3% -
Long-Term Debt
Income Taxes Payable - 79.3% -35.8% 687.1% -
Other Current Liabilities 53.0% -59.1% 52.3% 477.4% -
Total Current Liabilities 37.4% -28.2% 2.1% 417.0% -
Long-Term Debt -3.7% -8.5% -23.4% 538.0% -
- -100.0% 11.7% -0.8% -
Capitalized Leases
Capitalized Lease Obligations -3.7% -6.1% -24.0% 605.9% -
Provision for Risks and Charges 152.1% 55.1% 17.0% 99.0% -
Deferred Income -97.8% -46.0% -47.4% - -
Other Liabilities - -100.0% - - -
Non-Equity Reserves - - - - -
Minority Interest 15.6% -12.2% -79.3% -472.5% -
Preferred Stock - 80.2% 3.6% 39.8% -
Common Equity 115.9% 1571.2% -80.6% 127.4% -
- - - - -
Equity
Balance Sheet - (3-Year Averages)
Zomato Ltd
2022 2021 2020 2019 2018

Assets
Cash & Short-Term Investments 37,547 22,570 13,645 - -
Cash 2,887 2,287 1,600 - -
Short-Term Investments 34,660 20,283 12,045 - -
Receivables (Net) 3,332 3,099 2,651 - -
Total Inventories 194 69 20 - -
Raw Materials - - - - -
Work In Process - - - - -
Finished Goods 194 69 20 - -
Progress Payments & Other - - - - -
Prepaid Expenses - 678 383 - -
Other Current Assets 1,658 1,537 1,119 - -
Total Current Assets 43,196 27,952 17,817 - -
Long-Term Receivables 340 213 233 - -
Investments in Associated Companies - 0 0 - -
Other Investments 27,684 24 56 - -
Property Plant and Equipment - Net 1,010 1,066 867 - -
Property Plant and Equipment - Gross - 1,800 1,452 - -
Accumulated Depreciation - 734 585 - -
Other Assets 24,206 20,803 6,654 - -
Deferred Charges 25 38 33 - -
Tangible Other Assets 10,072 10,093 245 - -
Intangible Other Assets 14,109 10,671 6,376 - -
Total Assets 96,436 50,058 25,628 - -
Balance Sheet - (3-Year Averages)
Zomato Ltd
2022 2021 2020 2019 2018

Equity
Accounts Payable 3,316 3,140 2,374 - -
181 212 207 - -
Long-Term Debt
Income Taxes Payable - 233 148 - -
Other Current Liabilities 2,854 2,897 2,483 - -
Total Current Liabilities 6,500 6,482 5,212 - -
Long-Term Debt 540 622 484 - -
5 9 14 - -
Capitalized Leases
Capitalized Lease Obligations 535 612 471 - -
Provision for Risks and Charges 360 190 127 - -
Deferred Income 133 295 249 - -
Other Liabilities 4,586 4,586 4,586 - -
Total Liabilities 12,119 12,175 10,659 - -
Non-Equity Reserves 0 0 0 - -
Minority Interest -63 -145 -98 - -
Preferred Stock - 3,170 2,235 - -
Common Equity 82,022 34,858 12,832 - -
96,436 50,058 25,628 - -
Equity
Income Statement - (Actual Values)
Zomato Ltd
2022 2021 2020 2019 2018

Net Sales or Revenues 41,924 19,938 26,047 13,126 4,660
Cost of Goods Sold 5,246 1,919 1,089 166 0
Depreciation, Depletion & Amortization 1,503 1,377 842 431 291
Gross Income 35,175 16,642 24,116 12,529 4,369
Selling, General & Administrative
28,499 22,423 47,856 35,318 5,513
Expenses
Other Operating Expenses 26,687 261 147 79 54
Total Operating Expenses 61,935 25,980 49,935 35,994 5,859
Operating Income -20,011 -6,042 -23,887 -22,868 -1,198
Extraordinary Credit - Pretax - 6 279 3,451 15
Extraordinary Charge - Pretax 253 3,254 1,478 331 1
Non-Operating Interest Income - 224 265 133 -
Reserves - Increase/Decrease - - - - -
Pretax Equity in Earnings 3 0 0 0 0
Other Income/Expense - Net 8,176 1,002 1,076 9,579 168
Earnings before Interest, Taxes,
Depreciation & Amortization -10,582 -6,687 -22,903 -9,604 -725
(EBITDA)
Earnings before Interest & Taxes
-12,085 -8,065 -23,746 -10,035 -1,016
(EBIT)
Interest Expense on Debt 120 86 110 70 53
Interest Capitalized - 0 0 0 0
Pretax Income -12,205 -8,151 -23,856 -10,105 -1,069
Income Taxes 20 13 0 0 0
Minority Interest -138 -36 -184 -453 -32
Equity in Earnings - 0 0 0 0
After Tax Other Income/Expense 0 0 0 0 0
Discontinued Operations 0 0 0 0 0
Income Statement - (Actual Values)
Zomato Ltd
2022 2021 2020 2019 2018

Net Income before Extraordinary
-12,087 -8,128 -23,672 -9,652 -1,037
Items and Preferred Dividends
Extraordinary Items & Gain/Loss Sale of
0 0 0 0 0
Assets
Preferred Dividend Requirements 0 0 0 0 0
Net Income after Preferred Dividends
-12,087 -8,128 -23,672 -9,652 -1,037
- Available to Common Shares
Income Statement - (Common Size)
Zomato Ltd
Figures are expressed as Percent of Net Sales or Revenues
Net Sales or Revenues are in millions of Indian Rupees
2022 2021 2020 2019 2018

Cost of Goods Sold 12.5% 9.6% 4.2% 1.3% 0.0%
Depreciation, Depletion & Amortization 3.6% 6.9% 3.2% 3.3% 6.3%
Gross Income 83.9% 83.5% 92.6% 95.5% 93.7%
68.0% 112.5% 183.7% 269.1% 118.3%
Expenses
Other Operating Expenses 63.7% 1.3% 0.6% 0.6% 1.2%
Total Operating Expenses 147.7% 130.3% 191.7% 274.2% 125.7%
Operating Income -47.7% -30.3% -91.7% -174.2% -25.7%
Extraordinary Credit - Pretax - 0.0% 1.1% 26.3% 0.3%
Extraordinary Charge - Pretax 0.6% 16.3% 5.7% 2.5% 0.0%
Non-Operating Interest Income - 1.1% 1.0% 1.0% -
Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income/Expense - Net 19.5% 5.0% 4.1% 73.0% 3.6%
Depreciation & Amortization -25.2% -33.5% -87.9% -73.2% -15.6%
(EBITDA)
-28.8% -40.4% -91.2% -76.5% -21.8%
(EBIT)
Interest Expense on Debt 0.3% 0.4% 0.4% 0.5% 1.1%
Interest Capitalized - 0.0% 0.0% 0.0% 0.0%
Pretax Income -29.1% -40.9% -91.6% -77.0% -22.9%
Income Taxes 0.0% 0.1% 0.0% 0.0% 0.0%
Minority Interest -0.3% -0.2% -0.7% -3.5% -0.7%
Equity in Earnings - 0.0% 0.0% 0.0% 0.0%
After Tax Other Income/Expense 0.0% 0.0% 0.0% 0.0% 0.0%
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Income Statement - (Common Size)
Zomato Ltd
Net Sales or Revenues are in millions of Indian Rupees
2022 2021 2020 2019 2018

