New Delhi, Feb 11 (TIWN) The Zomato third quarter earnings release remains opaque, lacks substance, and describes only selective aspects of the business, foreign brokerage, Jefferies said in a report.

"Lack of management call leaves a lot to the imagination and our inexperience with the Internet sector does not help either," Jefferies added.  "We continue to believe that management should face tough investor questions through an earnings call rather than providing abstract details on the business," Jefferies added.  The past two quarters signal how unpredictable this business (& probably Internet sector) is likely to be, but we remain confident on the structural India growth story, it said.  After a strong 2Q, an underwhelming GOV (+1.7 per cent QoQ) in 3Q will raise questions on India opportunity, Jefferies said.  Adjusted revenues were flat QoQ to Rs14.2bn in 3Q, which was 9 per cent below estimates, albeit on a strong 2Q base. While net revenues (ex-delivery charges) grew 9 per cent QoQ, customer delivery charges fell 22 per cent QoQ which was a drag. This was driven by Rs7.5/order reduction in delivery charges - management attributed this to its strategy of lowering discounts as well as foray into ~180 new cities, where they introduced a temporary free delivery.