Zomato’s Q3 net profit dips more than half; Blinkit remains in loss

21 Jan 2025 , 09:07 AM

Food delivery platform Zomato has announced its results for the quarter ended December 2024 on Monday, January 2025. The business stated that the net profit has reduced by more than half as compared to the previous corresponding quarter. 

The company’s net profit for the period under review slipped about 57% y-o-y to ₹59 Crore against ₹138 Crore in the same period last year. The revenue from operations surpassed ₹5,000 Crore mark, registering a growth of 64% y-o-y at ₹5,404 Crore.

The food delivery aggregator’s EBITDA stood at ₹162 Crore, against ₹51 Crore in the previous corresponding period. The company’s margin expanded by 140 basis points to 3% against 1.6% in the same period last year.

Zomato’s Gross Order Value for Food Delivery increased by 17% over the previous year, but only by 2% quarter on quarter. The management ascribed the food delivery GOV’s sluggish performance to a broad-based demand decline.

Zomato’s Quick Commerce business Blinkit logged a growth of 117% y-o-y in its Q3FY25 revenue against the same quarter in the previous period, and 21% sequentially. Blinkit reported a net loss of ₹103 Crore.

The management ascribed the Quick Commerce business’s losses to the acceleration of growth investments that would otherwise have been undertaken in stages.

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