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Prabhudas Lilladher Report
Zomato has transformed the online food delivery segment and has emerged as a market leader with an increase in gross order from Rs 13 billion in FY18 to Rs 94 billion in FY21 (Rs 112 billion in FY20).
The company has turned contribution positive at Rs 20.5/ order (down 30.5 in FY20).
We believe that the business offers huge scalability given rising penetration of smart phones and just 8-10% consumer penetration than China/USA, a level India would reach in next five to seven years.
We believe that the business has high gross margins of 90% plus and operating leverage from availability fee, advertising, IT spends and personnel cost will expand margins once it reaches critical mass in coming few years.
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