Zomato – Should you order? (22-10-2024)
Zomato shareholders’ letter and results
1. Gross Order Value (GOV) Growth:
- Overall GOV for its B2C businesses increased by 55% YoY to ₹17,670 crore.
- Food delivery GOV grew by 21% YoY.
- Quick commerce (Blinkit) GOV grew by 122% YoY.
- Going-out services GOV grew by 171% YoY.
2. Revenue:
- Consolidated adjusted revenue grew 58% YoY to ₹5,127 crore.
- Hyperpure (Zomato’s B2B business) revenue jumped by 98% YoY.
3. Profitability:
- Consolidated adjusted EBITDA increased by ₹289 crore to ₹330 crore. This was driven by food delivery margins continuing to improve and quick commerce margins staying near break-even despite the rapid store network expansion.
4. New Store Performance:
- New Blinkit stores reached ₹7 lakh GOV per day in the first full quarter after launch, and continue to grow beyond this.
5. Cash Position
- Zomato’s cash balance was reduced by ₹1,726 crore due to the acquisition of Paytm’s entertainment ticketing business for ₹2,014 crore.
6. Expansion:
- In Q2FY25, Zomato added 152 new stores and 7 warehouses, which has impacted margins as these investments take time to become profitable.
7. Upcoming app launch
- District should be live within the next four weeks
https://www.bseindia.com/xml-data/corpfiling/AttachLive/f2668990-81cf-4b19-9de5-ad64ab84236b.pdf
D: Invested
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