August 1, 2024
New Delhi, India
Zomato’s Q1 Results Key Highlights:
1. Significant Profit Increase: Zomato reported a substantial increase in net profit, which soared 126.5 times to Rs 253 crore in the April-June quarter (Q1), compared to the same period last year. This marks the fifth consecutive quarter of profitability for the food aggregator.
2. Revenue Growth: Revenue surged 74% year-on-year to Rs 4,206 crore, surpassing analysts’ estimates of Rs 3,928 crore according to LSEG data. This impressive growth comes despite the broader e-commerce sector facing challenges from high inflation and muted demand.
3. Previous Year’s Performance: In the same quarter last year, Zomato posted a net profit of Rs 2 crore and revenue of Rs 2,416 crore. The dramatic increase in profitability highlights the company’s successful strategies and business expansion.
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4. Stock Performance: Zomato’s stock price has jumped 174% over the past year and is currently trading at a price-to-earnings (P/E) ratio of about 148 times. The stock’s strong performance is attributed to rising profitability in Zomato’s core business and the rapid growth of its quick commerce arm, Blinkit.
5. Demand for Food and Grocery Delivery: Zomato’s consolidated net profit rose to Rs 253 crore ($30.22 million) in Q1, driven by strong demand for its food and grocery delivery services. The company’s ability to meet and exceed market expectations underscores its robust business model and growth potential.
Zomato’s impressive financial results for Q1 reflect the company’s strong market position and the successful integration of Blinkit. With significant revenue growth and a notable increase in net profit, Zomato continues to demonstrate its resilience and potential in the competitive food delivery and e-commerce sectors.
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