Zomato announced a net profit of Rs 175 crore for the fourth quarter, which ended in March. This is the food aggregator's fourth consecutive quarter of positive earnings.
At a time when muted demand and high inflation are straining the entire e-commerce sector, revenue jumped 73 percent YoY to Rs 3,562 crore.
Zomato reported revenue of Rs 2,056 crore and a net loss of Rs 188 crore for the same quarter last year.
The fast growth of its quick commerce arm, Blinkit, and increasing profitability in its core business have driven the food delivery company's stock price higher.
Business-Wise Results
In Q4 FY24, Zomato's food ordering and delivery business in India reported revenue of Rs 1,739 crore, up from Rs 1,172 crore in the same period the previous year. Revenue in this segment was Rs 6,361 crore for the entire fiscal year, compared to Rs 4533 crore for the fiscal year 2023.
Revenue from the quick commerce business Blkinkit was recorded at Rs 769 crore in the aforementioned quarter, more than doubling the Rs 363 crore reported in Q4 FY23. Compared to FY23, this segment's revenue contribution was Rs 806 crore, but for FY24 it was Rs 2,301 crore.
During Monday's trading session, the share price of the food delivery company closed lower by almost 2 percent, to Rs.196.65 per share.
Zomato also announced in a exchange filing on Monday that it has granted 18.26 crore shares through employee stock option plans (ESOP) to its staff members and subsidiaries.
ESOP alloted to Staff
The company said that the 18 crore, twenty-six lakh, twenty-seven thousand, four hundred and two grants, which are covered by the ESOP 2024, are entitled to 1 (one) fully paid-up equity share of face value of Rs.1/- (Rupee one) each against each exercised ESOP. The value of each equity share will be adjusted proportionately based on any corporate action that may occur.
