- Q4 PAT for the whole business is INR 175 Cr (including a deferred tax credit of INR 14 Cr) and not INR 396 Cr. Q4 Adjusted EBITDA for Food Delivery biz was INR 275 crore, but this is not PAT. - where is the PAT of INR 396 crore being taken from?
- Let’s forget about all the adjusted EBITDA terminology and look at the hard numbers. For FY24, Zomato’s PAT % is 2.71%. For Q4FY24, Zomato’s PAT is 4.61%. For our experiment, let’s say that Zomato is able to maintain this PAT % for FY25 and able to achieve 5% PAT for FY26. Here’s a table of how the PAT would look like even if Zomato’s doubles it’s revenue YoY. I am not even taking 30-35% growth. I am taking 100% growth.
- With expansion in Blinkit, HyperPure, Going Out – Capex is going to be high which would result in higher depreciation. FY26 PAT of INR 3,100 is extremely difficult to achieve.
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