 "Zomato Q1FY24 results: Food delivery platform reports net profit of Rs 2 cr")
Food delivery platform Zomato on Thursday reported a consolidated net profit for the quarter ended June 30 to Rs 2 crore. In the corresponding quarter of the previous financial year (Q1FY23) the company had a loss of Rs 186 crore.
Its revenue from operations rose nearly 70.86 per cent year-on-year (YoY) to Rs 2,416 crore from Rs 1,414 crore last year.
Zomato reported an adjusted Earnings before interest, taxes, depreciation, and amortization (Ebitda) margin of its food delivery business of 2.5 per cent in the quarter as compared to -1.8 per cent in the same quarter last year. In the previous quarter, which ended on March 31, the margin was 1.2 per cent.
"We are also confident that we will get to Adjusted Ebitda break-even at a cumulative investment much lower than $320 million that we had indicated in August 2022," said Blinkit founder Albinder Dhinsa, in a letter to shareholders.
Zomato CEO Deepinder Goyal added that in 10 years, Blinkit will drive more value for shareholders than Zomato.
As of 3:50 pm, Zomato was trading 1.32 per cent in the green at Rs 86.22 apiece on BSE.