Zomato Records Impressive Q3 FY24 Results, Achieves Rs 3,288 Cr in Revenue and Rs 138 Cr in Profit
Zomato's Q3 FY24, Profits Skyrocket by 3.8 Times, Marking a Milestone
8 February 2024
|
Kunal Tyagi
Zomato's Q3 FY24 profits surged by 3.8 times compared to the previous quarter.
Revenue from operations in Q3 FY24 increased by 15.4%, reaching Rs 3,288 crore.
Zomato's food ordering and delivery business contributed over half of its total operating revenue, highlighting its strong position in the market.
Zomato, the renowned foodtech and quick commerce platform, recently unveiled its financial results for the third quarter of the ongoing fiscal year, marking a significant milestone in its journey. The results depict a commendable growth trajectory, with profits soaring by a remarkable 3.8 times compared to the previous quarter.
In Q3 FY24, Zomato's revenue from operations experienced a notable uptick, reaching Rs 3,288 crore, showcasing a robust 15.4% increase from the preceding quarter's figures. This growth trend becomes even more pronounced when compared to the same quarter of the previous fiscal year, reflecting an impressive 68.8% surge in operating revenue.
Zomato operates through various units, each contributing to its diversified portfolio. From its food marketplace platform facilitating connections between end-users, restaurants, and delivery personnel, to Hyperpure, which supplies farm-to-fork essentials to businesses, and Blinkit, offering quick commerce solutions within minutes, Zomato continues to innovate and expand its offerings to cater to diverse consumer needs.
Apply to Xartup Fellowship Program
Get ₹1.5 Crore Technical Funding
The firm's revenue distribution highlights the dominance of its food ordering and delivery business, constituting over half of its total operating revenue. Notably, this segment witnessed a commendable growth of 10.2%, underscoring Zomato's strong position in the food delivery market. Additionally, contributions from Hyperpure supplies and the Blinkit vertical further bolstered the group's financial performance during the quarter.
While revenue soared, expenses also witnessed an uptick, primarily driven by delivery charges, stock purchases, and advertising expenditures. However, despite the rise in expenses, Zomato managed to achieve a substantial increase in profits, marking a significant turnaround from the losses incurred during the same period last year.
Zomato's CEO, Deepinder Goyal, expressed optimism regarding the company's future prospects, citing robust growth in Gross Order Value (GOV) and a steady decline in losses. With a positive outlook for GOV growth and an emphasis on margin expansion, Zomato is poised for further improvement in absolute profits, setting a promising trajectory for the quarters ahead.
In conclusion, Zomato's impressive financial performance in Q3 FY24 underscores its resilience and adaptability in navigating dynamic market conditions. With a solid foundation and strategic vision, Zomato is well-positioned to capitalize on emerging opportunities and drive sustainable growth in the ever-evolving foodtech landscape.
Startup news delivered to your mail
Recommended for you
Ola Cabs Revs Up for $500 Million IPO, Backed by SoftBank
App Developers Threaten Shutdown as Reddit Blackout Sparks Controversy
OPPO Launches Legal Battle Against Byju’s Amidst Financial Turmoil