Zomato posts net profit of ₹175 cr in Q4

Food delivery platform Zomato posted a consolidated net profit of ₹175 crore in the March quarter. It had posted a net loss of ₹188 crore in the corresponding period in the previous fiscal. Consolidated revenue from operations stood at ₹3,562 crore up 73 per cent for the quarter under review.

The company said Blinkit turned “adjusted EBIDTA positive” in March. The quick-commerce platform added 75 net new stores in Q4FY24, taking the total store count to 526. The company added that 100 more stores expected to be added in the current quarter (Q1FY25), with the aim to get to 1,000 stores by the end of FY25.

BLINKIT ACQUISITION

Gross Order Value (GOV) of the overall B2C business (food delivery, quick commerce and going-out) grew by 51 per cent year-on-year in Q4 to ₹13,536 crore. Blinkit’s GOV grew 97 per cent y-o-y, while food delivery GOV grew by 28 per cent, the company said in statement. The company’s B2B business, Hyperpure’s revenue grew 99 per cent y-o-y.

In the letter to shareholders, Deepinder Goyal, Founder and CEO, Zomato said that he was grateful that the bet that the company took on Blinkit has “worked out just fine” and did not end up being an “expensive acquisition gone wrong.” “Honestly, we really could not have imagined the current state of all four of our businesses – food delivery, Blinkit, Going-out and Hyperpure,” he added.

He attributed customers valuing “convenience and predictability layer” the reason that helped Zomato to grow “a tad bit higher than that of the restaurant industry.” “We believe that we can continue to grow faster than the overall restaurant industry.. if we continue to innovate using our customer-first principles, while creating value for all our other stakeholders,” Goyal stated.

Average monthly transacting consumer (MTC) base in Q4FY24 stood at 19 million for food delivery business.

For the fiscal ended on March 31, 2024, the consolidated net profit was ₹351 crore compared with a net loss of ₹971 crore in FY24.