New Delhi: The shares of food delivery major Zomato settled over 7 per cent lower at Rs 230.70 apiece on Monday. The stock plunged after the company reported a 57.2 per cent decline in consolidated net profit to Rs 59 crore for the third quarter of 2024-25. Zomato, which owns Blinkit, had posted a net profit of Rs 138 crore in the October-December quarter of the previous financial year.
Zomato share price has dropped more than 18 per cent in the last one month. The stock gained 4 per cent in the last six months and 77 per cent in the past one year.
Zomato’s consolidated revenue from operations was recorded at Rs 5,405 crore, while it was Rs 3,288 crore in the third quarter of 2023-24. The food delivery platform informed the exchanges that its total expenses went up to Rs 5,533 crore in the third quarter ended December 2024, from Rs 3,383 crore in the corresponding period of 2023-24.
In its Q3 Results, Zomato mentioned registering a 128 per cent year-on-year (Y-o-Y) growth in consolidated Adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) to Rs 285 crore. The Adjusted Ebitda margin increased 4.3 per cent of Gross Order Value (GOV) from 3.0 per cent a year ago. On a quarter-on-quarter (Q-o-Q) basis, Zomato’s consolidated Adjusted Ebitda declined by 14 per cent (or Rs 45 crore).
Zomato financials
| (in Cr.) | 01/09/24 | 01/06/24 | FY23-24 |
| Revenue | 2151 | 2048 | 6622 |
| Net Profit | 421 | 470 | 1371 |
| EPS | 0.48 | 0.54 | 1.61 |
| Cash EPS | 0.51 | 0.56 | 1.66 |
| OPM % | 24.31 | 24.07 | 22.09 |
| NPM % | 19.57 | 22.95 | 20.7 |
In a letter to shareholders, the company mentioned that the Blinkit store count crossed 1,000. “The losses in our quick commerce business this quarter are largely on account of pulling forward the growth investments in the business that we would have otherwise made in a staggered manner over the next few quarters. As of now, it seems like we will get to our target of 2,000 stores by December 2025 much earlier than our previous guidance of December 2026,” Zomato Founder and CEO Deepinder Goyal said.
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