-28.8% -40.8% -90.9% -73.5% -22.2%
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%
-28.8% -40.8% -90.9% -73.5% -22.2%
Income Statement - (Year-to-Year Percent Change)
Zomato Ltd
2022 2021 2020 2019 2018

Net Sales or Revenues 110.3% -23.5% 98.4% 181.7% -
Cost of Goods Sold 173.4% 76.1% 556.6% - -
Depreciation, Depletion & Amortization 9.1% 63.5% 95.3% 48.0% -
Gross Income 111.4% -31.0% 92.5% 186.8% -
27.1% -53.1% 35.5% 540.6% -
Expenses
Other Operating Expenses 10132.0% 77.4% 87.1% 45.6% -
Total Operating Expenses 138.4% -48.0% 38.7% 514.4% -
Operating Income 231.2% -74.7% 4.5% 1808.3% -
Extraordinary Credit - Pretax - -97.9% -91.9% 23108.7% -
Extraordinary Charge - Pretax -92.2% 120.1% 347.1% 52393.7% -
Non-Operating Interest Income - -15.5% 98.5% - -
Pretax Equity in Earnings - - - - -
Other Income/Expense - Net 715.8% -6.9% -88.8% 5611.2% -
Depreciation & Amortization 58.2% -70.8% 138.5% 1224.8% -
(EBITDA)
49.8% -66.0% 136.6% 887.3% -
(EBIT)
Interest Expense on Debt 38.9% -21.7% 57.0% 33.0% -
Interest Capitalized - - - - -
Pretax Income 49.7% -65.8% 136.1% 845.1% -
Income Taxes 53.4% - - - -
Minority Interest 282.1% -80.4% -59.3% 1298.1% -
Equity in Earnings - - - - -
After Tax Other Income/Expense - - - - -
Discontinued Operations - - - - -
Income Statement - (Year-to-Year Percent Change)
Zomato Ltd
2022 2021 2020 2019 2018

48.7% -65.7% 145.2% 831.0% -
- - - - -
Assets
Preferred Dividend Requirements - - - - -
48.7% -65.7% 145.2% 831.0% -
Income Statement - (3-Year Averages)
Zomato Ltd
2021 2020 2019 2018 2017

Fiscal Year End March March
Net Sales or Revenues 19,704 14,611
Cost of Goods Sold 1,058 418
Depreciation, Depletion & Amortization 884 522
Gross Income 17,762 13,671
35,199 29,562
Expenses
Other Operating Expenses 162 93
Total Operating Expenses 37,303 30,596
Operating Income -17,599 -15,985
Extraordinary Credit - Pretax 1,245 1,248
Extraordinary Charge - Pretax 1,688 603
Non-Operating Interest Income 207 -
Reserves - Increase/Decrease - -
Pretax Equity in Earnings 0 0
Other Income/Expense - Net 3,886 3,608
Depreciation & Amortization -13,065 -11,077
(EBITDA)
-13,949 -11,599
(EBIT)
Interest Expense on Debt 89 78
Interest Capitalized 0 0
Pretax Income -14,037 -11,677
Income Taxes 4 0
Minority Interest -224 -223
Equity in Earnings 0 0
After Tax Other Income/Expense 0 0
Discontinued Operations 0 0
Income Statement - (3-Year Averages)
Zomato Ltd
2021 2020 2019 2018 2017

-13,817 -11,454
0 0
Assets
Preferred Dividend Requirements 0 0
-13,817 -11,454
Interim Income Statement - (Actual Values)
Zomato Ltd
03/31/2022 09/30/2021 03/31/2021 12/31/2020 3/31/2021

12:00:00
AM
Cost of Goods Sold 9,856 11,893 11,359 8,302 725
Depreciation, Depletion & Amortization 377 387 384 355 346
Gross Income 1,885 -1,160 -1,501 -213 5,853
6,759 4,115 4,241 3,907 7,636
Expenses
Other Operating Expenses 0 0 0 0 139
Total Operating Expenses - - - - -
Operating Income -4,874 -5,275 -5,742 -4,120 -1,922
Extraordinary Credit - Pretax - - - - 6
Extraordinary Charge - Pretax 94 - - 159 -
Non-Operating Interest Income - - - - -
Pretax Equity in Earnings 2 -1 2 0 0
Other Income/Expense - Net 1,397 4,635 1,422 722 613
Depreciation & Amortization -3,192 -254 -3,934 -3,202 -957
(EBITDA)
-3,569 -641 -4,318 -3,557 -1,303
(EBIT)
Interest Expense on Debt - - - - -
Pretax Income -3,594 -672 -4,349 -3,590 -1,342
Income Taxes 3 0 0 17 0
Minority Interest -66 - -152 - -57
Equity in Earnings - - - 0 0
Discontinued Operations 0 0 0 0 0
Interim Income Statement - (Actual Values)
Zomato Ltd
03/31/2022 09/30/2021 03/31/2021 12/31/2020 3/31/2021

12:00:00
AM
-3,597 -632 -4,296 -3,562 -1,308
0 0 0 0 0
Assets
Preferred Dividend Requirements 0 0 0 0 0
-3,597 -632 -4,296 -3,562 -1,308
Interim Income Statement - (Common Size)
Zomato Ltd
03/31/2022 09/30/2021 03/31/2021 12/31/2020 3/31/2021

12:00:00
AM
Cost of Goods Sold 81.3% 107.0% 110.9% 98.3% 10.5%
Depreciation, Depletion & Amortization 3.1% 3.5% 3.7% 4.2% 5.0%
Gross Income 15.6% -10.4% -14.7% -2.5% 84.5%
55.8% 37.0% 41.4% 46.3% 110.3%
Expenses
Other Operating Expenses 0.0% 0.0% 0.0% 0.0% 2.0%
Total Operating Expenses - - - - -
Operating Income -40.2% -47.4% -56.1% -48.8% -27.8%
Extraordinary Credit - Pretax - - - - 0.1%
Extraordinary Charge - Pretax 0.8% - - 1.9% -
Non-Operating Interest Income - - - - -
Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income/Expense - Net 11.5% 41.7% 13.9% 8.6% 8.9%
Depreciation & Amortization -26.3% -2.3% -38.4% -37.9% -13.8%
(EBITDA)
-29.5% -5.8% -42.2% -42.1% -18.8%
(EBIT)
Interest Expense on Debt - - - - -
Pretax Income -29.7% -6.0% -42.5% -42.5% -19.4%
Income Taxes 0.0% 0.0% 0.0% 0.2% 0.0%
Minority Interest -0.5% - -1.5% - -0.8%
Equity in Earnings - - - 0.0% 0.0%
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Interim Income Statement - (Common Size)
Zomato Ltd
03/31/2022 09/30/2021 03/31/2021 12/31/2020 3/31/2021

12:00:00
AM
-29.7% -5.7% -41.9% -42.2% -18.9%
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%
-29.7% -5.7% -41.9% -42.2% -18.9%
Sources of Capital - Net Change
Zomato Ltd
Year-to-year % changes pertain to reported Balance Sheet values
2022 2021 2020 2019 2018

