Food delivery platform Zomato Ltd on Monday reported a consolidated net profit of Rs 175 crore for the quarter ended on March 31. The Gurugram-based firm had posted a loss of Rs 189 crore in the year-ago period.
During the fourth-quarter (Q4 FY24), the online food aggregator's revenue from operations came at Rs 3,562 crore as against Rs 2,056 crore in the corresponding period last year.
Zomato also mentioned that its Blinkit (quick commerce) business turned adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) positive in March 2024.
Zomato's gross order value (GOV) -- the total value of all orders placed in its mainstay food delivery business -- grew by 28 per cent and Blinkit's GOV soared 97 per cent during the quarter.
Zomato's total expenses jumped nearly 50 per cent due to a surge in marketing and sales promotion costs.
Its contribution margin, a key profit metric, however, expanded to 7.5 per cent from 5.8 per cent a year ago as the company started charging a platform fee on all grocery and food orders.
Rapid store expansion underway in quick commerce business. The company is aiming for 1,000 stores by March 2025.
Shares of Zomato were last seen trading 1.46 per cent lower at Rs 198.45 during fag-end deals today.
Bourses BSE and NSE have put the securities of Zomato under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.