Zomato is set to release its Q2FY25 earnings tomorrow, and analysts from major brokerages are predicting robust growth across all segments. Here’s a preview based on estimates from ICICI Securities, Kotak Institutional Equities, and Nuvama. According to average of the analyst estimates, Zomato’s Q2 FY25 revenue is expected to surge 69.28% and come in at around Rs 4,821 crore against Rs 2,848 crore.
ICICI Securities: Impressive Growth in Food Delivery and Blinkit
Analysts at ICICI Securities forecast Zomato’s food delivery gross order value (GOV) to rise by 6% quarter-on-quarter (Q-o-Q) and 23% year-on-year (Y-o-Y). Blinkit’s GOV is expected to grow even more dramatically, with a 20.1% Q-o-Q increase and a staggering 114.1% Y-o-Y surge. Overall, adjusted revenue is projected to grow by 13.1% Q-o-Q and 57.7% Y-o-Y.
ICICI Securities estimates revenue for the second quarter to reach ₹5,111.1 crore, up from ₹2,848 crore a year ago, marking a significant 79.4% increase. On a quarterly basis, the revenue is expected to grow by 21.5%.
Kotak Institutional Equities: Strong Performance Across All Segments
Kotak Institutional Equities expects Zomato’s Q2FY25 revenue to grow by 63% Y-o-Y, driven by a 37% Y-o-Y increase in food delivery revenues. Hyperpure, Zomato’s B2B supplies segment, is anticipated to see a 74% Y-o-Y revenue growth, while Blinkit is forecasted to achieve a 122% Y-o-Y growth.
Kotak analysts have pegged Zomato’s second-quarter revenue at ₹4,644 crore, up from ₹2,848 crore a year ago, translating to a 63% increase. They also expect an 18.2% Y-o-Y growth in revenue, driven by a 4.1% Y-o-Y growth in the paying suppliers’ base and a 13.5% Y-o-Y growth in average revenue per user (ARPU).
Nuvama: Substantial Revenue and Ebitda Improvement
Nuvama analysts estimate a 12% Q-o-Q and 65.3% Y-o-Y revenue growth for Zomato’s consolidated business in Q2FY25. They project the revenue to be ₹4,709.1 crore, compared to ₹2,848 crore a year ago.
Zomato’s adjusted revenue from the food delivery business is expected to grow by 36% Y-o-Y, driven by volume growth. Blinkit is anticipated to report a 124% Y-o-Y revenue growth. The consolidated Ebitda margin is likely to improve by 150 basis points (bps) Q-o-Q, led by the food delivery segment. Nuvama expects the Ebitda to reach ₹267.3 crore, compared to a loss of ₹47 crore a year ago, with the Ebitda margin improving to 5.7% from a negative 1.7% a year ago.
