Zomato, the leading Foodtech company, announced on Thursday (August 3) that it achieved profitability in the first quarter of the financial year 2023-24 (FY24). The company reported a consolidated profit after tax (PAT) of INR 2 Cr, a remarkable turnaround compared to the consolidated net loss of INR 186 Cr in the same quarter of the previous fiscal.
In the reported quarter, the startup led by Deepinder Goyal recorded an operating revenue of INR 2,416 Cr, showcasing significant growth from INR 1,413.9 Cr in Q1 FY23.
Additionally, this represented a substantial 17.5% increase from the operating revenue of INR 2,056 Cr reported in the preceding quarter, Q4 FY23.
Zomato released a statement stating that their quick-commerce business, Blinkit, achieved a significant milestone by turning contribution positive for the first time ever in the June quarter of FY24.
The company anticipates that Blinkit will achieve breakeven on an adjusted EBITDA basis within the upcoming four quarters.
“We have been working hard to make our 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,” MD and CEO Goyal said.
