Zomato's Q2 net profit surges by 389% to ₹176 crore
Leading food delivery platform Zomato has reported a whopping jump in its consolidated net profit for the second quarter of FY25. The company's net earnings jumped by 389% to ₹176 crore, compared to ₹36 crore in the same quarter last year. However, the number missed market estimates which had predicted a profit after tax (PAT) of ₹260 crore.
Zomato's operational revenue and EBITDA witness significant growth
Zomato also saw a massive jump in its operational revenue, which grew 68% year-on-year (YoY) to ₹4,799 crore. The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter also saw a massive jump. It grew to ₹331 crore from a mere ₹41 crore in the same quarter last year.
Zomato's food delivery and quick commerce sectors show progress
Zomato's food delivery business posted an adjusted revenue growth of 21% YoY at ₹2,340 crore. The segment's gross order value (GOV) also grew 21% YoY to ₹9,690 crore. Meanwhile, the company's quick commerce business Blinkit saw a 129% YoY growth in adjusted revenues at ₹1,156 crore. However, its EBITDA continued to be in the negative at (-₹8 crore), albeit lower than last year's loss of ₹124 crore.
Zomato's dining-out business and cash balance
Zomato's dining-out business also did well with revenues growing 214% YoY and GOV growing 171% YoY for the July-September 2024 period. However, the company's cash balance fell by ₹1,726 crore over the previous quarter. This was mainly due to a deal consideration of ₹2,014 crore for acquiring Paytm's entertainment ticketing business. After the reduction in cash balance, Zomato's board has also approved raising another ₹8,500 crore via a qualified institutional placement (QIP).
