Zomato Q3 Results: Profit skyrockets 283% QoQ to Rs 138 crore, beats estimates.
Food delivery company Zomato’s third-quarter earnings beat the estimates on the back of robust growth in food delivery and hyperpure businesses.
Net profit jumped nearly 4x (283%) quarter-on-quarter (QoQ) to Rs 138 crore. The company had posted a loss of Rs 347 crore in the last year period.
Revenue from operations in the third quarter increased 69% year-on-year to Rs 3,288 crore.
The food delivery revenues increased 29% YoY to Rs 2,025 crore and quick commerce revenues jumped 114% YoY to Rs 644 crore.
The food delivery business GOV (gross order value) grew 27% year-on-year (YoY) in the reporting quarter. The company expects the segment’s GOV to continue growing at over 20% YoY, and perhaps accelerate further if it sees more than expected market share gains and the revival in macro consumer demand.
Zomato now expects consolidated adjusted revenue to grow at 50%+ YoY in the next few quarters, with Blinkit doing the heavy lifting.
