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Monday, February 26 2024

Zomato logs Rs 36 cr net profit in Q2, sales up 71% to Rs 2,848 cr

Zomato logs Rs 36 cr net profit in Q2, sales up 71% to Rs 2,848 cr
Photo Credit : IANS

New Delhi: Online food delivery platform Zomato said on Friday that it registered Rs 36 crore as profit after tax (PAT) in the quarter ending September 30, as its revenues surged 71 per cent to Rs 2,848 crore.

The online platform had 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 high single digit which should translate to about 25-30 per cent YoY GOV growth,” Zomato CFO Akshant Goyal said in a letter to shareholders.

Zomato’s stock surged over 10 per cent on Friday.

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 per cent 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 per cent YoY,” said Deepinder Goyal, Zomato CEO.

The company logged consolidated adjusted revenue at Rs 3,227 crore and adjusted EBITA at Rs 41 crore.

“Adjusted revenue grew 16 per cent QoQ and 53 per cent YoY. Our YoY adjusted revenue growth has been comfortably above 40 per cent even in the past eight quarters wherein the food business (excluding quick commerce) growth has been 30 per cent,” said Goyal.

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