Food delivery platform Zomato on Monday announced its fourth quarter earnings for the financial year 2023-24 with profit at Rs 175 crore in comparison to a loss of Rs 189 crore during the corresponding quarter of FY23. The company recorded revenue from operations at Rs 3562 crore, up 73.2 per cent on-year as against Rs 2056 crore during the same period last year. Zomato’s food delivery GOV grew by 28 per cent on-year, driven by 5 per cent YoY AOV growth and 23 per cent YoY order growth.
Zomato said that the company’s year-on-year topline growth accelerated to 61 per cent and continues to trend above the stated outlook of 40 per cent. It added that the growth was driven by robust growth in both food delivery and quick commerce. Meanwhile, bottomline continues to expand and grow with Adjusted EBITDA at Rs 194 crore. Margin expansion continues in both food delivery and quick commerce. Quick commerce business gets to adjusted EBITDA breakeven milestone for the month of March 2024, it said. Zomato further stated that a rapid store expansion is underway in the quick commerce business and the company is aiming for 1,000 stores by March 2025.
“We could not have imagined the current state of all four of our businesses – food delivery, Blinkit, Going-out and Hyperpure. I think the team has executed phenomenally well over the last couple of years, and continues to stay (more or less) focused with their ears to the ground. Our journey in the last two years has, in so many ways, increased the expectations our stakeholders have from us and we will try our best to live up to them,” said Deepinder Goyal, Founder & CEO, Zomato.
“On the profitability front, consolidated Adjusted EBITDA was INR 194 crore and improved by INR 369 crore as compared to the same quarter last year. Quick commerce business turned Adjusted EBITDA profitable in the month of March and Hyperpure losses also reduced meaningfully,” said Akshant Goyal, CFO, Zomato.
Blinkit’s Q4 performance
Blinkit posted its fourth quarter revenue at Rs 769 crore, up 111.8 per cent in comparison to Rs 363 crore recorded during the same period last year. Blinkit EBIT was reported at Rs 2 crore as against EBIT loss of Rs 179 crore during Q4FY23. Zomato said that the quick commerce business’ GOV grew by 97 per cent on-year and he growth was driven by store expansion.
It said that 75 net new stores were added in Q4FY24, taking the total store count to 526. This is more than the number of stores added in the three preceding quarters cumulatively. Further, it stated that 100 more stores are expected to be added in the current quarter (Q1FY25), aiming to get to 1,000 store by the end of FY25.
“One of the key vectors for growth for us right now is store expansion. In Q4FY24, we added 75 net new stores taking our total store count to 526. In the current quarter (Q1FY25), we expect to add another 100 stores. At this point, we are aiming to get to 1,000 stores by the end of FY25,” said Albinder Dhindsa, Founder & CEO, Blinkit
“In addition to scaling up the existing store network and use cases, we will be adding more use cases so the Blinkit platform is even more useful in the everyday lives of our customers. We plan to stick to making our service even more reliable and loved for our customers. And just like today, we will strive to maintain an edge over competition for the quality and innovation that we stand for,” he added.