Zomato reports second consecutive profitable quarter, net profit at Rs 36 cr
Zomato said the gross over value (GOV) growth in its core food delivery vertical was almost entirely led by growth in order volumes, while the average order value was largely flat.
NEW DELHI: Foodtech firm Zomato on Friday reported its second consecutive profitable quarter as more people ordered food from its platform.
The company’s profit after tax (PAT) surged to Rs 36 crore in the quarter ending September (Q2FY24) from a PAT of Rs 2 crore in the preceding quarter (Q1FY24).
In the September quarter of the last financial quarter, Zomato had reported a net loss of Rs 251 crore. Zomato’s operating income surged to Rs 2,848 crore in Q2FY24 from Rs 1,661 crore in the year-ago quarter. The company’s gross order value (GOV) witnessed a big boost of 47% year-on-year (YoY) to Rs 11,422 crore in the second quarter of the current financial year.
Zomato said the gross over value (GOV) growth in its core food delivery vertical was almost entirely led by growth in order volumes, while the average order value was largely flat. Food delivery GOV also by 9% from the June quarter and by 20% from last year. Zomato informed that it had 3.8 million Gold members by the end of September who contributed almost 40% of GOV in its food delivery business. Zomato had 2 million Gold members in June 2023.
Going ahead, Zomato expects a limited uptick in demand in the December quarter despite some additional order volumes due to the Cricket World Cup. “A lot of Indians observe fasts during the Navratri festival and Shradh period. We think the demand uptick would be limited to a handful of match days and hence not very significant,” the company said. Meanwhile, Zomato said its quick commerce business Blinkit turned contribution positive for the first time in the second quarter of the current financial year.
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