Total Capital 165,499 81,460 7,612 26,441 12,307
Percent of Total Capital
Short-Term Debt 0.1% 0.2% 2.0% 1.1% 1.5%
Long-Term Debt 0.3% 0.7% 7.6% 2.9% 1.0%
Other Liabilities 0.0% 0.0% 180.8% 0.0% 0.0%
Total Liabilities 5.0% 7.5% 288.6% 32.0% 12.6%
Minority Interest 0.0% -0.1% -0.9% -1.2% 0.7%
Preferred Stock - 5.6% 33.2% 9.2% 14.2%
Retained Earnings 95.1% -64.4% -577.2% -78.9% -98.9%
Common Equity 99.7% 93.8% 60.1% 89.1% 84.2%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%
Year-to-Year Net Changes
Short-Term Debt -3 43 -133 104 -
Long-Term Debt -20 -49 -177 637 -
Other Liabilities 0 -13,759 13,759 0 -
Total Liabilities 2,176 -15,866 13,522 6,893 -
Minority Interest -9 8 249 -399 -
Preferred Stock - 2,025 87 693 -
Retained Earnings 209,847 -8,503 -23,059 -8,704 -
Common Equity 88,617 71,864 -18,988 13,201 -
Total Capital 84,039 73,848 -18,829 14,133 -
Year-to-Year Percent Changes
Short-Term Debt -1.5% 28.2% -46.6% 57.3% -
Long-Term Debt -3.7% -8.5% -23.4% 538.0% -
Other Liabilities - -100.0% - - -
Total Liabilities 35.6% -72.2% 160.0% 443.0% -
Sources of Capital - Net Change
Zomato Ltd
Year-to-year % changes pertain to reported Balance Sheet values
2022 2021 2020 2019 2018

Minority Interest 15.6% -12.2% -79.3% -472.5% -
Preferred Stock - 80.2% 3.6% 39.8% -
Retained Earnings -400.2% 19.4% 110.5% 71.5% -
Common Equity 115.9% 1571.2% -80.6% 127.4% -
Total Capital 103.2% 970.2% -71.2% 114.8% -
Total Liabilities & Common Equity
Total Liabilities 8,281 6,105 21,971 8,449 1,556
Net Change in Liabilities as % of Total
26.3% -259.9% 61.5% 81.6% -
Liabilities
Common Equity 165,055 76,438 4,574 23,562 10,361
Net Change in Common Equity as % of
53.7% 94.0% -415.1% 56.0% -
Common Equity
Cash Flow
Operating Activities -6,244 -10,150 -21,295 -17,367 -673
Financing Activities 87,600 64,105 3,699 31,376 9,466
Investing Activities 80,504 52,545 -17,101 12,876 8,279
Accounting Ratios
Zomato Ltd
2022 2021 2020 2019 2018

Current Assets Turnover - Sales / Current
0.6 0.5 2.1 0.4 0.4
Assets
Current Assets / Working Capital 1.1 1.1 2.3 1.3 1.1
Cash & Short Term Investments +
68,746 37,056 6,838 23,817 10,279
Restricted Cash
Cash & Short Term Investments +
91.1% 89.3% 54.1% 80.1% 92.6%
Restricted Cash % Current Assets
Cash Asset Ratio: Cash & Short Term
966.2% 715.7% 94.9% 337.3% 752.6%
Investments % Current Liabilities
Net Receivables 5,349 1,995 2,651 4,650 653
Net Receivables % Total Current Assets 7.1% 4.8% 21.0% 15.6% 5.9%
Net Receivable Turnover 7.8 10.0 9.8 2.8 7.1
Net Receivable Ratio: Collection in
32 43 51 74
Days
Inventories 397 148 37 21 0
Inventories % Current Assets 0.5% 0.4% 0.3% 0.1% 0.0%
Inventory Turnover - Inventory / Cost of
19 21 37 16
Goods Sold
Inventory Period Ratio - Number of
19 18 10 23
Days
Accounts Payable 4,288 2,972 2,687 3,762 674
Accounts Payable Turnover: Cost of
1.2 0.6 0.4 0.0 0.0
Goods Sold / Accounts Payable
Accounts Payable Ratio - Number of
298 565 901 8278 -
Days
Length of Operating & Conversion
Cycles
Length of Operating Cycle in Days 51 60 61 97
Length of Cash Conversion Cycle in
-247 -502 -812 -8189 -
Days
Liquidity Measures
Current Ratio 10.60 8.02 1.75 4.21 8.13
Quick Ratio 10.41 7.54 1.32 4.03 8.00
Accounting Ratios
Zomato Ltd
2022 2021 2020 2019 2018

Acid Test Ratio 10.4 7.5 1.3 4.0 8.0
Absolute Liquidity Ratio 9.7 7.2 0.9 3.4 7.5
Tangible Book Value % Regular Book
92.2% 81.0% -225.3% 89.1% 83.9%
Value
Total Asset Turnover 0.2 0.2 0.9 0.4 0.3
Shareholders' Common Equity % Total
99.7% 93.8% 60.1% 89.1% 84.2%
Capital
Enterprise Value % Yield [EBDITA /
- - - - -
Enterprise Value]
Adjusted Earnings % Yield [EBIT /
- - - - -
Enterprise Value]</td>
Enterprise Value / Revenues Ratio - - - - -
Enterprise Value / Assets Ratio - - - - -
Gross Property, Plant & Equipment
- 11.4 14.7 7.0 6.7
Turnover
Net Property, Plant & Equipment
36.2 23.8 25.2 9.9 19.2
Turnover
Depreciation, Depletion & Amortization
51.9% 41.7% 29.7% 65.2%
% Gross Property, Plant & Equip
Depreciation, Depletion & Amortization
- 107.8% 71.5% 42.3% 187.7%
% Net Property, Plant & Equipment
Capital Expenditure % Gross Fixed
- 2.8% 12.0% 23.9% 7.6%
Assets
Analytical Ratios
Zomato Ltd
2022 2021 2020 2019 2018

Current Assets Turnover: Sales /
0.6 0.5 2.1 0.4 0.4
Current Assets
Current Assets % Total Assets 43.5% 47.7% 43.6% 87.1% 80.8%
[Cash & Short-Term Investments +
39.7% 42.6% 23.6% 69.8% 74.8%
Restricted Cash] % Total Assets
Increase/Decrease in Cash & Cash
858 1,393 -452 1,120 526
Equivalents
Accounts Receivable Turnover 7.8 10.0 9.8 2.8 7.1
Accounts Receivable % Total Debt 760.9% 274.8% 362.3% 446.3% 217.2%
Accounts Payable Turnover: Cost of
1.2 0.6 0.4 0.0 0.0
Goods Sold / Accounts Payable
Current Liabilities / Working Capital 0.1 0.1 1.3 0.3 0.1
Working Capital Turnover Ratio: Net
0.6 0.5 4.8 0.6 0.5
Sales / Working Capital
Current Assets / Total Assets 0.4 0.5 0.4 0.9 0.8
Working Capital Ratio: Current Assets /
10.6 8.0 1.8 4.2 8.1
Current Liabilities
Working Capital per Employee - 9,674,570 1,563,920 - -
Total Liabilities / Total Assets 0.0 0.1 0.8 0.2 0.1
Current Assets / Working Capital 1.1 1.1 2.3 1.3 1.1
Total Long Term Receivables &
48.3% 0.1% 1.0% 1.1% 1.5%
Investments % Total Assets
Long Term Receivables % Total
0.4% 0.1% 1.0% 0.8% 0.8%
Assets
Investment in Associate Companies
0.0% 0.0% 0.0% 0.0% 0.0%
% Total Assets
Other Investments % Total Assets 47.9% 0.0% 0.0% 0.2% 0.7%
Tangible Book Value % Regular Book
92.2% 81.0% -225.3% 89.1% 83.9%
Value
Tangible Equity % Total Assets 87.8% 71.1% -35.5% 61.5% 63.2%
Total Asset Turnover 0.2 0.2 0.9 0.4 0.3
Total Assets per Employee - 23,178,543 8,360,859 - -
Analytical Ratios
Zomato Ltd
2022 2021 2020 2019 2018

