
<p><strong>Milestone Alert</strong></p>



<ul class="wp-block-list">
<li><strong>Consolidated business (including quick commerce) is now Adjusted EBITDA and PAT positive</strong> (first time ever!). We have (again) delivered ahead of our guidance on getting to this milestone
<ol class="wp-block-list">
<li>Adjusted EBITDA was +INR 12 crore in Q1FY24 </li>



<li>Profit after Tax (PAT) was +INR 2 crore<br></li>
</ol>
</li>



<li><strong>Quick commerce (Blinkit) business turned Contribution positive</strong> for the first time ever, in the month of June 2023. New guidance alert – we believe we can deliver <strong>Adjusted EBITDA breakeven in the quick commerce business in the next four quarters</strong><br></li>
</ul>



<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="450" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=640%2C450&#x26;ssl=1" alt="" style="width:100%" class="wp-image-12972" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=1024%2C720&#x26;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=300%2C211&#x26;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=768%2C540&#x26;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=1536%2C1080&#x26;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=2048%2C1440&#x26;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=1568%2C1103&#x26;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?w=1280&#x26;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?w=1920&#x26;ssl=1 1920w" sizes="(max-width: 640px) 100vw, 640px"></figure>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1sP0Kf2gtTnUCPzzN_6pICfWEx6iXYP4Q/view?usp=sharing">Click here to download Q1FY24 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em" href="https://drive.google.com/file/d/1sP0Kf2gtTnUCPzzN_6pICfWEx6iXYP4Q/view?usp=sharing" class="wp-block-file__button" download>Download</a></div>



<p><strong>Milestone Alert</strong></p>



<ul class="wp-block-list">
<li><strong>Consolidated business (including quick commerce) is now Adjusted EBITDA and PAT positive</strong> (first time ever!). We have (again) delivered ahead of our guidance on getting to this milestone
<ol class="wp-block-list">
<li>Adjusted EBITDA was +INR 12 crore in Q1FY24&nbsp;</li>



<li>Profit after Tax (PAT) was +INR 2 crore<br></li>
</ol>
</li>



<li><strong>Quick commerce (Blinkit) business turned Contribution positive</strong> for the first time ever, in the month of June 2023. New guidance alert &#8211; we believe we can deliver <strong>Adjusted EBITDA breakeven in the quick commerce business in the next four quarters</strong><br></li>
</ul>



<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="450" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=640%2C450&#038;ssl=1" alt="" style='width:100%' class="wp-image-12972" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=1024%2C720&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=300%2C211&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=768%2C540&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=1536%2C1080&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=2048%2C1440&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?resize=1568%2C1103&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/08/Consolidated-1.png?w=1920&amp;ssl=1 1920w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1sP0Kf2gtTnUCPzzN_6pICfWEx6iXYP4Q/view?usp=sharing">Click here to download Q1FY24 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em"href="https://drive.google.com/file/d/1sP0Kf2gtTnUCPzzN_6pICfWEx6iXYP4Q/view?usp=sharing" class="wp-block-file__button" download="">Download</a></div>


Q1FY24 shareholders’ letter and results


<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="375" style="width:100%" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=640%2C375&#038;ssl=1" alt="" class="wp-image-13906" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=1024%2C600&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=300%2C176&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=768%2C450&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=1536%2C900&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=2048%2C1200&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=1568%2C919&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?w=1920&amp;ssl=1 1920w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



<h3 class="wp-block-heading"><strong>Key takeaways</strong></h3>



<ol class="wp-block-list">
<li>Year-on-year topline (Adjusted Revenue) growth steady at 62% (61% in the previous quarter) and continues to trend above the stated outlook of 40%+.</li>



<li>Bottomline continues to grow with Adjusted EBITDA expanding to INR 299 crore compared to INR 194 crore in the previous quarter. This was driven by margin expansion in all the 4 businesses.</li>



<li>Quick commerce business sustains Adjusted EBITDA break-even (achieved in the month of March 2024) despite investments in new store openings.
<ul class="wp-block-list">
<li>Adjusted EBITDA in Q1FY25 = INR -3 crore</li>



<li>Net addition of 113 stores as against our guidance of 100 stores</li>
</ul>
</li>
</ol>



<p>More details in the following pages.</p>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1cslKieFe2sNFPevVer1AjT01SakUk9x7/view?usp=sharing">Click here to download Q1FY25 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em"href="https://drive.google.com/file/d/1cslKieFe2sNFPevVer1AjT01SakUk9x7/view?usp=sharing" class="wp-block-file__button" download="">Download</a></div>



