Zomato advanced 2.42% to Rs 144 after the online food delivery platform reported consolidated net profit of Rs 138 crore in Q3 FY24 as against a net loss of Rs 343 crore posted in Q3 FY23.
During the quarter, net profit soared 283.33% from Rs 36 crore posted in Q2 FY24.Revenue from operations jumped 68.78% to Rs 3,288 crore in Q3 FY24 as compared with Rs 1,948 crore posted in corresponding quarter last year.
Adjusted revenue stood at Rs 3,609 crore in Q3 FY24, up 12% QoQ and up 53% YoY.
Total adjusted EBITDA stood at 125 crore and improved by Rs 390 crore in the third quarter of FY24 as compared with EBITDA loss of Rs 175 crore in Q3 FY23.
In the food delivery business, Gross Order Value (GOV) growth was 27% YoY to Rs 8,486 crore during the period under review. Adjusted revenue stood at Rs 2,025 crore in Q3 FY24, registering a growth of 29.39% YoY.
Average monthly transacting customers grew 2.17% to 18.8 million in Q3 FY24 as compared to 18.4 million in Q2 FY24.
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In a letter to shareholders, Akshant Goyal, chief financial officer, said, We continued to build on the momentum in the first two quarters of FY24. GOV across our B2C businesses grew 47% YoY (13% QoQ) to Rs 12,886 crore. On an annualised basis, we have now crossed Rs 50,000 crore of GOV in our B2C businesses. Food delivery GOV grew 27% YoY (6.3% QoQ), quick commerce GOV grew 103% YoY (28% QoQ) and Going-out GOV grew 154% YoY (26% QoQ).
Moving on to Blinkit, Zomato said, , GOV grew 28% QoQ (103% YoY) largely driven by the robust uptick in demand that we witnessed due to the multiple festivals and occasions in the quarter. This growth was also fuelled by having the right assortment which addressed the most pertinent needs of our customers. The team also ensured consistently high service levels through minimal stock-outs and adequate delivery partner availability during periods of peak demand.
While most of the GOV growth was order volume-led, part of it was also driven by an increase in average order value, which continued to benefit from a higher mix of high ASP (average selling price) categories such as electronics, festive needs, home dor, among others.
We also added 40 net new stores this quarter, taking the total store count to 451 as at the end of the quarter. Despite the increase in store count, our average GOV per day, per store grew 17% QoQ reflecting healthy same store sales growth.
The cash balance on a consolidated basis as at the end of 31 December 2023 was Rs 12,015 crore as compared to Rs 11,546 crore as at the end of 31 December 2022.
Our business and industry structure are still young and nascent. At this point we want to keep a strong balance sheet. I would say that it is safe to assume that we may not do any buyback or dividend distribution in FY24 or FY25, the company stated in exchange filing.
Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.
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