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Motilal Oswal Report
Zomato Ltd. delivered another robust quarter as Q2 FY25 revenues of Rs 48 billion grew 14% QoQ, in line with our estimate of 14% QoQ growth. Growth was led by Blinkit (gross order value up 25% QoQ/122% YoY). Food delivery business also continues to deliver 20%+ YoY growth in GOV and revenue with steady margins.
Adjusted Ebitda as % of GOV margin was up 20 bp QoQ at 3.4%. Profit after tax came in at Rs 1.8 billion (estimate Rs 1.4 billion) and grew 389% YoY.
For H1 FY25, revenue/adjusted Ebitda grew 71.1%/1086.8%. versus H1 FY24. For H2 FY25, we expect revenue/ adjusted Ebitda to grow by 68.5%/123.0% YoY.
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