Key Points
Food and grocery delivery platform Zomato reported its first ever consolidated net profit and a 71% increase in operating revenue in the seasonally strong fiscal first quarter, when the company benefitted also from a higher frequency of ordering by subscribers of its recently relaunched loyalty programme...
In a letter addressed to shareholders, and filed with stock exchanges, Zomato chief financial officer Akshant Goyal said the company expects its business to remain profitable going forward, and continue to deliver 40%+ year-on-year adjusted revenue growth for at least the next couple of years...
After a sluggish performance in its mainstay food delivery business over the past few quarters, the adjusted revenue in the segment in the June quarter rose almost 14% sequentially to Rs 1,742 crore..
Zomatos newly elevated chief executive of food delivery, Rakesh Ranjan, attributed the growth in the segment to four factors: recovery in consumer demand that started in February and continued into April-June; a seasonally strong Q1; growing adoption of the Zomato Gold loyalty programme; and great execution by the team, especially on ensuring delivery partner availability in a quarter impacted by adverse weather...
Our focus is steadily on growing our business both in terms of number of customers and their monthly wallet share, and if we do that successfully, profitability will be the outcome, he said.. Blinkits plan to add 100 new dark stores in the ongoing financial year will primarily take shape in regions where the quick commerce platform already has high volumes with existing stores reaching maturity, he said..
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