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Zomato has announced its October-December quarter results for fiscal 2024-25 (Q3FY25), reporting a drop of 57.3 per cent in net profit to ₹59 crore, compared to ₹138 crore in the corresponding period last year. The leading food delivery app major's net profit plunged due to margins, which continues to face pressure from the high spending on opening more centres to fulfil orders at its quick commerce platform, Blinkit.
Deepinder Goyal-led food delivery and hyperlocal quick commerce giant's revenue from operations in the third quarter of the current fiscal rose 64.4 per cent to ₹5,405 crore, compared to ₹3,288 crore in the year-ago period. The gross order value (GOV) of its B2C business (quick commerce, food delivery, and going-out) rose 57 per cent to ₹20,206 crore in the December quarter.
Revenue in the food delivery business increased nearly 22 per cent in the quarter, while revenue from Blinkit, the market leader in the country's quick commerce space, surged more than two-fold. On the operational front, Zomato's earnings before interest, taxes, depreciation, and amortization (EBITDA) surged to ₹162 crore, compared to ₹51 crore in the same period last year.
Zomato's total expenses surged to ₹5,533 crore compared to ₹3,383 crore in the year-ago period. While Blinkit is growing faster than food delivery, it faces competition from rival Swiggy's Instamart, start-up Zepto and deep-pocketed rivals such as Walmart-backed Flipkart and Tata Group-backed BigBasket. Blinkit remained loss-making, reporting a net loss of ₹103 crore in the quarter.
(Source: PTI)