Free Asset Ratio: [Total Assets - Total
95.2% 93.0% 24.2% 75.2% 88.7%
Liabilities] % Total Assets
Total Borrowing % Total Assets 0.4% 0.8% 2.5% 3.1% 2.2%
Enterprise Value % Yield: EBITDA /
- - - - -
Enterprise Value
Adjusted Earnings % Yield: EBIT /
- - - - -
Enterprise Value
Enterprise Value / Sales - - - - -
Enterprise Value / Assets - - - - -
Enterprise Value per Employee - - - - -
Gross Property, Plant & Equipment
0.0% 2.0% 6.1% 5.5% 5.1%
(PP&E) % Total Assets
Accumulated Depreciation, Depletion &
0.0% 1.0% 2.5% 1.6% 3.3%
Amortization % Total Assets
1,157 838 1,034 1,325 242
(PP&E)
0.7% 1.0% 3.6% 3.9% 1.8%
(PP&E) % Total Assets
36.2 23.8 25.2 9.9 19.2
Turnover: [Net Sales / Net PP&E]
Capital Expenditures % Total Sales 1.4% 0.2% 0.8% 3.4% 1.1%
Capital Expenditures % Gross Fixed
- 2.8% 12.0% 23.9% 7.6%
Assets
Funds from Operations % Total Sales -20.8% -13.0% -82.3% -146.6% -16.1%
Funds from Operations % Total Assets -5.0% -3.0% -73.9% -56.4% -5.5%
Asset Utilization
Zomato Ltd
Figures are expressed as the percent of Net Sales
2022 2021 2020 2019 2018

Net Sales 41,924 19,938 26,047 13,126 4,660
Cash & Cash Equivalents 164.0% 185.9% 26.3% 181.5% 220.6%
Short-Term Investments 154.6% 170.5% 19.8% 165.3% 199.0%
Accounts Receivable 12.8% 10.0% 10.2% 35.4% 14.0%
Inventories 0.9% 0.7% 0.1% 0.2% 0.0%
Other Current Assets 2.3% 6.8% 10.2% 4.5% 2.2%
Total Current Assets 180.0% 208.2% 48.5% 226.4% 238.2%
Total Long-Term Receivables &
199.7% 0.3% 1.1% 2.7% 4.5%
Investments
Long-Term Receivables 1.6% 0.3% 1.1% 2.2% 2.5%
Investments in Associated Companies - 0.0% 0.0% 0.0% 0.0%
Other Investments 198.1% 0.0% 0.0% 0.6% 2.0%
Property, Plant & Equipment - Gross - 8.7% 6.8% 14.4% 14.9%
Accumulated Depreciation - 4.5% 2.8% 4.3% 9.8%
Property Plant & Equipment - Net 2.8% 4.2% 4.0% 10.1% 5.2%
Other Assets 30.9% 223.9% 57.7% 20.8% 47.1%
Total Assets 413.3% 436.5% 111.4% 260.1% 294.9%
Employee Efficiency
Zomato Ltd
Values per Employee are in Indian Rupees
2021 2020 2019 2018 2017

Fiscal Year End March March
Employees 3,755 3,469
Values per Employee
Sales 5,309,691 7,508,611
Net Income -2,164,623 -6,823,747
Cash Earnings -687,896 -6,182,819
Working Capital 9,674,570 1,563,920
Total Debt 193,308 210,954
Total Capital 21,693,726 2,194,214
Total Assets 23,178,543 8,360,859
Year to Year % Change per Employee
Employees 8.2%
Sales -29.3%
Net Income -68.3%
Cash Earnings -88.9%
Working Capital 518.6%
Total Debt -8.4%
Total Capital 888.7%
Total Assets 177.2%
Fixed Charges Coverage
Zomato Ltd
2022 2021 2020 2019 2018

EBIT/Total Interest Expense -100.7 -93.4 -215.4 -142.9 -19.3
EBIT/Net Interest -100.7 - - - -19.3
EBIT/[Total Interest Expense + Preferred
-100.7 -93.4 -215.4 -142.9 -19.3
Dividends]
EBIT/Dividends on Common Shares - - - - -
EBIT/[Dividends on Common +
- - - - -
Preferred Shares]
EBITDA/Total Interest Expense -88.2 -77.4 -207.8 -136.8 -13.7
EBITDA/Net Interest -88.2 - - - -13.7
EBITDA/[Total Interest Expense +
-88.2 -77.4 -207.8 -136.8 -13.7
Preferred Dividends]
EBITDA/Dividends on Common Shares - - - - -
EBITDA/[Dividends on Common +
- - - - -
Preferred Shares]
Leverage Analysis
Zomato Ltd
2022 2021 2020 2019 2018

Long-Term Debt
Long-Term Debt % of EBIT -4.2% -6.6% -2.4% -7.5% -11.7%
Long-Term Debt % of EBITDA -4.8% -7.9% -2.5% -7.9% -16.3%
Long-Term Debt % of Total Assets 0.3% 0.6% 2.0% 2.2% 0.9%
Long-Term Debt % of Total Capital 0.3% 0.7% 7.6% 2.9% 1.0%
Long-Term Debt % of Common Equity 0.3% 0.7% 12.7% 3.2% 1.1%
Total Debt
Total Debt % of EBIT -5.8% -9.0% -3.1% -10.4% -29.6%
Total Debt % of EBITDA -6.6% -10.9% -3.2% -10.9% -41.5%
Total Debt % of Total Assets 0.4% 0.8% 2.5% 3.1% 2.2%
Total Debt % of Total Capital 0.4% 0.9% 9.6% 3.9% 2.4%
Total Debt % of [Total Capital + Short-
0.4% 0.9% 9.4% 3.9% 2.4%
Term Debt]
Total Debt % of Common Equity 0.4% 0.9% 16.0% 4.4% 2.9%
Minority Interest
Minority Interest % of EBIT 0.5% 0.7% 0.3% 3.1% -8.3%
Minority Interest % of EBITDA 0.6% 0.9% 0.3% 3.3% -11.6%
Minority Interest % of Total Assets 0.0% -0.1% -0.2% -0.9% 0.6%
Minority Interest % of Total Capital 0.0% -0.1% -0.9% -1.2% 0.7%
Minority Interest % of Common Equity 0.0% -0.1% -1.4% -1.3% 0.8%
Preferred Stock
Preferred Stock % of EBIT -56.4% -10.6% -24.3% -171.6%
Preferred Stock % of EBITDA -68.0% -11.0% -25.4% -240.5%
Preferred Stock % of Total Assets 5.2% 8.7% 7.1% 12.7%
Preferred Stock % of Total Capital 5.6% 33.2% 9.2% 14.2%
Preferred Stock % of Total Equity 6.0% 55.2% 10.3% 16.8%
Common Equity
Leverage Analysis
Zomato Ltd
2022 2021 2020 2019 2018

