Zomato rounds up FY24 with Rs 351 Cr net profit; Blinkit breaks even in Q4
Food aggregator Zomato has increased its profit in Q4 FY24 to Rs 175 crore, with its performance buoyed by food delivery, Blinkit.
Foodtech startup Zomato's revenue from operations has shot up 71% year-on-year (YoY) to Rs 12,114 crore on a standalone basis in the financial year 2023-24 on the back of strong performance of its food delivery and quick commerce. It earned a net profit of Rs 351 crore in FY24.
In the fourth quarter of FY24, earned Rs 3,562 crore in revenue from operations—a massive 73% YoY jump. It was an 8% increase from the October-December 2023 quarter.
It continued to add profits throughout the fiscal year, earning Rs 175 crore in Q4 FY24—a turnaround from Rs 188 crore lost in the year-ago period. It reported its first-ever profit in the June quarter.
In a statement, Zomato said its Gross Order Value—the total value of all orders placed—for its B2C segments, including food delivery, Blinkit, and dining out, was Rs 13,536 crore in the quarter ended March—51% higher compared with the corresponding quarter a year ago. This was buoyed by Blinkit's GOV nearly doubling to Rs 4,027 crore.
The foodtech unicorn also announced that its quick commerce business turned adjusted EBITDA-positive in March. Adjusted EBITDA is calculated by removing one-time, irregular, and non-recurring items from EBITDA (Earnings Before Interest Taxes, Depreciation, and Amortisation).
Zomato has been steadily ramping up its quick commerce offerings. The Deepinder Goyal-led platform aims to increase to 1000 quick commerce stores by March 2025. During the fourth quarter, Blinkit added 75 net new stores, taking its total store count to 526. It also plans to add another 100 stores in the first quarter of FY25.
Zomato’s shares on Friday closed 2.31% lower at Rs 196.65 apiece.
(More details to follow.)
Edited by Kanishk Singh