 "Zomato, Zomato stock, Food delivery")
Food-delivery aggregator Zomato on Monday reported a profit of Rs 175 crore for the fourth quarter ended March 31, 2024.
This is the fourth consecutive quarter of profit reported by the company.
In the fourth quarter of FY23 the company had a loss of Rs 188 crore.
On a sequential basis, Zomato’s net profit was up 26.8 per cent from Rs 138 crore at the Q3FY24.
Profit for the full year came in at Rs 351 crore from a loss of Rs 971 crore in the previous year.
Revenue for the quarter was bolstered by its quick commerce business Blinkit, restaurant business, and B2B offers.
ALSO READ: Blinkit now more valuable than Zomato's food delivery biz: Goldman Sachs
ALSO READ: Blinkit now more valuable than Zomato's food delivery biz: Goldman Sachs
Revenue in the fourth quarter was Rs 3,562 crore, up 73 per cent on a year-on-year basis. On a sequential basis revenue was up 8.3 per cent.
For the full year, Zomato reported revenues of Rs 12,114 crore.
Zomato, however, missed estimates on net income, though its revenue performance was a beat, according to Bloomberg estimates.
Bloomberg had estimated revenue to be Rs 3,485 crore and net income Rs 187 crore.
As in the past few quarters, the gross order value (GOV) of quick commerce did well in Q4 too. Quick commerce business Blinkit’s GOV at Rs 4,027 crore grew 97 per cent Y-o-Y and 14 per cent quarter-on-quarter.
Blinkit also turned positive at adjusted Ebitda (earnings before interest, tax, depreciation, and amortisation) for March 2024. However, adjusted Ebitda for the quarter was down 0.9 per cent from the preceding quarter’s negative 2.5 per cent.
“In Q4FY24, we added 75 net new stores, taking our total store count to 526. For comparison, this is more than the number of stores we added in the three preceding quarters cumulatively. With this aggressive store expansion planned (almost 2x store count in 12 months), the overall adjusted Ebitda in our business is likely to hover around zero for the next few quarters,” said Albinder Dhindsa, founder and chief executive officer, Blinkit.
