Zomato, the online food delivery platform, announced positive financial results for the first quarter of the current fiscal year. The company reported a net profit of Rs 2 crore, marking a significant turnaround from the same period last year when it incurred a net loss of Rs 186 crore. Revenues also showed impressive growth, reaching Rs 2,416 crore, a substantial increase of 70.9 percent compared to the previous year.
The company’s performance in the quick commerce (Blinkit) segment was particularly noteworthy, as it achieved a positive contribution for the first time in June 2023. Zomato’s efforts to streamline its operations and strategically position its workforce have played a pivotal role in this success. Deepinder Goyal, the MD and CEO of Zomato, emphasized that seemingly bold business decisions have yielded substantial positive outcomes, exceeding initial expectations.
During the reported quarter, Zomato’s gross order value (GOV) experienced a sequential rise, reaching Rs 7,318 crore, up from Rs 6,425 crore in the previous quarter and Rs 6,569 crore in the March quarter. The number of transacting customers also increased, with 1.75 crore customers registered in Q1FY24, compared to 1.67 crore in the same period a year earlier.
Zomato’s Chief Financial Officer, Akshant Goyal, expressed optimism about the company’s future profitability and growth prospects. He projected a consistent YoY (Year-over-Year) topline growth of over 40 percent for at least the next few years based on current knowledge.
Additionally, Zomato’s consolidated cash balance stood at Rs 11,573 crore at the end of June 30, 2023, reflecting a slight increase from Rs 11,323 crore at the end of March 31, 2023. These financial figures highlight the company’s positive trajectory and strong financial position.
