Zomato Q4 2024 Results: Net Profit of Rs. 175 cr, and Revenue stood at Rs. 3797 cr

Synopsis

Zomato announced its quarterly results for the period ending in March 2024 on 13th May. The company reported a net profit of ₹175 cr for Q4 FY2024. Its revenue for Q4 FY2024 decreased by 70.50% on a YOY basis, reaching ₹3797 cr. Adjusted EBITDA was ₹194 cr.

Quarter Result Performance

Zomato's revenue for Q4 FY2024 increased by 70.50% on a YOY basis, reaching ₹3797 cr from ₹2227 cr in Q4 FY2023. Adjusted revenue of the company counting for delivery charges, discounts, platform fees, etc. stood at ₹3873 cr for Q4 2024 from ₹2413 in the same period in FY2023, up by 61% on a YOY basis.

On an annual basis, Zomato reported an increase of 56% in its adjusted revenue. It reported a net profit of Rs.175 cr for Q4 FY2024 from a loss of 188 cr in Q4 FY2023, which is an increase of 193.09%. On a quarterly basis, the net profit increased by 26.81%.

For the full financial year ending in March 2024, the net profit stood at ₹351 cr compared to a loss of ₹971 cr in FY 2023, up by 136.14%. For FY 2024, its revenue stood at ₹12961 cr compared to ₹7761 cr in FY 2023, up by 67%.

Zomatoa declared a new ESOP pool at 2% fully diluted equity. The company’s food delivery segment’s GOV growth was 28%. For quick commerce and Going-out, it was 97% and 207% on a YOY basis. For the B2B segment, Hyperpure witnessed a 99% YOY growth in revenue. Zomato anticipates opening around 1000 stores by March next year. Blinkit also turned profitable in Q4 FY2024 with a revenue of ₹769 cr FROM ₹363 cr in Q4 FY2023, an increase of 111.8%.

Commenting on the company’s result announcement, Deepinder Goyal Founder & CEO, Zomato said, “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. Expansion beyond the top eight cities is more experimental in nature to test the depth of the market and so far most of our stores in these smaller cities are doing well. We plan to continue opening more stores in a measured way in the smaller cities."

“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” he added.

About Zomato

Zomato is a leading global restaurant aggregator and food delivery company based in India. It was founded in 2008 as Foodiebay before getting rebranded to Zomato. The platform provides detailed information, menus, and user reviews of restaurants, and also has food delivery options from partner restaurants in select cities. The company has a presence in grocery delivery services as well via Blinkit.