Zomato posts 283% Q-o-Q growth in Q3 net profit to ₹138 Crore

9 Feb 2024 , 10:17 AM

Zomato’s third-quarter earnings are above expectations, owing to strong growth in its meal delivery and hyperpure businesses.

Net profit increased nearly fourfold (283%) quarter on quarter (QoQ) to ₹138 Crore. The firm reported a loss of ₹347 Crore last year.

In the third quarter, operating revenue climbed by 69% year-on-year to ₹3,288 Crore.

The food delivery industry’s GOV (gross order value) increased 27% year-on-year (YoY) in the reported quarter. The business anticipates the segment’s GOV to expand at or above 20% year-on-year, and maybe even faster if market share gains exceed expectations and global consumer demand recovers.

The rapid commerce GOV has more than quadrupled year on year. According to Zomato, Blinkit’s losses are decreasing and the company is on track to fulfil its Adjusted EBITDA break-even target by Q1FY25 or before.

Food delivery revenues rose 29% year-on-year to ₹2,025 Crore, while fast commerce revenues surged 114% to ₹644 Crore.

The strong increase in demand during the holiday season, as well as other events such as the World Cup in the quarter, fueled the rapid rise of commerce businesses. ‘This growth was also fuelled by having the right assortment which addressed the most pertinent needs of our customers,’ Zomato stated in a press release.

For feedback and suggestions, write to us at [e-mail]