New Delhi, Feb 8 (IANS) Food delivery platform Zomato on Thursday said it registered Rs 125 crore in profit in the third quarter (Q3) of the current financial year — an improvement by Rs 390 crore as compared to the same quarter last year.
Consolidated adjusted revenue grew 53 per cent year-on-year to Rs 3,609 crore in Q3 FY24 for the company.
Gross order value (GOV) across its B2C businesses grew 47 per cent YoY to Rs 12,886 crore. On an annualised basis, Zomato crossed Rs 50,000 crore of GOV in its B2C businesses.
“Our consolidated topline (adjusted revenue) continues to grow meaningfully above our stated expectation of 40 per cent+ YoY. In fact, at this point, we expect the topline to continue growing at 50 per cent+ YoY,” said Deepinder Goyal, Zomato co-founder and CEO.
Zomato shares closed at Rs 142 at the end of trading on the BSE.
“Annualised adjusted EBITDA profit is now Rs 1,000+ crore. We expect both margin expansion and GOV growth to drive further improvement in absolute profits,” he added.
Goyal said that Blinkit’s GOV growth at 103 per cent continues unabated. “Losses continue to decline and we are on track to meet our guidance of adjusted EBITDA break-even on or before Q1FY25,” he added.
The cash balance increased by Rs 254 crore in the quarter.
“This was the third consecutive quarter of increase in our cash balance,” said Akshant Goyal, Zomato CFO.
Deepinder said that they need to continue being paranoid about driving innovation and disruption, or someone else will.
“A lot of innovation in our business happens behind the scenes – which may not be obvious to a customer, but which compounds to make our platform more robust and hence improve the customer experience,” he said.
Blinkit CEO Albinder Dhindsa said that in line with their expectations, GOV grew 28 per cent (on-quarter), largely driven by the robust uptick in demand due to the multiple festivals and occasions in the quarter.
“While most of the GOV growth was order volume-led, part of it was also driven by an increase in average order value, which continued to benefit from a higher mix of high ASP (average selling price) categories such as electronics, festive needs, home decor, among others,” Dhindsa informed.
Late last month, the company’s wholly-owned subsidiary Zomato Payments Private Limited (ZPPL) was granted a certificate of authorisation from the Reserve Bank of India (RBI) to operate as an ‘Online Payment Aggregator’.