Zomato Records Turnaround Q4 Net Profit; Revenue Surges 73.24%

Online food delivery platform on Monday reported a consolidated net profit of 175 crore rupees in Q4 FY24 against a net loss of 188 crore rupees posted in Q4 FY23. Sequentially, revenue for the fourth quarter ending March 2024 soared 73.24% to 3,562 crore rupees compared to 2,056 crore rupees reported in the corresponding quarter last year. 

Key Takeaways from Zomato’s Performance:

• Q4 FY24 consolidated net profit stood at 175 crore rupees against a net loss of 188 crore rupees in Q4 FY23.
• Revenue from operations for the current quarter skyrocketed 73.24% to 3,562 crore rupees.
• EBITDA for the quarter stood at 194 crore rupees.
• Average monthly transacting customers rose 14.45% to 19 million in Q4 FY24.

Additionally, adjusted revenue rose 6% on quarter and 61% on year to 3,873 crore rupees in Q4 FY24 up 6% QOQ and 61% on year.

The platform’s EBITDA for the quarter stood at 194 crore rupees. Apart from that, the average monthly transacting customers rose 14.45% to 19 million in Q4 FY24, witnessing a growth of 33.98% on year.

Commenting on the performance, Zomato’s Co-Founder and CEO, Deepindra Goyal said, “We are just grateful for the bet that we took on Blinkit worked out just fine and we are not at a point where Akshant and I are getting fired for an expensive acquisition gone wrong. We are also grateful to our Board, for believing in the distant bet we were taking at that time, and helping us bring it all together quickly over the last few quarters.” 

About Zomato Ltd:

Zomato founded in 2008, is an Indian multinational restaurant aggregator and food delivery company, founded by Deepinder Goyal and Pankaj Chaddah. Zomato provides information, menus and user reviews of restaurants as well as food delivery options from partner restaurants in more than 1,000 Indian cities and towns, as of 2022–23. The company also provides a one-stop procurement solution, Hyperpure, which supplies high-quality ingredients and kitchen products to restaurants.

Read More About Zomato Ltd Share Price Here!