Food aggregator platform Zomato recorded a consolidated profit of Rs 253 crore in the first quarter (Q1) of fiscal year 2024-25 (FY25), up from Rs 175 crore the previous quarter. The company became profitable for the first time in the same period last year (Q1 FY24), with a profit of Rs 2 crore.
Zomato's revenue from operations increased 74% year on year (Y-o-Y) to Rs 4,206 crore in Q1, up from Rs 2,416 crore the previous year. It generated a revenue of Rs 3,562 crore in the previous quarter.
Total expenses for the Gurugram-based meal delivery company jumped to Rs 4,203 crore in the June quarter, up from Rs 3,636 crore in the previous quarter and Rs 2,612 crore a year earlier.
The company's Gross Order Value (GOV) increased by 53% year on year across its business-to-consumer (B2C) verticals (food delivery, fast commerce, and Going-out), reaching Rs 15,455 crore.
"On the profitability front, consolidated adjusted EBITDA increased by Rs 287 crore year on year to Rs 299 crore in Q1 FY25, driven by margin expansion in all four businesses." The business turned adjusted Ebitda positive exactly one year ago (in Q1 FY24), and within a year, we are already at an annualised profit of around Rs 1,200 crore," said Akshant Goyal, Zomato's chief financial officer.
Meanwhile, Zomato intends to expand its Blinkit rapid commerce service to 2,000 dark stores by 2026.
"We currently see a line of sight to reach approximately 2,000 stores for our present company. The majority of these outlets would be located in India's top ten cities. Beyond the major cities, the market's size is yet unknown. "How quickly we can reach this store count will depend on how well we execute," said Albinder Dhindsa, CEO of Blinkit.
