Zomato logs fourth straight quarter of profit at Rs 175 crore

economictimes.indiatimes.com:

delivery company Zomato on Monday reported a fourth straight quarter of net profit compared with a loss a year earlier, but its shares fell as the performance missed market expectations.

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For the quarter ended March 31, the company posted a net profit of Rs 175 crore, compared with a loss of Rs 188 crore in the year-earlier period. Brokerages had expected the company’s net profit to come in the range of Rs 188-218 crore.

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Operating revenue grew 73% to Rs 3,526 crore, mainly driven by quick-commerce business Blinkit, and was in line with analysts’ estimate for 65-75% growth.

The company said Blinkit is inching towards profitability as it reported positive adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the month of March.

For the fiscal year ended March 2024, Zomato reported a net profit of Rs 351 crore, compared with a loss of Rs 971 crore in FY23. Operating revenue rose 71% to Rs 12,114 crore.

“In terms of revenue, it’s a beat on our expectations … it is because of growth in both the food business and quick commerce. On the profitability front … we have seen Blinkit’s adjusted Ebitda losses become lower as a percentage of GOV (gross order value), and on the