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13/05/24 | 7:54 pm | FY23-24 | Zomato

Zomato’s profit surged by 26.8 pc to Rs 175 crore in Q4 FY23-24

The online food delivery platform Zomato reported a surge of 26.8 per cent in the consolidated net profit to Rs 175 crore for the fourth quarter of FY23-24 as compared to the previous quarter.

The company reported a net loss of Rs 188 crore during the corresponding period last year.

The company’s revenue from operations during the Q4 FY23-24 also reported at Rs 3,562 crores, last year during the same period the revenue was at Rs 2,056 crore, according to a filing to the exchange by the company.

This is the fourth instance when the company recorded profit in the earnings.

“We are proud to share that we now have the best ESG rating amongst major global food delivery companies across the world. We hope to continue to improve this rating with progress on our ambitious Net Zero goal to achieve net zero emissions across our food delivery value chain by 2033” said Deepinder Goyal, Founder & CEO, Zomato.

According to an exchange filing by the company, it further revealed that its year-on-year topline growth has accelerated to an impressive 61 percent, exceeding the stated outlook of 40 percent. The company attributed this growth to robust performances in both food delivery and quick commerce segments. Meanwhile, the company’s bottom line continues to expand, with Adjusted EBITDA reaching Rs 194 crore.

“On the profitability front, consolidated Adjusted EBITDA was INR 194 crore and improved by INR 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” said Akshant Goyal, CFO, Zomato.

The shares of the company declined by more than 2 per cent to Rs 196.65 during Monday’s trading session.

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