Zomato | Photo: Bloomberg
Food aggregator platform Zomato on Thursday reported a consolidated profit of Rs 253 crore in the first quarter (Q1) of the financial year 2024-25 (FY25), up from Rs 175 crore in the year-ago quarter. 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 operating revenue grew 74 percent year-on-year (YoY) to Rs 4,206 crore in Q1, up from Rs 2,416 crore a year ago. It had reported revenue of Rs 3,562 crore in the previous quarter.
Total expenditure for the Gurugram-based food delivery company rose to Rs 4,203 crore in the quarter ended June, from Rs 3,636 crore a quarter ago and Rs 2,612 crore a year ago.
The company saw 53 percent YoY growth in gross order value (GOV) across business-to-consumer (B2C) verticals (food delivery, quick commerce and outgoing) to Rs 15,455 crore.
“On the profitability front, consolidated adjusted EBITDA grew by Rs 287 crore YoY to Rs 299 crore in Q1 FY25, driven by margin expansion across all four businesses. The company turned adjusted EBITDA positive exactly a year ago (in Q1 FY24) and within a year, we are now at an annualised profit of around Rs 1,200 crore,” said Akshant Goyal, chief financial officer, Zomato.
Meanwhile, Zomato plans to reach a total of 2,000 dark stores by 2026 for its high-speed commerce business Blinkit.
“Right now, we see a line of sight to reach around 2,000 stores for our current business. Most of these stores would be in the top 10 cities in India. Outside of the major cities, the size of the market is still unknown. How quickly we can reach this number of stores depends on how well we execute,” said Albinder Dhindsa, CEO of Blinkit.
First print: Aug 01, 2024 | 4:08 PM IST