India’s food aggregator giant, Zomato, has posted a consolidated net profit of whopping Rs 138 crore in the third quarter (Q3) of FY24, which is 3.8 times that from the Rs 36 crore profit has company did a quarter ago.
Zomato’s Skyrocketed Net Profit
A loss of Rs 347 crore was reported by the company during the same period last year. The results now are ahead of analyst expectations on both revenue and net profit fronts.
From Rs 1,948 crore a year ago, this year Gurugram-based food delivery firm has seen a 69% YoY increase in the revenue from operations to Rs 3,288 crore in Q3. Revenue was Rs 2,848 crore in the previous quarter.
Zomato’s total expenses clinched to Rs 3,383 crore in the quarter ended September, which was up from the previous quarter’s Rs 3,039 crore and Rs 2,485 crore a year ago.
As compared to Rs 41 crore Q2-FY24, the Q3 saw EBITDA rising to Rs 125 crore. Measure of core corporate profitability, EBITDA stands for Earnings before interest, taxes, depreciation, and amortization. This includes the EBITDA of Zomato’s quick-commerce business Blinkit.
Surpassing Analyst Expectations Amid Market Volatility
As per the analysts, for Q3FY24 was pegged to see a revenue of Rs 3,100 crore and net profit of Rs 84.54 crore. The The results were announced a little ahead of market closing.
On the BSE, Zomato’s share price closed at Rs 144, up than 2.42 % over the previous day’s closing, notably when other leading indices fell by 1 per cent on Thursday.
Closing cash balance disclosed by the company stood at Rs 12,015 crore, up from Rs 11,761 crore a quarter ago.
The gross order value (GOV) of Zomato’s B2C business grew by 13% QoQ and 47% YoY to Rs 12,886 crores. This includes food delivery, quick commerce, and going-out.
In a letter to shareholders, Deepinder Goyal, Founder and CEO of Zomato said that “Our consolidated top line (adjusted revenue) continues to grow meaningfully above our stated expectation of over 40 per cent Y-o-Y. At this point, we expect the top line to continue growing at over 50 per cent Y-o-Y”.