Common Equity % of Total Assets 95.3% 87.8% 15.8% 69.0% 75.4%
Common Equity % of Total Capital 99.7% 93.8% 60.1% 89.1% 84.2%
Total Capital % of Total Assets 95.5% 93.6% 26.2% 77.5% 89.5%
Capital Expenditure % of Sales 1.4% 0.2% 0.8% 3.4% 1.1%
Fixed Assets % of Common Equity 0.7% 1.1% 22.6% 5.6% 2.3%
Working Capital % of Total Capital 41.3% 44.6% 71.3% 85.7% 79.1%
Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0%
Funds From Operations % of Total Debt -1241.4% -355.9% -2930.9% -1846.9% -249.3%
Liquidity Analysis
Zomato Ltd
2021 2020 2019 2018 2017

Fiscal Year End March March March March
Total Current Assets % Net Sales 208.2% 48.5% 226.4% 238.2%
Current Assets / Working Capital 1.1 2.3 1.3 1.1
Cash & Short-Term Investments % Total
89.3% 54.1% 80.1% 92.6%
Current Assets
Cash & Short-Term Investments % Total
42.6% 23.6% 69.8% 74.8%
Assets
Liquidity Measures
Current Ratio: Current Assets / Current
8.02 1.75 4.21 8.13
Liabilities
Quick Ratio: [Current Assets -
7.54 1.32 4.03 8.00
Inventories] / Current Liabilities
Acid Test Ratio 7.5 1.3 4.0 8.0
Absolute Liquidity Ratio 7.2 0.9 3.4 7.5
Net Receivables Turnover: Net Sales /
10.0 9.8 2.8 7.1
Net Receivables
Inventories % of Current Assets 0.4% 0.3% 0.1% 0.0%
Inventories Turnover: Cost of Goods
20.71 37.19 15.57 -
Sold / Inventories
Current Liabilities % Total Assets 5.9% 24.9% 20.7% 9.9%
Working Capital Turnover: Total Sales /
0.5 4.8 0.6 0.5
Working Capital
Working Capital Ratio: Working Capital
41.7% 18.7% 66.4% 70.8%
% Total Assets
Length of Operating & Conversion
Cycles
Length of Operating Cycle in Days 60 61 97 -
Length of Cash Conversion Cycle in
-502 -812 -8189 -
Days
Current Assets % Total Liabilities 679.8% 57.5% 351.7% 713.3%
Total Liabilities % Total Assets 7.0% 75.8% 24.8% 11.3%
Long Term Debt % Total Capital 0.7% 7.6% 2.9% 1.0%
Total Debt % Total Capital 0.9% 9.6% 3.9% 2.4%
Liquidity Analysis
Zomato Ltd
2021 2020 2019 2018 2017

Shareholders Common Equity %
93.8% 60.1% 89.1% 84.2%
Total Capital
Shareholders Common Equity % Total
87.8% 15.8% 69.0% 75.4%
Assets
Capital Risk: Total Assets % Total
1425.6% 132.0% 404.0% 883.4%
Liabilities
Total Borrowing % Total Assets 0.8% 2.5% 3.1% 2.2%
Enterprise Value / Net Sales Ratio - - - -
Enterprise Value / Assets Ratio - - - -
Total Debt Coverage Ratio: Funds
-355.9% -2930.9% -1846.9% -249.3%
From Operations % Total Debt
Funds From Operations % Net Property,
-308.1% -2073.8% -1452.5% -309.4%
Plant & Equipment
Funds From Operations % Total Capital -3.2% -281.8% -72.8% -6.1%
Funds From Operations % Total Assets -3.0% -73.9% -56.4% -5.5%
Increase/Decrease in Cash & Short-
1,393.5 -452.2 1,120.2 526.3
Term Investment
Increase/Decrease in Cash & Short-Term
Investment % of Funds from -53.9% 2.1% -5.8% -70.3%
Operations
Per Share Data
Zomato Ltd
Figures are expressed as per unit of respective shares
Amounts are in Indian Rupees
2022 2021 2020 2019 2018

Sales 5.49 2.54 3.32 1.67 0.59
Operating Income -2.62 -0.77 -3.04 -2.91 -0.15
Pre-tax Income -1.60 -1.04 -3.04 -1.29 -0.14
Net Income (Continuing Operations) -1.60 -1.04 -3.04 -1.29 -0.14
Net Income Before Extraordinary Items -1.58 -1.04 -3.02 -1.23 -0.13
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
Net Income After Extraordinary Items -1.58 -1.04 -3.02 -1.23 -0.13
Net Income Available to Common
-1.67 -1.04 -3.02 -1.23 -0.13
Shares
Fully Diluted Earnings -1.67 -1.04 -3.02 -1.23 -0.13
Common Dividends - - - - -
Cash Earnings -1.21 -0.33 -2.73 -2.45 -0.10
Book Value 21.60 9.74 0.58 3.00 1.32
Retained Earnings 20.60 -6.68 -5.60 -2.66 -1.55
Assets 22.67 11.09 3.70 4.35 1.75
Profitability Analysis
Zomato Ltd
Currency amounts are in Indian Rupees
2022 2021 2020 2019 2018

Gross Profit Margin 87.5% 90.4% 95.8% 98.7% 100.0%
Operating Income Margin -47.7% -30.3% -91.7% -174.2% -25.7%
Pretax Income Margin -29.1% -40.9% -91.6% -77.0% -22.9%
EBIT Margin -28.8% -40.4% -91.2% -76.5% -21.8%
Net Income Margin -28.8% -40.8% -90.9% -73.5% -22.2%
Return on Equity - Total -10.0% -20.1% -168.3% -56.9% -
Return on Invested Capital -9.7% -18.0% -136.6% -48.9% -
Return on Assets -9.2% -13.9% -74.6% -40.0% -
Asset Turnover 0.2 0.2 0.9 0.4 0.3
Financial Leverage 0.4% 0.9% 16.0% 4.4% 2.9%
Interest Expense on Debt 120,000,000 86,370,000 110,240,000 70,220,000 52,780,000
Effective Tax Rate - - - - -
Cash Flow % Sales -20.8% -13.0% -82.3% -146.6% -16.1%
68.0% 112.5% 183.7% 269.1% 118.3%
Expenses % of Sales
Research & Development Expense % of
- - - - -
Sales
Operating Income Return on Total
103.2% 970.2% -71.2% 114.8% 0.0%
Capital
Wright Industry Averages Reports
Introduction
The following pages are comprised of seven reports which contain averages for the companies in a specific
industry sector. The primary source of the data contained in these reports is the Worldscope® Database. The
averages reports are compiled from the fundamental data compiled on the companies which make up an
industry.
Industry Averages - Report Types
- Sales Analysis
- Income Statement
- Balance Sheet
- Sources of Capital
- Leverage Analysis Ratios
- Per Share Data Ratios
- Profitability Analysis Ratios
The Wright Industry Average Reports are compiled on a fiscal year basis. Companies ending their fiscal year
in January are grouped with the prior year's reports. For example, the values for 2018 are contributed by those
companies that ended their fiscal year after 31 January 2018 and prior to 1 February 2019. The values shown
for all reports are presented in U.S. dollars.
Data Compilation Steps
All companies in the industry with more than $1 million (U.S.) in net sales were included. Currency items in
the financial statements were converted to U.S. dollars using an average exchange rate for each fiscal year. A
sum (aggregate value) was computed for all financial statement items by totaling the values reported by each
company in the industry sector. Industry Average report values were computed by dividing the aggregate
number by the number of companies reporting.
Per share ratios were computed by using a specific value in the numerator that represents the aggregate sum
for all companies in the industry divided by the aggregate value of the average number of appropriate
common shares for each company.
Most companies in the industry reported Operating Income along with the major components that go into the
calculation of Operating Income. For the minority of companies that did not report all underlying cost
components, those components were derived, where possible, utilizing the reported items. For example, if
Cost of Goods Sold was not reported it was derived on a company-specific basis from the other reported items
(i.e. Sales, Gross Income, and Depreciation, Depletion, and Amortization). The derived value was then
included in the calculation of the industry average.
Industry Averages - Summary Analysis
Software & Services
Figures are expressed on a Per Share Basis in U.S. Dollars
2021 2020 2019 2018 2017

