Zomato posts profit of Rs 175 crore in March quarter

14 May 2024 , 11:39 AM

Zomato, a food delivery service, declared a combined net profit of ₹175 Crore on Monday for the quarter that concluded on March 31, 2024, compared to a loss of ₹188 Crore during the same period last year.

Compared to the ₹2,056 Crore recorded in the equivalent quarter of the previous financial year, the revenue from operations in the quarter under review was ₹3,562 Crore.

Profit increased 27% sequentially from the ₹138 Crore reported in the December quarter. In the meantime, QoQ (quarter over quarter) revenue increased by 8.3%.

The unaudited financial data of 19 subsidiaries, representing total assets of ₹92 Crore as of March 31, 2024, and total sales of ₹4 Crore and ₹14 Crore for the quarter and year ended March 31, 2024, respectively, are included in the consolidated financial results. The subsidiaries’ combined net loss after tax for the quarter and year ended March 31, 2024, was ₹23 lakh and ₹2 Crore, respectively.

In March, Blinkit, Zomato’s rapid commerce division, achieved positive adjusted EBITDA.

In Q4FY24, Zomato’s food ordering and delivery operation in India recorded revenue of ₹1,739 Crore, up from ₹1,172 Crore in the same time the previous year.

Revenue in this area was ₹6,361 Crore for the entire fiscal year, compared to ₹4533 Crore for the fiscal year 2023.

Revenue from the fast commerce industry was recorded at ₹769 Crore in the aforementioned quarter, more than doubling the ₹363 Crore reported in Q4FY23. Compared to FY23, this segment’s revenue contribution was ₹806 Crore, while for FY24 it was ₹2,301 Crore.

Across B2C operations (food delivery, quick commerce, and going out), the gross order value, or GOV, increased in Q4FY24, accelerating to 51% YoY (5% QoQ) to ₹13,536 Crore. Food delivery GOV decreased by 0.6% QoQ and increased by 28% YoY. Going-out GOV climbed 207% YoY and 25% QoQ, whereas Quick Commerce GOV expanded 97% YoY and 14% QoQ.

Revenue at its B2B company Hyperpure increased 11% in the quarter and 99% year over year.

Consolidated adjusted EBITDA was ₹194 Crore, up ₹369 Crore over the same quarter the previous year in terms of profitability.

Following the announcement of the earnings during market hours, the stock on the NSE dropped more than 7% to the day’s low of ₹186.75.

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