Hot Pursuit     13-May-24
Zomato records turnaround Q4 numbers
The online food delivery platform reported consolidated net profit of Rs 175 crore in Q4 FY24 as against a net loss of Rs 188 crore posted in Q4 FY23.
Revenue from operations soared 73.24% to Rs 3,562 crore in Q4 FY24 as compared with Rs 2,056 crore posted in corresponding quarter last year.

Adjusted revenue stood at Rs 3,873 crore in Q4 FY24, up 6% QoQ and up 61% YoY.

Total adjusted EBITDA stood at Rs 194 crore and improved by Rs 369 crore as compared to the same quarter last year. Quick commerce business turned Adjusted EBITDA profitable in the month of March and Hyperpure losses also reduced meaningfully.

In the food delivery business, Gross Order Value (GOV) growth was 28.46% YoY to Rs 8,439 crore during the period under review. Adjusted revenue stood at Rs 2,050 crore in Q4 FY24, registering a growth of 33.98% YoY.

Average monthly transacting customers grew 14.45% to 19 million in Q4 FY24 as compared to 16.6 million in Q4 FY23.

In a letter to shareholders, Albinder Dhindsa, Co-Founder and CEO, blinkit, said, “One of the key vectors for growth for us right now is store expansion. In Q4FY24, we added 75 net new stores taking our total store count to 526. For comparison, this is more than the number of stores we added in the three preceding quarters cumulatively.

Including this cost of expansion, we turned Adjusted EBITDA positive in the month of March 2024. 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.

With this aggressive store expansion planned (almost 2x store count in 12 months), the overall Adjusted EBITDA in our business is likely to hover around zero for the next few quarters. In steady state, we expect a 4-5% Adjusted EBITDA margin (as a % of GOV).”

In Q4FY24, the 28% YoY GOV growth was driven by 5% YoY AOV growth and 23% YoY order growth. And the 23% YoY order growth was a result of 14% YoY growth in average monthly transacting customers and 7% YoY growth in average monthly order frequency.

Deepinder Goyal, Co-Founder and CEO, Zomato said, “We are just grateful that 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.

Honestly, we really 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.”

The cash balance on a consolidated basis as at the end of 31 March 2024 was Rs 12,241 crore as compared to Rs 11,323 crore as at the end of 31 March 2023.

Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.

Shares of Zomato slipped 3.82% to settled at Rs 193.70 on the BSE.

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