Market Prices
High 19.97 6.72 4.50 4.03 10.05
Low 10.87 3.23 2.82 2.57 6.44
Average 15.42 4.97 3.66 3.30 8.24
Last 15.53 5.87 4.05 3.09 9.02
Value Ratios
High Price / Earnings 67.2 73.6 48.1 35.7 39.0
Low Price / Earnings 36.6 35.4 30.1 22.8 25.0
Average Price / Earnings 51.9 54.5 39.1 29.2 32.0
Last Price / Earnings 52.2 64.3 43.3 27.4 35.0
Average Price / Book Value 7.0 6.0 4.9 5.2 4.7
Last Price / Book Value 7.1 7.0 5.4 4.8 5.2
Dividends / Average Price (Dividend Yield) 0.5% 0.7% 0.8% 1.0% 1.0%
Dividends / Last Price (Dividend Yield) 0.5% 0.6% 0.7% 1.1% 0.9%
Common Equity
Earned Equity Growth 12.6% 7.4% 9.6% 12.7% 10.7%
Return on Equity 17.5% 12.4% 15.0% 16.4% 14.0%
Book Value 2.2 0.8 0.7 0.6 1.7
Common Shares (in millions)
Common Shares Outstanding 330 673 673 705 251
Common Shares Used to Compute EPS 330 673 673 705 251
Common Stock Earnings
Earnings per Share 0.30 0.09 0.09 0.11 0.26
Percent Change (EPS) 225.8% -2.5% -17.1% -56.2% 1.4%
Income Tax Rate 20.3% 22.9% 19.7% 18.2% 22.5%
Common Stock Dividends
Dividends per Share 0.08 0.04 0.03 0.03 0.08
Percent Change (DPS) 128.2% 22.2% -13.9% -57.6% -7.1%
Industry Averages - Summary Analysis
Software & Services
Figures are expressed on a Per Share Basis in U.S. Dollars
2021 2020 2019 2018 2017

Total Common Dividends (in mil of US$) 27 24 20 24 20
Dividends / Earnings (% Payout) 27.8% 39.7% 31.7% 30.5% 31.5%
Capital Expenditure (in millions of US$) 37 34 32 34 28
Sales
Sales (in millions of US$) 797 688 644 640 605
Percent Change (Sales) 15.9% 6.7% 0.7% 5.8% 4.1%
Sales per Share 2.42 1.02 0.96 0.91 2.41
Percent Change (Sales per Share) 136.7% 6.7% 5.5% -62.4% 1.8%
Industry Averages - Sales Analysis
Software & Services
Currency amounts are in thousands of U.S. Dollars
Values per Employee are in U.S. Dollars
2021 2020 2019 2018 2017

Sales 796,734 687,578 644,466 639,907 605,044
Percent Change 15.9% 6.7% 0.7% 5.8% 4.1%
Cost of Goods Sold 357,326 312,762 296,899 300,982 285,446
Percent of Sales 44.8% 45.5% 46.1% 47.0% 47.2%
Earnings before Interest, Taxes, 175,738 134,970 128,699 142,084 120,808
Depreciation & Amortization (EBITDA)
Percent of Sales 22.1% 19.6% 20.0% 22.2% 20.0%
Net Income after Preferred Dividends - 97,973 61,418 63,013 79,563 64,664
available to Common
Percent of Sales 12.3% 8.9% 9.8% 12.4% 10.7%
Employees 4,662 4,340 4,575 4,859 4,938
Sales per Employee 170,900 158,426 140,862 131,702 122,518
Net Income per Employee 21,015 14,151 13,773 16,375 13,094
Industry Averages - Income Statement
Software & Services
Amounts are in millions of U.S. Dollars
2021 2020 2019 2018 2017

Net Sales or Revenues 796.7 687.6 644.5 639.9 605.0
Cost of Goods Sold 357.3 312.8 296.9 301.0 285.4
Depreciation, Depletion & Amortization 52.7 48.6 41.5 37.3 33.2
Other Costs -1.8 -0.6 -0.1 -0.3 -0.1
Gross Income 388.6 326.8 306.1 301.9 286.5
Selling, General & Administrative Expenses 270.3 229.4 213.4 202.4 191.6
Other Operating Expenses 8.6 7.1 7.0 6.8 7.2
Total Operating Expenses 688.9 597.9 558.9 547.4 517.4
Operating Income 109.7 90.3 85.7 92.8 87.7
Extraordinary Credit - Pretax 9.7 6.3 3.4 5.3 2.9
Extraordinary Charge - Pretax 22.3 25.5 15.9 15.3 13.2
Non-Operating Interest Income 4.1 3.5 4.5 3.9 3.1
Reserves - Increase/Decrease 0.0 0.0 0.0 0.0 0.0
Pretax Equity in Earnings 3.4 1.7 0.8 2.1 1.4
Other Income/Expense - Net -19.8 -10.8 -9.6 -17.6 -7.0
Earnings before Interest, Taxes, 175.7 135.0 128.7 142.1 120.8
Depreciation & Amortization (EBITDA)
Earnings before Interest & Taxes (EBIT) 125.0 87.0 87.5 105.5 88.1
Interest Expense on Debt 11.3 10.9 9.9 9.1 7.7
Interest Capitalized 0.1 0.1 0.1 0.1 0.1
Pretax Income 113.4 76.5 78.3 97.3 81.3
Income Taxes 23.0 17.5 15.4 17.7 18.3
Minority Interest 1.5 0.5 0.7 0.9 0.6
Equity in Earnings 1.9 1.5 1.1 1.3 0.9
After Tax Other Income/Expense -0.3 -0.4 -0.3 -0.2 -0.1
Discontinued Operations 8.6 2.6 0.7 0.2 1.7
Net Income before Extraordinary 99.1 62.2 63.7 80.0 64.8
Items/Preferred Dividends
Industry Averages - Income Statement
Software & Services
2021 2020 2019 2018 2017

