Zomato records Rs 36 crore net profit in Q2, sales surge 71% to Rs 2,848 crore

By siliconindia  |  Friday, 03 November 2023, 03:58:06 PM IST

Zomato records Rs 36 crore net profit in Q2, sales surge 71% to Rs 2,848 crore
Online food delivery platform Zomato said that it registered Rs 36 crore as profit after tax (PAT) in the quarter ending September, as its revenues surged 71 percent to Rs 2,848 crore. The online platform registered a net loss of Rs 302 crore, with revenues at Rs 1,661 crore in the same period last year. "We think that QoQ GOV growth in food delivery in the next quarter should be moderate around the high single digit, which should translate to about 25-30 percent YoY GOV growth", Zomato CFO Akshant Goyal said in a letter to shareholders.
Zomato’s stock surged over 10 percent. Quick commerce (Blinkit) business turned contribution positive in Q2 FY24 for the first time for the entire quarter, said the company. Quick commerce bounced back with a 29 percent QoQ GOV growth following tepid growth in Q1 FY24 (due to temporary disruptions in the business).“The growth momentum we witnessed in Q1FY24 continued in Q2FY24, driven by healthy growth across all our businesses. GOV across our B2C businesses (food delivery + quick commerce + Going-out) grew 47 percent YoY,” said Deepinder Goyal, Zomato CEO.
The company logged consolidated adjusted revenue of Rs 3,227 crore and adjusted EBITA at Rs 41 crore. “Adjusted revenue grew 16 percent QoQ and 53 percent YoY. Our YoY adjusted revenue growth has been comfortably above 40 percent even in the past eight quarters wherein the food business (excluding quick commerce) growth has been 30 percent”, said Goyal.

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