I do not like the “adjusted” revenue, adjusted “ebidta” stuff. I would appreciate if anybody can simplify them to me. I believe partly has to do with share dilution. But adding back delivery charges left me scratching my head.
However, every company is required to also disclose non adjusted numbers every quarter. Screener lists non adjusted numbers. This shows a clear plateauing of revenue and also positive net profit for current and last quarters.
Synergies with Blinkit and zomato instant and hyperpure are some dark horses.
Comparison with DD is not entirely fair. India is far denser hyperlocal market. US has a huge dining out culture and driving around is more pleasant. Door delivery of food is a godsend in India. Zomato, swiggy duo poly and competition from other e-tailers and the evolution of market share dynamics is not easy to model.
DISCLOSURE – Invested and under water.
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