The company reported a loss of Rs 189 crore in the quarter ended March.
The revenue from operations for the reporting quarter stood at Rs 2,416 crore which was up nearly 71% YoY against Rs 1,414 crore reported by the company in the year-ago period.
The quarterly earnings were announced during the market hours and the stock jumped over 2% on the NSE.
The company in its exchange filing said that the quick commerce (Blinkit) business turned contributive positive for the first time ever in the month of June 2023.
The consolidated adjusted EBITDA stood at Rs 12 crore, versus a loss of Rs 152 crore in Q1FY23. The adjusted EBITDA margin stood at 0.4%, up by 9 percentage points YoY. The adjusted revenue excluding the quick commerce business stood at Rs 2,402 crore which was up 33% YoY.
The company claimed to be getting adjusted EBITDA breakeven over the next four quarters.
Commenting on the Q1 earnings and his address to the investors, Managing Director and CEO Deepinder Goyal said, "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".
On the issue of profitability, Akshant Goyal, Chief Financial Officer said that he expected the business to remain profitable going forward. "Knowing what we know today, we believe we will continue to deliver 40%+ YoY topline (Adjusted Revenue) growth for at least the next couple of years," Goyal said.
The company reported a jump in its gross order value (GOV) for the reporting quarter at Rs 7,318 crore versus Rs 6,425 crore in the corresponding quarter of the previous financial year. It was also up sequentially from Rs 6,569 crore in the March quarter. The average monthly transacting customers were at 1.75 crore in Q1FY24 versus 1.67 crore in the year-ago period.
The GOV growth was driven by robust growth in the number of orders as well as a modest uptick in average order value. The company has been witnessing a recovery in demand since February this year which continued into Q1FY24. Moreover, Q1 is usually a seasonally stronger quarter for the company, the exchange filing claimed.
The adoption of the Gold program drove a higher frequency of ordering and now contributes to 30%+ of GOV in the food delivery business.
The company attributed a slower sequential GOV growth in Blinkit in Q1FY24 to the temporary business disruption in April resulting from the change in the delivery partner payout structure. This resulted in the closure of its dark stores for a few days in certain parts of the country.
Zomato Q1 Results: Food delivery platform turns profitable with Rs 2 crore-PAT; revenue soars 71% YoY - The Economic Times
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