Zomato Q4 Results Preview: Steady earnings on cards after solid few quarters

for the fourth quarter is seen rising up to 48% (QoQ). The company had posted a loss of Rs 187 crore in the last year quarter.

In the preceding December quarter, Zomato's net profit jumped nearly 4x (283%) QoQ to Rs 138 crore. Revenue from operations in the third quarter increased 69% YoY to Rs 3,288 crore.

Here's what to expect from Zomato's Q4


We expect 4QFY24 revenue growth to come in at 65% YoY driven by 41% YoY growth in food delivery revenues (25% YoY growth in GMV and 60 bps YoY take rate expansion), 92% YoY growth in Hyperpure revenues and 102% YoY growth in Blinkit revenues. Our food delivery assumption implies a 3% sequential revenue decline on account of seasonal weakness expected in 4Q.

We model 20 bps QoQ expansion in food delivery CM to 7.3% in 4Q. This drives a QoQ increase in segment EBITDA despite lower GMV. We also expect a sequential reduction in losses in the Blinkit business driven by higher throughput of existing stores and quicker scale-up of new stores.


We estimate 9.4% QoQ/74.9% YoY revenue growth for consolidated business in Q4FY24. Adjusted revenue of Food delivery business to grow by 6.5% QoQ/40.9% YoY, driven by volume growth. We expect consolidated to improve by 110 bps QoQ.

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