November 3, 2023
New Delhi, India
Zomato Q2 Results
Zomato reported robust financials in its Q2 results for FY23-24, marking a profitable second consecutive quarter and a significant revenue surge.
Financial Performance
The company revealed a remarkable turnaround, moving from a loss of Rs 251 crore to a profit of Rs 36 crore in the September quarter. Zomato witnessed a revenue spike of 71.46%, reaching Rs 2,848 crore compared to Rs 1,661 crore in the same period last year.
Strategic Expansion and Diversification
Zomato outlined plans to expand, aiming for at least 100 new stores by FY24, intending to reach around 480 stores by March 2024. Its Blinkit division experienced a 29% sequential GOV growth, indicating a positive trajectory in that sector.
Segment and Metric Insights
Emphasizing the potential of quick commerce over food delivery, Zomato highlighted a substantial contribution from 60% of its stores and recognized a favorable economic outlook at both store and city levels.
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Growth Drivers
The company attributed its increased gross order volume to better execution, improved demand, and the rising adoption of the Gold program, driving higher ordering frequency among its 3.8 million members.
Market Response
Following the announcement of the Q2 results, Zomato’s stock surged by 7.40% to Rs 115.45 on the BSE, signifying a positive market response to the company’s performance and future growth prospects.
Conclusion
Zomato’s Q2 results showcase a substantial revenue boost, a strategic focus on diversified segments, and a notable transition to profitability, which has garnered a positive reaction from investors.
