Zomato FY25 Q1 Results: Leading online food delivery company Zomato announced their FY25 Q1 results on Thursday, August 1, 2024. They report that their Q1 consolidated net profit increased to ₹253 crores. Last fiscal year Q1 they reported their net profit was ₹2 crores. It was a 12,550 percent increase in net profit from last year. They posted that their revenue was increased to ₹4206 crores from ₹2416 crores in the previous fiscal year June quarter.
Zomato, the leading online food delivery platform released that their D2C businesses (food delivery, going-out, quick commerce) gross order values (GOV) increased to ₹15,455 crores, at a 53 percent gain YoY. However, their gross order value (GOV) of food delivery rose to ₹9264 crores at 27 percent from ₹7318 crores the previous fiscal year. The gross order value of quick commerce increased to ₹4923 crores at a 130 percent gain from last year ₹2140 crores, and the gross order value of going-out jumped to ₹1268 crores at a 106 percent gain from ₹616 crores previous year quarter. Zomato’s subsidiary B2B supplier Hyperpure’s revenue increased to ₹1212 crore at a 96 percent gain from ₹617 crore last fiscal year quarter.
Zomato Future Plans
Zomato reports that in FY25 Q1 their quick commerce business Blinkit’s revenue grew to ₹942 crores at a 145 percent gain year-on-year from ₹384 crores last financial year. Also, they report that their adjusted EBITDA is -3, whereas they report the previous year’s adjusted EBITDA -133.
Albinder Dhindsa, co-founder and CEO of Blinkit says, “Our average GOV throughput per store has grown from about INR 6lacs per day per store when we were at 383 stores exactly a year ago to about INR 10 lacs today when we are at 639 stores. For our top 50 stores today, this number is INR 18 lacs per day per store, and growing. We believe that most of our stores today are underutilized from a capacity standpoint and hence GOV per day per store should continue increasing from here even as we aggressively scale store count. From a demand standpoint, customer wallet share should keep increasing as we expand the selection available on our platform.”
He also says they are planning to open 2000 stores by the end of 2026. As of now, they have 639 stores.
“We have been focused from the beginning to increase the selection for our customers and offer it in the most efficient way to them. This has meant that the average selection available to customers in any neighbourhood has increased between 4-5x over the last eight quarters – we are now able to offer up to 25,000 unique SKUs to our customers in some locations,” said Albinder Dhindsa, Blinkit CEO.
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Zomato CEO Deepinder Goyal said, “Today, Zomato and Blinkit are our two large consumer businesses and both of them serve customers’ needs at home. However, we also have one of India’s largest ‘going-out’ businesses. Our dining-out business which helps our customers discover restaurants when they want to go out and dine at restaurants. This dining-out business is now operating at a run-rate of $500m+ annualised GOV and is already profitable.”
He also announced that they are launching a new app called ‘District (by Zomato)’ which will be a game changer for their ‘going-out’ business, including ticket booking (movies and events) and dining services.
“Building a one stop destination app for going-out could be a game changer for each of these use cases, and we intend to do exactly that with our new District (by Zomato) app. If we execute this well, we see going-out becoming the 3rd large B2C business emerging out of Zomato,” says Deepinder Goyal.
Zomato share price
After Zomato reported its outstanding FY25 Q1 results with net profits of ₹253 crore that affected its share price. On August 2, Zomato’s share price boosted to 19 percent to set an all-time high record of ₹278.70 in the morning trading session. In the ending session, the stock closed at ₹262.34 on the NSE a 12.07 percent high from the previous day’s close.
After the sharp movement in the stock price increased Zomato’s market capitalization to ₹231,659 on the NSE.
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