Zomato reports profit of Rs 2 cr in Q1, revenue grows 71% YoY

New Delhi, Aug 3 (SocialNews.XYZ) Online food delivery platform Zomato on Thursday reported a net profit of Rs 2 crore in the first quarter of the current financial year and revenues of Rs 2,416 crore (year-over-year), up 70.9 per cent from the same period last year.

In the same quarter last year, Zomato posted a net loss of Rs 186 crore and revenues of Rs 1,414 crore.

As reported in the filing to the exchanges, the quick commerce (Blinkit) business turned contributory positive for the first time ever in June 2023.

"We have been working hard to make our business less complex, and putting the right people at the right spots within our businesses. These things do not have definite/measurable impact, and I can in hindsight say that most of our seemingly 'risky' bets have changed the trajectory of the business significantly, much faster than we expected," MD and CEO of Zomato Deepinder Goyal, said in a letter to the company's shareholders.

In the reporting quarter, the company's gross order value (GOV) increased to Rs 7,318 crore from Rs 6,425 crore in the previous quarter. It was also up sequentially from Rs 6,569 crore in the March quarter.

According to Q1FY24 figures, 1.75 crore transacting customers were registered, compared with 1.67 crore a year earlier.

"We expect our business to remain profitable going forward and knowing what we know today, we believe we will continue to deliver 40 per cent+ YoY topline (Adjusted Revenue) growth for at least the next couple of years," CFO Akshant Goyal said.

Moreover, the cash balance on a consolidated basis as at the end of June 30, 2023, was Rs 11,573 crore as compared to Rs 11,323 crore as at the end of March 31, 2023.

Source: IANS