Zomato reported a 57% year-on-year (YoY) decline in its profit after tax (PAT) for Q3 FY25, dropping to Rs. 59 crore from Rs. 138 crore in the same period last year. This marks a sharp sequential decline from Rs. 176 crore in Q2 FY25.
The company’s revenue from operations, however, surged 64% YoY to Rs. 5,404 crore, compared to Rs. 3,288 crore in Q3 FY24, and up from Rs. 4,799 crore in the previous quarter. Consolidated adjusted EBITDA grew 128% YoY to Rs. 285 crore, driven by improvements in the food delivery segment. However, EBITDA fell 14% sequentially, as investments in expanding its quick commerce arm, Blinkit, weighed on margins. Blinkit’s quarterly losses increased by Rs. 95 crore.
Zomato’s total expenses rose to Rs. 5,533 crore in Q3, up from Rs. 3,383 crore a year ago and Rs. 4,783 crore in the previous quarter. The company’s cash reserves climbed to Rs. 19,235 crore, bolstered by an Rs. 8,446 crore fundraise via a qualified institutional placement (QIP).
Food Delivery
Zomato’s food delivery business reported an adjusted revenue of Rs. 2,413 crore in Q3 FY25, up from Rs, 2,062 crore in the same period last year and Rs. 2,340 crore in the previous quarter. The segment’s gross order value (GOV) rose slightly to Rs. 9,913 crore from Rs. 9,690 crore in Q2 FY25, reflecting a slowdown in demand. On a yearly basis, GOV increased from Rs. 8,486 crore in Q3 FY24.
The platform’s average monthly transacting customers (MTCs) for food delivery declined marginally to 20.5 million from 20.7 million in the previous quarter but showed an improvement from 18.8 million in the year-ago period.
Blinkit
Blinkit, Zomato’s quick commerce arm, reported an EBITDA loss of Rs. 103 crore in Q3 FY25, marking a 16% year-on-year (YoY) increase from Rs. 89 crore in Q3 FY24. Sequentially, losses rose sharply from Rs. 8 crore in Q2 FY25.
“The losses in our quick commerce business this quarter are largely due to accelerated growth investments that were initially planned for a staggered timeline,” said Deepinder Goyal, co-founder and group CEO of Zomato, in a shareholder letter.
Despite the widening losses, Blinkit’s revenue more than doubled YoY, rising 117% to Rs. 1,399 crore from Rs. 644 crore in Q3 FY24. Revenue also grew from Rs. 1,156 crore in Q2 FY25. The gross order value (GOV) increased to Rs. 7,798 crore, up from Rs. 3,542 crore a year ago and Rs. 6,132 crore in the previous quarter.
Average order value (AOV) improved to Rs. 707 in Q3, compared to Rs. 660 in Q2 FY25 and Rs. 635 in Q3 FY24. Blinkit also expanded its dark store count to 1,007 from 451 a year ago, with average monthly transacting users growing to 10.6 million, nearly double the 5.4 million in the same period last year.
Looking ahead, Goyal noted, “We expect to reach our target of 2,000 stores by December 2025, ahead of our earlier guidance of December 2026.”
Going Out
Zomato’s “Going Out” vertical posted a 254% YoY revenue growth in Q3 FY25, reaching Rs. 259 crore, up from Rs. 73 crore in Q3 FY24 and Rs. 154 crore in Q2 FY25. The segment’s gross order value (GOV) rose to Rs. 2,495 crore from Rs. 1,849 crore last quarter.
The growth was driven by District, Zomato’s new live events and ticketing app, which has surpassed 6.5 million downloads since its launch in November 2024. Investments in District led to a quarterly loss, but Zomato expects the vertical to grow over 40% YoY in the coming years, citing strong demand and market opportunities.
Hyperpure
Zomato’s business-to-business (B2B) supplies vertical, Hyperpure, saw its revenue rise 95 percent YoY to Rs 1,671 crore in Q3, compared to Rs 859 crore in the same period last year. The company reported a revenue of Rs 1,473 crore a year ago.
