 "Zomato")
Zomato | Photo: Bloomberg
Food aggregator platform Zomato on Thursday reported a consolidated profit of Rs 253 crore in the first quarter (Q1) of financial year 2024-25 (FY25), up from Rs 175 crore a quarter ago. The company turned profitable for the first time ever in the corresponding period last year (Q1 FY24), with a profit of Rs 2 crore.
Zomato’s revenue from operations rose 74 per cent year-on-year (Y-o-Y) to Rs 4,206 crore in Q1, up from Rs 2,416 crore a year ago. It had reported a revenue of Rs 3,562 crore in the previous quarter.
Total expenses for the Gurugram-based food delivery firm increased to Rs 4,203 crore in the quarter ended June, up from Rs 3,636 crore a quarter ago and Rs 2,612 crore a year ago.
The company witnessed a gross order value (GOV) growth of 53 per cent Y-o-Y across its business-to-consumer (B2C) verticals (food delivery, quick commerce, and Going-out) to Rs 15,455 crore.
“On the profitability front, consolidated adjusted Ebitda increased by Rs 287 crore Y-o-Y to Rs 299 crore in Q1 FY25 driven by margin expansion in all the four businesses. Business turned adjusted Ebitda positive exactly one year ago (in Q1 FY24), and within a year we are now at an annualised profit of approximately Rs 1,200 crore,” said Akshant Goyal, chief financial officer, Zomato.
Meanwhile, for its quick commerce business Blinkit, Zomato is planning to reach a total dark store count of 2,000 by 2026.
“As of now, we see a line of sight of getting to about 2,000 stores for our current business. Most of these stores would be in the top 10 cities in India. Beyond the large cities, the size of the market is still undiscovered. How fast we are able to get to this store count will depend on how well we execute,” said Albinder Dhindsa, chief executive officer, Blinkit.
First Published: Aug 01 2024 | 4:08 PM IST
