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Zomato posts ₹138 crore Q3 profit on strong Cricket World Cup, festive demand

Feb 08, 2024 04:03 PM IST

Zomato’s Q3 net profit of ₹138 crore marks significant turnaround

Zomato reported a significant turnaround in its financial performance for the December quarter with a consolidated net profit of 138 crore, contrasting with a net loss of 347 crore in the same quarter the previous fiscal year.

Zomato(Reuters Photo)
Zomato(Reuters Photo)

The Online food delivery platform’s consolidated revenue from operations in Q3 of the current fiscal rose to 3,288 crore from 1,948 crore in the previous year, reflecting robust growth.

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However, total expenses increased to 3,383 crore compared to 2,485 crore in the corresponding period last year.

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Consumer demands were higher during the men’s Cricket World Cup, held between October 5 and November 19. This, coupled with the festive season – when Zomato and its rival Swiggy rake in a lion’s share of their annual sales – contributed to boosting the topline.

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Zomato’s contribution margin, a key profit metric, expanded to 7.1 per cent from 6.6 per cent in the second quarter, following the introduction of a fee for customers to use the food delivery platform.

The gross order value (GOV) at Blinkit, Zomato’s grocery delivery business, more than doubled, while its mainstay food delivery business grew by 27 per cent for the quarter. This surge led to a 69 per cent increase in total revenue, reaching 3,288 crore.

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However, Zomato noted that growth in its food delivery segment fell below expectations due to “muted” demand. The company anticipates the GOV to increase by more than 20 per cent in the coming quarters.

(Inputs from wire)

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