<ol class="wp-block-list"></ol>


Q1FY25 shareholders’ letter and results


<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="355" style="width:100%" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=640%2C355&#038;ssl=1" alt="" class="wp-image-13632" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=1024%2C568&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=300%2C166&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=768%2C426&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=1536%2C852&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=2048%2C1136&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=1568%2C870&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?w=1920&amp;ssl=1 1920w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



<h3 class="wp-block-heading"><strong><strong>Milestone alert</strong></strong></h3>



<ul class="wp-block-list">
<li>Quick commerce business (Blinkit) turns Adjusted EBITDA positive in March 2024 🏃‍➡️</li>
</ul>



<h3 class="wp-block-heading"><strong>Key takeaways</strong></h3>



<ul class="wp-block-list">
<li>Year-on-year topline growth accelerates to 61% and continues to trend above the stated outlook of 40%+. Growth driven by robust growth in both food delivery and quick commerce.</li>



<li>Bottomline continues to expand and grow with Adjusted EBITDA at INR 194 crore. Margin expansion continues in both food delivery and quick commerce. Quick commerce business gets to Adjusted EBITDA break-even milestone for March 2024.</li>



<li>Rapid store expansion underway in quick commerce business. Aiming for 1,000 stores by March 2025.</li>



<li>Proposal for a new ESOP pool equivalent to 2% of fully diluted share capital.</li>
</ul>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1cqHmjwh8wDOsZu-dUmNN3PVT4zABeq51/view?usp=drive_link">Click here to download Q4FY24 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em"href="https://drive.google.com/file/d/1cqHmjwh8wDOsZu-dUmNN3PVT4zABeq51/view?usp=drive_link" class="wp-block-file__button" download="">Download</a></div>



<p></p>


Q4FY24 shareholders’ letter and results


<h3 class="wp-block-heading">Key Highlights</h3>



<ul class="wp-block-list">
<li>We continued to build on the momentum in the first two quarters of FY24.</li>



<li>GOV across our B2C businesses grew 47% YoY (13% QoQ) to INR 12,886 crore. On an annualised basis, we have now crossed INR 50,000 crore of GOV in our B2C businesses.</li>



<li>Consolidated Adjusted Revenue grew 53% YoY (12% QoQ) to INR 3,609 crore.</li>



<li>On the profitability front, consolidated Adjusted EBITDA was positive for the third consecutive quarter at INR 125 crore and improved by INR 390 crore as compared to the same quarter last year.</li>
</ul>



<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="389" style="width:100%" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?resize=640%2C389&#038;ssl=1" alt="" class="wp-image-13404" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?resize=1024%2C622&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?resize=300%2C182&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?resize=768%2C466&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?resize=1536%2C933&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?resize=2048%2C1244&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?resize=1568%2C952&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/02/Consolidated.jpg?w=1920&amp;ssl=1 1920w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1dsv9iPzlulQ8PQqnbMP7vhzX3QihxRbV/view?usp=sharing">Click here to download Q3FY24 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em"href="https://drive.google.com/file/d/1dsv9iPzlulQ8PQqnbMP7vhzX3QihxRbV/view?usp=sharing" class="wp-block-file__button" download="">Download</a></div>



<p></p>



<p></p>


Q3FY24 shareholders’ letter and results


<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="511" style='width:100%' src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?resize=640%2C511&#038;ssl=1" alt="" class="wp-image-13196" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?resize=1024%2C818&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?resize=300%2C240&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?resize=768%2C613&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?resize=1536%2C1226&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?resize=2048%2C1635&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?resize=1568%2C1252&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/11/Consolidated.png?w=1920&amp;ssl=1 1920w" sizes="(max-width: 640px) 100vw, 640px" /></figure>



<p><br><strong>Milestone Alert</strong><br>Quick commerce (Blinkit) business turned Contribution positive in Q2FY24 for the first time, for the entire quarter. The Contribution margin (as a % of GOV) in the business has improved from -7.3% in Q2FY23 last year (when we acquired the business) to +1.3% now in Q2FY24.<br></p>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1Xa9bq1MtF5EsLVA9zddPD8GIOrSgZrZz/view?usp=sharing">Click here to download Q2FY24 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em"href="https://drive.google.com/file/d/1Xa9bq1MtF5EsLVA9zddPD8GIOrSgZrZz/view?usp=sharing" class="wp-block-file__button" download="">Download</a></div>


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