저자: ZomatoCFO아카트고얄 · 외국인
요약 보기
Zomato CFO는 블링킷(퀵커머스) 사업이 연 2배 성장 중이며 연매출 1만 크로어를 넘었다고 밝히고, 장기적으로 블링킷 매출이 푸드딜리버리를 추월할 것으로 전망함. 수익성: 2023년 6월 분기 처음으로 기업 단위 흑자 전환(세후 약 2크로어), 9월 분기 약 40억 크로어 수준으로 확대. 그룹 전체는 이미 흑자이며 향후 더 늘어날 것이라 주장. 블링킷은 아직 투자가 필요해 의미 있는 이익까지 시간이 걸린다고 인정. 당초 목표였던 2024년 1분기 블링킷 손익분기점 달성은 현재까지 순조롭다고 언급(시장 변화 없을 경우 조건부). 마진 전망: 푸드딜리버리 외 그로서리 사업 목표 마진 4~5%, 현재는 미달이나 규모 확대 시 개선되고 배달료·광고 수익이 이익 기여. 정상화 상태에서 마진 프로필은 유사할 것이라 주장. 시장 전망: 오프라인 리테일 시장 1조 달러 이상으로 추정, 1%만 점유해도 대규모 사업이 된다고 낙관. 글로벌 빅테크 중 상당수가 인도에서 비상장 상태로 남을 가능성이 있으나, 향후 3~5년 내 디지털 신생 기업 상장이 늘어날 것으로 봄. 출연자 관점은 전반적으로 낙관적이나, 블링킷 손익 개선 시점과 경쟁 리스크(인스타마트 등)는 조건부로 언급됨.
다듬은 글
welcome back here's an exclusive conversation the market is positive about zomato's future and the opportunities that lie ahead the Company CFO akant goyel says that while the business has shown remarkable growth it will take a wife a blinket to generate meaningful profits here's a slice of an exclusive conversation that moal oswal's Ram aaral had with him right here on CNBC TV8 Just A Week Ago take a look I think Z is I think just about 2 three years on the stock market so you know one of the one of the bullishness I have from my side is that uh uh in looking at the global scenario particularly Us big Big 5 7 10 they're all digital companies except probably Baka hatway so uh what do you think I mean this kind of apart from zomo you working very closely with digital companies you have seen them working so uh is it likely that in next 10 15 years we are going to see so this uh many more digital companies uh in the top 10 15 20 kind of a ranking in India so if you look at the top 510 global companies which are you mentioned are the largest companies in US likes of Google Facebook Etc uh they're by the way also I think fairly large in India and their India business is likely to remain unlisted so it's possible that you know a large part of Indian digital Tech market cap is never listed because of them being owned by these large players having said that I I do believe that we'll see a lot more new age companies uh coming from digitally Tech enabled sectors listing in the next few years I think we saw one round of that happening in 2021 when five six companies listed and as the business models have become much stronger uh and and economics have become better in the last years uh I do I do think there'll be a uh a few more listings down the line uh which will create uh more uh availability of tech digital businesses in the country which are listed mhm you know one of thing about zto is that not only in food delivery you guys are Dooly kind of situation uh but uh you have blinket also which is on top of it growing very rapidly so but then still combin as a company you are not made profit so is it a story of uh I mean it is a story full of hope that someday you'll make money because ultimately stock market is about in next uh discounted value of future cash flows so what what is your view on you know for how long one has to wait uh to see I mean within your own disclosed kind of a numbers can you guide uh us uh in terms of uh saying how exactly profit and profitability and profit numbers will start flowing in next 5 10 years also yeah so I mean last uh I think June quarter this year was the first quarter when at a company level we profited we reported a small 2 CR profit after tax and then September quarter that increased to about 40 OD cror right so company I think as a group combined business is already uh profitable and I think it's only going to increase from here uh as the business is mature and you're right I think blinket is a relatively still nent business it it we need investment in that business for it to continue to grow the top line of that business is doubling year on year right so I think it will be in that phase where uh it will take a while for that business to generate meaningful profits but I think food delivery shaping up well and as a result the the some of those two should remain profitable and therefore the company at a you know overall level should continue to remain profitable and grow from here but do you think blinket itself can be a lakh CR or 2 lak CR kind of turnover company in next uh I mean in the in uh midterm kind of thing the pace at which you are going yes it's already north of 10,000 crores in in terms of go Top Line annually yeah and yeah speaking it is a one and a half year old business right now right so and still growing at 80 to 100% year on year right so I think and I mean it's it's a long Runway of course from 10,000 to what you're saying 1 lakh CR but it's I think fairly probable that the business will continue to scale and and at some point we think it's likely to become larger than food delivery food delivery today if you look at the top line from a go standpoint it's about 30,000 crores uh and if in business continues to double year on year and food deliver is also growing 25 30% year on year but I at some point the trajectory of the two businesses in terms of size will cross I think in the next 3 four five years and and from there on I think those businesses have have a long run way to grow you know one of the comment against uh your food deliver business is that it's a fundamentally very low margin business for 5% Food business can have uh 20 30% take rate and things like that but in uh grocery it's highly competitive and the uh you know likes of Avenue and all they make about just about 4 5% net margin now you deliver at home free of cost or maybe some charges uh so how do you think of making money out of them so our ambition also in this business our stated objective goal has been that this business uh should get to 4 to 5% margin and that's the goal right now we not there yet uh but uh as the business scales the cross margins will increase uh we're also charging consumers here delivery fee so that's a big driver of profit as well and uh there is then this ad ad sales the advertisement spend that brands do on the platform which also adds to the bottom line so I think there's some differences the business models of a modern retail business versus Qui Commerce business but our view is that the margin profile should be very similar uh in the steady state I just had one followup on blinket actually since we're having this discussion and I think everyone is really interested in the quick Commerce space and the opportunity that it brings up right uh you spoke about the potential for profitability but I think earlier you had guided for a break even Aida break even on blinket by q1 of fi25 are we on track to meet that timeline yeah so far we are on track so on that so we uh that should happen if everything uh is predictable and Remains the market doesn't change so the reason I ask is because you know I mean you are a market leader in this space by a large amount I think you're 1.2 times bigger than instamart at the moment but I just want to understand in terms of Market leadership in the quick Commerce space what are we looking at what is the kind of opportunity that you see for blinket over the next couple of years yeah so I think it's a fairly large Market I think uh we not competing with any one player or a particular format for consumers they have multiple choices on how they transact or do Commerce in the country uh there are the local kiranas there are modern retail uh big box retail format stores uh there are large e-commerce platforms and and then you also have bommer platforms right so from a consumer standpoint I think all of this are in a way ways to transact and buy stuff in India and and that overall Market is so large I think that all of these individual uh formats will who can survive and become fairly large and profitable right so I think the Focus right now therefore is more on like how can we solve uh problems or create more use cases for consumers to transact on our platform and and if you're able to do that well I think the market is large enough for for everyone to grow right so and that's the opportunity which Mr R just spoke about I think you know it's the offline retail Market is in a$1 trillion or more inside right and even if you get like you know 1% share of that we'll build a$1 million business cmbc TV
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