Zomato's dining and events revenue grows 25% at Rs 73 crore

Zomato offers ticket-booking services for events, including festivals, concerts, and tours, besides its own food festival Zomaland under separate section 'Events'

Food delivery platform Zomato earned Rs 73 crore from its 'going-out' business, which includes dining out and events, a 25 percent growth year-on-year (YoY) in the October-December period.

On a Quarter-on-quarter (QoQ) basis, this was up by 49 percent compared to Rs 49 crore previously.

The going-out business, which comes under subsidiary Zomato Live Entertainment, has expanded its reach to nine cities, Co-founder and CEO Deepinder Goyal said in a letter to shareholders.

"We now have a separate ‘Events’ tab on our Zomato app in these cities," he added.

Under the business (Zomato Live), the company offers ticket-booking services for events, including festivals, concerts, and tours, besides its food festival Zomaland.

The gross order value (GOV) for this vertical almost doubled from the year-ago period to Rs 858 crore, a growth of 153.8 percent YoY and 26 percent QoQ.

The business reported Rs 1 crore in earnings before interest, taxes, depreciation, and amortisation (Ebitda), up from negative Ebitda of Rs 7 crore in the same period last year, but the same compared to the previous quarter.

On a group level, the listed firm reported a net profit of Rs 138 crore for the October-December period, marking the third straight quarter of the food aggregator’s earnings coming in the green.

Revenue rose 69 percent YoY to Rs 3,288 crore at a time when the broader e-commerce sector is reeling under the pressure of high inflation and muted demand.

During the same quarter last year, Zomato posted a net loss of Rs 347 crore and revenue of Rs 1,948 crore.