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Dolat Capital Report
Zomato Ltd. reported revenue growth of 9% QoQ (our estimate: 4.6%) led by strong order growth of 13% QoQ (that overcame average order decline of 6% QoQ at Rs 367) and sustained traction in Hyperpure business (grew by 18.8% QoQ).
Ebitda margin stood at down 40.2% from down 47.4% (our estimate: down 49.3%). The beat was led by decline in marketing spends (down 14% QoQ), savings from exit from Global Ad biz, and operating leverage.
Contribution margin came in at 1.7% of gross order (up from 1.1% in Q3).
Zomato shared no incremental input on unit-economics and any specific input on how/when it would achieve profitability. It just expect the order frequency to improve from 36 orders per annum now to over 50 orders per annum over time on a larger transacting user base (current monthly transacting users) is 14.7 million).
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