Zomato Q4: Net Profit At Rs 175 Crore, Revenue Up By 73 Per Cent YoY
The firm's consolidated adjusted EBITDA stood at Rs 194 crore in Q4FY24, marking a major improvement against a negative EBITDA of Rs 175 crore in the January-March quarter in FY23
Food delivery company, Zomato, reported a return to profit in its fourth quarter (Q4) earnings on a year-on-year (YoY) basis in the 2023-24 fiscal year (FY24) on Monday. The company clocked a consolidated net profit of Rs 175 crore for the January-March quarter in FY24 against a loss of Rs 188 crore in the last quarter of the preceding 2022-23 fiscal year (FY23).
The revenue of the firm also jumped a massive 73 per cent to touch Rs 3,562 crore in the quarter under review, against a revenue of Rs 2,056 crore in the corresponding quarter a year earlier. In its regulatory filing, the company said that its consolidated adjusted EBITDA stood at Rs 194 crore in Q4FY24, marking a major improvement against a negative EBITDA of Rs 175 crore in the January-March quarter in FY23. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is often used by companies as an alternative to net income to better understand their finances.
In terms of expansion, the firm said that it added 75 new net stores in the reporting quarter, taking the overall 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,” the company said sharing an outlook.
In terms of order performance, the delivery firm said that 75 per cent of its orders were delivered under two minutes of the promised time in the quarter. “This meant our service was fast, reliable and stood up to the promise we made to our customers. High quality of service results in higher customer willingness to pay us a delivery fee thereby leading to better economics. Almost 100 per cent of our orders in March 2024 had a non-zero delivery fee with an average delivery fee per order of Rs 20 (not including orders from new customers where we offer a one time free delivery,” the company added.
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