BENGALURU: Foodtech major Zomato has turned PAT (profit after tax) positive for the first-time with Rs 2 crore profit in the first quarter of this financial year. In the fourth quarter, the company reported consolidated net loss at Rs 188 crore.
Blinkit, its quick commerce business, also turned Contribution positive for the first time and Zomato believes that they can deliver Adjusted EBITDA breakeven in the quick commerce business in the next one year.
The company's CEO Deepinder Goyal said that they have been working hard to make business less complex, and putting the right people at the right spots within our businesses.
"These things do not have definite/measurable impact, and I can in hindsight say that most of our seemingly “risky” bets have changed the trajectory of the business significantly, much faster than we expected," he said.
Zomato on Thursday reported its adjusted revenue for the first quarter at Rs 2,786 crore, a 54% y-o-y growth. The foodtech major expects its business to remain profitable going forward and believes that it will continue to deliver 40%+ YoY topline (Adjusted Revenue) growth for at least the next couple of years.
Goyal said Blinkit’s GOV is very close to Zomato’s GOV in some of the large cities where they have an overlapping presence. He believes that 10 years from now, Blinkit will drive more value for its shareholders than Zomato.
Its Hyperpure revenue grew 29% QoQ (126% YoY) to Rs 617 crore in Q1FY24, driven by growth across its core restaurant supplies business as well as the newer quick commerce opportunity that the company started tapping a couple of quarters ago.