Costs incurred under the Esops head are non-cash expenses, and will rise in the ongoing fiscal “on account of grant of Esops to the Blinkit leadership team and senior employees,” the management said in a post-earnings call.
Food delivery platform Zomato on Monday reported a consolidated net profit of Rs 175 crore for the quarter ended March 31, 2024, as against a loss of Rs 188 crore reported in the year-ago period.
As per the regulatory filing, Blinkit’s revenue from operations for the financial year that ended March 31, 2024, stood at Rs 2,301 crore against Rs 806 crore in the last fiscal.
Zomato's consolidated revenue from operations stood at Rs 3,562 crore. It was Rs 2,056 crore in the year-ago period, it said. Total expenses were at Rs 3,636 crore. The company posted its total expenses at Rs 2,431 crore in the corresponding period a year ago.
Kapil Chopra, founder, EazyDiner, said the bookings on its platform for May 12 were more than double of what it was last year-which was also a Sunday. The lunch and dinner bookings on the app were up 62% and 198%, respectively, he said, which pulled up the average occupancy across the restaurants to 92%. "Overall, it's an absolutely crazy day. It's 50% higher than New Year's Eve for us. It's a great day for Indians eating out in food and beverage," Chopra told ET. The maximum growth this year is in Bengaluru, followed by Mumbai and Delhi, he said.
India's quick-service restaurants struggled throughout the fiscal year to lure in customers, who cut back spending due to sticky inflation. The country's food inflation, which accounts for nearly half of the overall consumer price basket, has remained high so far this year.
McDonald's India franchisee Westlife said consolidated profit after tax fell to 7.6 million rupees ($91,012.8) for the January-March quarter from 200.9 million rupees a year earlier. India's quick-service restaurants have struggled to attract customers in the face of sticky inflation and increasing competition from local players.
Shah will take over the role from Saurabh Bhudolia who is transitioning out of the company to pursue entrepreneurial opportunities.
San Francisco-based Instacart said Tuesday that its U.S. shoppers will see a "Restaurants" tab in the company's app in the coming weeks. Restaurant orders will be delivered by Uber Eats drivers.
Yum Brands reported a fall in quarterly global same-store sales on Wednesday, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers in the United States as well as in overseas markets.
Licious founders plan 500 stores in 5 years with 6% operating profit margin. Targeting profitability by FY25, focusing on offline strategy. Improved demand forecasting and introduced subscription model for growth.
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