Extraordinary Items & Gain/Loss Sale of 0.3 0.5 4.7 -8.2 -6.9
Assets
Preferred Dividend Requirements 1.1 0.8 0.7 0.5 0.1
Net Income after Preferred Dividends - 98.0 61.4 63.0 79.6 64.7
Available to Common Shares
Industry Averages - Balance Sheet
Software & Services
2021 2020 2019 2018 2017

Assets
Cash & Short-Term Investments 419.4 367.0 296.1 306.3 295.6
Cash 288.2 243.2 192.1 189.4 186.6
Short-Term Investments 131.2 123.8 104.0 116.9 109.0
Receivables (Net) 207.5 178.3 170.2 166.6 166.3
Total Inventories 23.5 19.6 18.0 19.6 19.8
Raw Materials 6.2 4.4 3.8 4.1 4.2
Work in Process 7.5 7.1 7.1 8.1 7.7
Finished Goods 9.9 8.5 8.1 8.3 8.5
Progress Payments & Other -0.1 -0.4 -1.0 -0.9 -0.6
Prepaid Expenses 8.5 6.9 6.6 6.1 5.4
Other Current Assets 53.8 45.3 36.0 31.2 43.5
Total Current Assets 700.2 612.9 523.9 527.2 526.0
Long-Term Receivables 33.5 22.8 20.2 18.8 15.6
Investment in Associated Companies 78.3 52.2 44.9 42.4 34.8
Other Investments 102.0 80.2 57.5 56.6 52.8
Property Plant and Equipment - Gross 297.5 267.3 231.9 200.8 188.1
Accumulated Depreciation 130.5 118.8 104.5 100.0 98.1
Property Plant and Equipment - Net 167.0 148.6 127.4 100.8 89.8
Other Assets 530.9 433.5 405.2 328.7 307.6
Deferred Charges 16.5 12.7 11.4 8.1 6.7
Tangible Other Assets 39.6 31.1 28.0 24.9 15.4
Intangible Other Assets 473.1 390.0 365.8 295.6 285.3
Total Assets 1,620.9 1,357.1 1,183.7 1,079.7 1,036.0
Liabilities & Shareholders' Equity
Accounts Payable 87.3 73.9 65.0 62.9 62.0
Short-Term Debt & Current Portion of Long- 50.2 46.3 44.5 40.8 45.2
Term Debt
Industry Averages - Balance Sheet
Software & Services
2021 2020 2019 2018 2017

Accrued Payroll 35.6 29.6 25.3 24.5 23.4
Income Taxes Payable 10.3 8.5 8.3 7.6 8.3
Dividends Payable 5.8 0.3 0.4 0.4 0.6
Other Current Liabilities 230.9 200.7 177.0 160.7 159.6
Total Current Liabilities 419.8 359.2 320.4 296.8 297.9
Long-Term Debt 299.5 276.7 224.0 201.6 190.3
Long-Term Debt Excluding Capitalized 158.9 160.6 138.4 157.7 150.2
Leases
Capitalized Lease Obligations 140.6 116.1 85.6 43.9 40.2
Provision for Risks and Charges 19.6 21.2 20.6 21.2 22.6
Deferred Income 11.2 10.6 8.8 10.0 12.3
Deferred Taxes -3.5 -3.2 -2.6 0.3 -0.6
Deferred Tax Liability in Untaxed Reserves 0.0 0.0 - - -
Other Liabilities 113.3 92.8 77.2 67.3 48.4
Total Liabilities 863.6 759.7 649.7 597.8 571.2
Non-Equity Reserves 0.6 0.5 2.0 0.3 0.2
Preferred Stock 3.5 12.2 14.8 15.0 12.7
Preferred Stock Issued for ESOP - 0.0 0.0 0.0 0.0
ESOP Guarantees - Preferred Issued - - - 0.0 0.0
Common Equity 725.3 562.4 500.9 450.4 435.8
Total Liabilities & Shareholders' Equity 1,620.9 1,357.1 1,183.7 1,079.6 1,036.0
Industry Averages - Sources of Capital
Software & Services
Year to year % changes pertain to reported Balance Sheet values
Currency amounts are in millions of U.S. Dollars
2021 2020 2019 2018 2017

Actual Values
Total Capital 1,056.9 874.1 758.0 683.6 655.5
Long-Term Debt 299.5 276.7 224.0 201.6 190.3
Preferred Stock 3.5 12.2 14.8 15.0 12.7
Common Equity 725.3 562.4 500.9 450.4 435.8
Percent of Total Capital
Long-Term Debt 28.3% 31.7% 29.6% 29.5% 29.0%
Minority Interest 2.6% 2.5% 2.1% 2.4% 2.5%
Preferred Stock 0.3% 1.4% 2.0% 2.2% 1.9%
Common Equity 68.6% 64.3% 66.1% 65.9% 66.5%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%
Year-to-Year Net Changes (in millions of
U.S. Dollars)
Long-Term Debt 22.8 52.7 22.4 11.3 21.7
Minority Interest 5.7 6.0 0.1 -0.3 0.0
Preferred Stock -8.7 -2.6 -0.2 2.3 0.5
Common Equity 162.9 61.5 50.5 14.6 21.9
Total Capital 182.8 116.1 74.4 28.1 44.2
Year-to-Year Percent Changes
Long Term Debt 8.2% 23.5% 11.1% 5.9% 12.9%
Minority Interest 25.4% 36.9% 0.6% -1.8% 0.1%
Preferred Stock -71.5% -17.6% -1.3% 18.4% 3.8%
Common Equity 29.0% 12.3% 11.2% 3.4% 5.3%
Total Capital 20.9% 15.3% 10.9% 4.3% 7.2%
Total Liabilities & Common Equity
Total Liabilities 863.6 759.7 649.7 597.8 571.2
Net Change in Liabilities as % of Total 12.0% 14.5% 8.0% 4.4% 7.5%
Liabilities
Industry Averages - Sources of Capital
Software & Services
Year to year % changes pertain to reported Balance Sheet values
Currency amounts are in millions of U.S. Dollars
2021 2020 2019 2018 2017

Common Equity 725.3 562.4 500.9 450.4 435.8
Net Change in Common Equity as % of 22.5% 10.9% 10.1% 3.2% 5.0%
Common Equity
Cash Flow
Operating Activities 161.5 144.7 119.7 119.7 114.0
Financing Activities 2.8 -3.7 -25.7 -32.0 3.8
Investing Activities 130.9 74.8 82.7 66.0 99.0
Industry Averages - Leverage Analysis
Software & Services
2021 2020 2019 2018 2017

