Zomato posts 126 pc net profit growth at Rs 253 crore in Q1 riding on Blinkit
Online food aggregator Zomato on Thursday posted over 126 per cent growth in net profit to reach Rs 253 crore in the April-June quarter (Q1 FY25), from Rs 2 crore in net profit in the same quarter last year
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New Delhi, Aug 1: Online food aggregator Zomato on Thursday posted over 126 per cent growth in net profit to reach Rs 253 crore in the April-June quarter (Q1 FY25), from Rs 2 crore in net profit in the same quarter last year.
The Deepinder Goyal-run company reported 74 per cent growth (year-on-year) in revenue to Rs 4,206 crore in Q1 FY25.
The stock price of the online food service platform has surged 174 per cent over the past one year.
Zomato said its bottomline continues to grow with adjusted EBITDA expanding to Rs 299 crore compared to Rs 194 crore in the previous quarter, driven by margin expansion in all four businesses.
The dining-out business is now operating at a run-rate of $500 million annualised gross order value (GOV) and is already profitable.
"There is an opportunity to further expand our going-out offering, building on top of our dining-out business. Additional use cases for customers in the going out space include - movies, sports ticketing, live performances, shopping, staycations etc. some of which we have already launched," said Goyal.
"If we execute this well, we see going out becoming the 3rd large B2C business emerging out of Zomato," he added.
The GOV growth across B2C businesses (food delivery, quick commerce, and going-out) accelerated to 53 per cent growth to Rs 15,455 crore.
Quick commerce (Blinkit) GOV grew 130 per cent YoY. The company aims to get to 1,000 Blinkit stores by March 2025 and plans to get to 2,000 stores by the end of 2026 while remaining profitable. Most of these stores will be added in the top 10 cities.
"GOV throughput per store of our existing network has grown from about Rs 6 lakh per day per store when we were at 383 stores exactly a year ago to about Rs 10 lakh today when we are at 639 stores," the company said. For its top 50 stores, this number is Rs 18 lakh per day per store.
"Over the last six quarters, we have launched and scaled products in electronics, beauty and make-up, pet care, and children’s toys and we will continue to invest behind opportunities in newer categories as well," said Albinder Dhindsa, Founder and CEO, Blinkit. “We are now able to offer up to 25,000 unique SKUs (stock-keeping units) to our customers in some locations," he added.
