Zomato Q4 results
:
Online food delivery platform
, Zomato has reported a consolidated net profit of Rs 175 crore for the fourth quarter of
financial year
2023-24. While this is a significant turnaround from the Rs 188 crore loss reported in the same period last year, the results have still missed analysts’ estimates.
The revenue from operations for the quarter amounted to Rs 3,562 crore, indicating an increase compared to Rs 2,056 crore in the corresponding quarter of the previous fiscal year.
Although this represented a robust 73% year-on-year growth, it slightly undershot the ET Now poll projection of Rs 3,579 crore.
Sequentially, Zomato’s profit increased by 27% sequentially from Rs 138 crore in the December quarter, while revenue rose by 8.3% quarter-on-quarter.
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The consolidated financial results include unaudited information from 19 subsidiaries, showing total assets of Rs 92 crore as of March 31, 2024, and total revenues of Rs 4 crore for the quarter and Rs 14 crore for the year ending March 31, 2024. The subsidiaries reported a total net loss after tax of Rs 23 lakh for the quarter and Rs 2 crore for the fiscal year ending March 31, 2024.
Zomato’s quick commerce division,
Blinkit
, achieved adjusted EBITDA positivity in March.
Following the announcement of earnings during market hours, Zomato’s stock experienced a decline of over 7%, reaching a day’s low of Rs 186.75 on the
NSE
. Zomato shares closed the day at Rs 196.65, down 2.31% on NSE.
