AMN / WEB DESK
Zomato the multinational restaurant aggregator and food delivery company turned profitable for the first time ever in the first quarter (Q1) of 2023-24 (FY24). The firm reported a consolidated profit after tax of Rs. 2 crore for the quarter that ended in June 2023, compared to a loss of Rs. 186 crore in the year-ago period.
Revenue from operations for the Gurugram-based food delivery company grew 71 per cent year-on-year (YoY) to Rs. 2,416 crore in Q1FY24, up from Rs. 1,414 crore in the corresponding period a year ago.
The firm’s total expenses rose to Rs. 2,612 crore for the quarter, up from Rs. 2,431 in the previous quarter and Rs. 1,768 crore in Q1 of 2022-23 (FY23).
Zomato’s adjusted earnings before interest, tax, depreciation, and amortisation (Ebitda), including its quick commerce business Blinkit, turned positive for the first time ever at Rs. 12 crore, compared with a loss of Rs. 175 crore in the fourth quarter (Q4) of FY23.
“Knowing what we know today, we believe we will continue to deliver over 40 per cent YoY top line (adjusted revenue) growth for at least the next couple of years,” said Akshant Goyal, chief financial officer, Zomato, in a regulatory filing.