Long-Term Debt
Long-Term Debt % of EBIT 239.6% 318.1% 256.0% 191.1% 216.1%
Long-Term Debt % of EBITDA 170.5% 205.0% 174.1% 141.9% 157.6%
Long-Term Debt % of Total Assets 18.5% 20.4% 18.9% 18.7% 18.4%
Long-Term Debt % of Total Capital 28.3% 31.7% 29.6% 29.5% 29.0%
Long-Term Debt % of Common Equity 41.3% 49.2% 44.7% 44.8% 43.7%
Total Debt
Total Debt % of EBIT 279.8% 371.3% 306.9% 229.8% 267.3%
Total Debt % of EBITDA 199.0% 239.3% 208.7% 170.7% 194.9%
Total Debt % of Total Assets 21.6% 23.8% 22.7% 22.5% 22.7%
Total Debt % of Total Capital 33.1% 37.0% 35.4% 35.5% 35.9%
Total Debt % of Total Capital & Short-Term 33.1% 37.0% 35.4% 35.5% 35.9%
Debt
Total Debt % of Common Equity 48.2% 57.4% 53.6% 53.8% 54.0%
Minority Interest
Minority Interest % of EBIT 22.3% 25.6% 18.6% 15.3% 18.7%
Minority Interest % of EBITDA 15.9% 16.5% 12.6% 11.4% 13.6%
Minority Interest % of Total Assets 1.7% 1.6% 1.4% 1.5% 1.6%
Minority Interest % of Total Capital 2.6% 2.5% 2.1% 2.4% 2.5%
Minority Interest % of Common Equity 3.9% 4.0% 3.2% 3.6% 3.8%
Preferred Stock
Preferred Stock % of EBIT 2.8% 14.0% 16.9% 14.2% 14.4%
Preferred Stock % of EDITDA 2.0% 9.0% 11.5% 10.6% 10.5%
Preferred Stock % of Total Assets 0.2% 0.9% 1.3% 1.4% 1.2%
Preferred Stock % of Total Capital 0.3% 1.4% 2.0% 2.2% 1.9%
Preferred Stock % of Total Equity 0.5% 2.2% 3.0% 3.3% 2.9%
Common Equity
Common Equity % of Total Assets 44.7% 41.4% 42.3% 41.7% 42.1%
Industry Averages - Leverage Analysis
Software & Services
2021 2020 2019 2018 2017

Common Equity % of Total Capital 68.6% 64.3% 66.1% 65.9% 66.5%
Total Capital % of Total Assets 65.2% 64.4% 64.0% 63.3% 63.3%
Capital Expenditure % of Sales 4.7% 4.9% 5.0% 5.3% 4.6%
Fixed Assets % of Common Equity 23.0% 26.4% 25.4% 22.4% 20.6%
Working Capital % of Total Capital 26.5% 29.0% 26.8% 33.7% 34.8%
Dividend Payout 27.8% 39.7% 31.7% 30.5% 31.5%
Funds From Operations % of Total Debt 48.8% 43.6% 46.4% 46.2% 46.0%
Industry Averages - Per Share Data
Software & Services
Figures are expressed as per unit of respective shares
Amounts are in U.S. Dollars
2021 2020 2019 2018 2017

Sales 2.42 1.02 0.96 0.91 2.41
Operating Income 0.33 0.13 0.13 0.13 0.35
Pre-tax Income 0.34 0.11 0.12 0.14 0.32
Net Income (Continuing Operations) 0.31 0.10 0.10 0.11 0.24
Net Income before Extraordinary Items 0.30 0.09 0.09 0.11 0.26
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
Net Income after Extraordinary Items 0.30 0.09 0.10 0.10 0.23
Net Income available to Common Shares 0.30 0.09 0.09 0.11 0.26
Fully Diluted Earnings 0.30 0.09 0.09 0.11 0.26
Common Dividends 0.08 0.04 0.03 0.03 0.08
Cash Earnings 0.52 0.21 0.19 0.16 0.43
Book Value 2.20 0.84 0.74 0.64 1.74
Retained Earnings 0.95 0.43 0.43 0.42 1.13
Assets 4.92 2.02 1.76 1.53 4.13
Industry Averages - Profitability Analysis
Software & Services
Currency amounts are in U.S. Dollars
2021 2020 2019 2018 2017

Gross Income Margin 48.8% 47.5% 47.5% 47.2% 47.3%
Operating Income Margin 13.8% 13.1% 13.3% 14.5% 14.5%
Pretax Income Margin 14.2% 11.1% 12.2% 15.2% 13.4%
EBIT Margin 15.7% 12.7% 13.6% 16.5% 14.6%
Net Income Margin 12.5% 9.1% 10.6% 11.2% 9.6%
Return on Equity - Total 17.5% 12.4% 15.0% 16.4% 14.0%
Return on Invested Capital 11.2% 8.2% 9.9% 10.9% 9.4%
Return on Assets 7.2% 5.2% 6.3% 6.9% 6.0%
Asset Turnover 0.5 0.5 0.5 0.6 0.6
Financial Leverage 48.2% 57.4% 53.6% 53.8% 54.0%
Interest Expense on Debt 11,251,487 10,936,884 9,907,321 9,122,767 7,687,056
Effective Tax Rate 20.3% 22.9% 19.7% 18.2% 22.5%
Cash Flow % Sales 21.4% 20.5% 19.3% 17.5% 17.9%
Selling, General & Administrative Expenses 33.9% 33.4% 33.1% 31.6% 31.7%
% of Sales
Research & Development Expense % of Sales 8.6% 8.3% 8.1% 7.2% 7.1%
Operating Income Return On Total Capital 20.9% 15.3% 10.9% 4.3% 7.2%
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Information is believed reliable, but accuracy, completeness and opinions are not
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2022-08-04-ZOMT - Ns-Wright Reports-Wright Investors Service Comprehensive Report For Zomato Ltd-97817292

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Company Profile

August 3, 2022 Wright Quality Rating: CBD4

Key Data Key Executives

Ticker: ZOMATO Employees: 3,755 Non Executive Chairman

Exchanges: NSE Market Cap: 357,689,619,050 Kaushik Dutta

2022 Sales: 41,924,000,000 Shares: 7,642,940,578 Chief Financial Officer

Currency: Indian Rupees Closely Held 5,554,446,842 Akshant Goyal

Price Stock Price (07/29/2022) 46.80

Earnings Per Share and Dividends Per Share

Valuation (as of 03/31/2022) Profitability (as of 03/31/2022)

P/E Current -28.02

Liquidity (as of 03/31/2022) Assets per Employee 23,178,543

Quick Ratio 10.4 Sales per Employee 5,309,691

Current Ratio 10.6 Income per Employee -2,164,623

Long-Term Debt to 0.0 Receivables Turnover 10.0

(Currency in Millions of Indian Rupees)

Sales Comparisons (Most Recent Fiscal Years)

Recent Stock Performance

LT Debt Days Days R&D/

Value Ratios Equity Capital Earnings Dividends

Per Share - Indian Rupees

High Low Closing Quarterly 12 Months

Earnings Per Share Dividends Per Share

A = Outstanding; B = Excellent; C = Good; D = Fair; L = Limited; N = Not Rated

Wright Quality Rating: BAC8

Wright Quality Rating CBD4

Currency amounts are in millions of Indian Rupees

Wright Quality Rating CBD4

Wright Quality Rating CBD4

Wright Quality Rating CBD4

Amounts are in millions of Indian Rupees

2022 2021 2020 2019 2018

Amounts are in millions of Indian Rupees

2022 2021 2020 2019 2018

Liabilities & Shareholders'

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

Liabilities & Shareholders'

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

Liabilities & Shareholders'

Amounts are in millions of Indian Rupees

2022 2021 2020 2019 2018

Amounts are in millions of Indian Rupees

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

2021 2020 2019 2018 2017

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03/31/2022 09/30/2021 03/31/2021 12/31/2020 3/31/2021

03/31/2022 09/30/2021 03/31/2021 12/31/2020 3/31/2021

03/31/2022 09/30/2021 03/31/2021 12/31/2020 3/31/2021

03/31/2022 09/30/2021 03/31/2021 12/31/2020 3/31/2021

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

2022 2021 2020 2019 2018

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