Food delivery platform Zomato posted a consolidated net profit of ₹175 crore in the March quarter. It had posted a net loss of ₹188 crore in the corresponding period in the previous fiscal. Consolidated revenue from operations stood at ₹3,562 crore, up 73 per cent for the quarter under review.

The company said Blinkit turned “adjusted EBIDTA positive” in March. The quick commerce platform added 75 new stores in Q4FY24, taking the total store count to 526. It added that 100 more stores are expected to be added in the current quarter (Q1FY25), with the aim of getting to 1,000 stores by the end of FY25.

The Gross Order Value (GOV) of the overall B2C business (food delivery, quick commerce and going-out) grew 51 per cent year-on-year to ₹13,536 crore in Q4. Blinkit’s GOV grew 97 per cent y-o-y, while food delivery GOV grew by 28 per cent, the company said in statement. The company’s B2B business, Hyperpure’s revenue grew 99 per cent y-o-y.

In a letter to shareholders, Deepinder Goyal, Founder & CEO, Zomato, said he was grateful that the bet the company took on Blinkit has “worked out just fine” and did not end up being an “expensive acquisition gone wrong.” “Honestly, we really could not have imagined the current state of all four of our businesses – food delivery, Blinkit, Going-out and Hyperpure,” he added.

He attributed customers valuing “convenience and predictability” the reason that helped Zomato to grow “a tad bit higher than that of the restaurant industry.” “We believe that we can continue to grow faster than the overall restaurant industry.. if we continue to innovate using our customer-first principles, while creating value for all our other stakeholders,” Goyal stated.

The average monthly transacting consumer (MTC) base in Q4FY24 stood at 19 million for the food delivery business. For Blinkit, the average MTC base stood at 6.4 million in the March quarter. On the investor call, the management said there is potential for Blinkit’s MTC to surpass that of food delivery.

The company added that subject to shareholders’ approval, it “proposes to create an additional ESOP pool of 2 per cent of its outstanding share capital on a fully diluted basis.”

Blinkit

“While we have a presence in 26 cities, the focus from an expansion standpoint is the top eight cities. The job for us over the next few quarters is to get Bengaluru and other large cities like Mumbai and an about 4x increase in our GOV,” said Albinder Dhindsa, Founder & CEO, Blinkit.

For the fiscal ended on March 31, 2024, the consolidated net profit was ₹351 crore. It had posted a consolidated net loss of ₹971 crore in the previous fiscal ended on March 31, 2023, the filing said. In FY24, the consolidated revenue from operations stood at ₹12,114 crore, up 71 per cent over FY23.

Related Topics