Zomato Q3FY2024 revenue up 53%, net profit at Rs 138cr

Zomato reported a consolidated adjusted revenue of Rs 3,609 crore for the third quarter of financial year 2023-24, an increase of 53 percent compared to Q3FY2023.

On the profitability front, consolidated adjusted EBITDA was positive for the third consecutive quarter at Rs 125 crore and improved by Rs 390 crore as compared to the same quarter last year, says an official release.

Net profit was Rs 138 crore in Q3FY2024 compared to a net loss of Rs 347 crore in Q3FY2023.

"Gross order value (GOV) across our B2C businesses grew 47 percent YoY (13% QoQ) to Rs 12,886 crore," says Akshant Goyal, CFO, Zomato. "On an annualised basis, we have now crossed Rs 50,000 crore of GOV in our B2C businesses. Food delivery GOV grew 27 percent YoY (6.3 percent QoQ), quick commerce GOV grew 103 percent YoY (28 percent QoQ) and Going-out GOV grew 154 percent YoY (26 percent QoQ)."

Zomato closed the third quarter with a cash balance of Rs 12,015 crore, the update added. "Our business and industry structure are still young and nascent. At this point we want to keep a strong balance sheet. I would say that it is safe to assume that we may not do any buyback or dividend distribution in FY24 or FY25," says Akshant.

Deepinder Goyal, CEO, Zomato adds: "Hyperpure revenue grew 15 percent QoQ (104 percent YoY) driven by growth in both the core restaurant supplies business and the relatively newer quick commerce opportunity. To address a growing need of our

restaurant partners, we are now setting up a plant for processing value-added food supplies including sauces, spreads, pre-cut and semi-finished perishable products, among others. Over time, this has the potential to expand margins and drive higher engagement with our restaurant partners.

"On Going-out, we have launched our events ticketing platform in nine cities in India - we now have a separate ‘Events’ tab on our Zomato app in these cities."

Average monthly transacting customers increased to 18.8 million in Q3FY2024, average monthly active food delivery restaurant partners increased to 254,000 and average monthly active delivery partners increased to 419,000.