Zomato Q1 Results Review - Blinkit Continues To Defy Gravity: Motilal Oswal

The brokerage's DCF-based valuation of Rs 300 suggests a 25% upside from the current price.

Zomato Ltd.'s rider on bike waiting to pick up order on a street. (Source: Vijay Sartape/ NDTV Profit)  

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Motilal Oswal Report

Zomato Ltd. delivered another strong quarter as Q1 FY25 revenues of Rs 42.06 billion grew 18.1% [QoQ, ahead of our estimate of 6.9% QoQ growth.

Growth was led by Hyperpure/Blinkit (up 27.4%/22.5% QoQ). Food delivery also performed well with revenue growth of +11.7% QoQ on the back of healthy order volume.

Adjusted Ebitda margin of 6.6% missed our estimate of 7.4%. Profit after tax came in at Rs 2.5 billion (estimate: Rs 2.1 billion) versus Rs 1.7 billion in Q4 FY24.

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Motilal Oswal ZOMATO Q1FY25 Results Review.pdf
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Also Read: Zomato Q1 Results: Profit Up 45%, Beat Estimates

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