Zomato's 'surprise' faster profit timeline may help serve more gains

Zomato's food delivery revenue (excluding delivery charges) grew 17 per cent Q-o-Q and 28 per cent Y-o-Y

Zomato delivered a positive surprise with its strong results for the first quarter of the 2023-24 financial year (Q1FY24). The company reported revenues of Rs 2,416 crore (up 17.5 per cent quarter-on-quarter or Q-o-Q). Revenue growth was led by the food delivery business (up 17 per cent Q-o-Q). Blinkit growth was muted (up 5 per cent Q-o-Q) due to disruptions caused by rain in April-May and changes in delivery partner payment structure. But the management guidance is for 20 per cent Q-o-Q growth in Q2FY24 in Blinkit.

Zomato’s food delivery revenue (excluding delivery charges) grew 17 per cent Q-o-Q and