zomato q3 results

                Zomato Q3 Results

In the third quarter (Q3) of the fiscal year 2024-25 (FY25), Zomato experienced a 57 percent year-on-year (YoY) reduction in profit after tax (PAT), which totalled Rs 59 crore, a decrease from Rs 138 crore during the same quarter last year. This also reflects a notable decline from the PAT of Rs 176 crore recorded in the preceding quarter.

 

Revenue Growth

Despite the drop in PAT, Zomato's operational revenue demonstrated a strong growth of 64.9 percent year-on-year (YoY) reaching Rs 5,405 crore compared to Rs 3,288 crore in the previous year. Revenue rose 12.6% quarter-on-quarter (QoQ) from ₹4,799 crore in Q2 FY25.

 

Profit Decline

Consolidated net profit fell by 57% YoY to ₹59 crore, down from ₹138 crore in Q3 FY24. This decline was primarily attributed to increased expenses related to expanding its quick commerce platform, Blinkit.

 

Adjusted EBITDA and Profitability Metrics

 

The company's consolidated Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 128 percent YoY, amounting to Rs 285 crore in Q3FY25. However, there was a sequential decline of 14 percent (approximately Rs 45 crore) from the previous quarter, attributed to heightened investments in expanding its quick commerce store network. Additionally, Blinkit reported an increase in quarterly losses by Rs 95 crore during this timeframe.

 

Expenditure and Cash Reserves

 

Zomato's total expenses escalated to Rs 5,533 crore in Q3FY25, up from Rs 3,383 crore a year earlier and Rs 4,783 crore in the prior quarter. Despite these rising expenses, Zomato's cash reserves saw a substantial increase to Rs 19,235 crore, largely due to net proceeds of Rs 8,446 crore from a previous fundraising round through qualified institutional placement (QIP).

 

Segment Analysis: Food Delivery

 

Focusing on the food delivery segment:

 

Adjusted revenue climbed to Rs 2,413 crore, an increase from Rs 2,062 crore YoY and slightly above Rs 2,340 crore in Q2.

The gross order value (GOV) saw a minor rise from Rs 9,690 crore in Q2FY25 to Rs 9,913 crore in Q3FY25.

Average monthly transacting customers (MTCs) experienced a slight decline to 20.5 million, down from 20.7 million in the previous quarter, yet up from 18.8 million YoY.

 

Quick Commerce Segment: Blinkit

 

Zomato's quick commerce division, Blinkit, has reported the following results:

 

The adjusted EBITDA loss amounted to Rs 103 crore, marking a 16 percent increase year-over-year from a loss of Rs 89 crore in the previous year.

Revenue surged by over 117 percent year-over-year, reaching Rs 1,399 crore, up from Rs 644 crore in Q3 FY24.

The Gross Order Value (GOV) for Blinkit experienced substantial growth, rising to Rs 7.798 crore, driven by an increase in dark stores from 451 last year to 1,007 this quarter.

 

Going Out Business Performance

 

Zomato's Going Out business saw impressive growth, with revenues soaring by 254 percent year-over-year, reaching Rs 259 crore compared to Rs 73 crore last year.

 

In summary, despite facing declining profits and increasing expenses this quarter due to a widespread demand slowdown and aggressive expansion strategies for Blinkit and other segments, Zomato still showcased robust revenue growth across its various business lines.

Zomato also announced plans to expand Blinkit stores to 2,000 by the end of 2025, emphasizing its commitment to scaling its quick commerce business.

 

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