Shillong, August 3: Online food delivery platform Zomato has achieved a net profit of Rs 2 crore in the first quarter of the current financial year, showcasing a remarkable turnaround from a net loss of Rs 186 crore during the same period last year. The company’s revenues surged to Rs 2,416 crore, marking a significant 70.9% increase year-over-year compared to Rs 1,414 crore in the previous year’s Q1.
A noteworthy milestone for Zomato was the achievement of its quick commerce (Blinkit) business turning contributory positive for the first time in June 2023.
IANS reported that Zomato’s success can be attributed to its efforts to streamline the business and strategically place the right personnel within the organization. CEO Deepinder Goyal expressed his confidence in the impact of these initiatives, stating that seemingly “risky” bets have positively altered the company’s trajectory, surpassing expectations.
In the reporting quarter, the company’s gross order value (GOV) reached Rs 7,318 crore, displaying consistent growth from Rs 6,425 crore in the previous quarter and Rs 6,569 crore in the March quarter.
Moreover, the number of transacting customers in Q1FY24 reached 1.75 crore, compared to 1.67 crore in the corresponding period the previous year.
Looking ahead, Zomato is optimistic about its profitability and anticipates delivering more than 40% year-on-year topline growth (Adjusted Revenue) for the next few years, according to CFO Akshant Goyal’s statement.