Zomato achieved adjusted EBITDA (consol.) break-even in Q1FY24 (2-3 quarters ahead of guidance). Adjusted EBITDA margin (consol.) improved 760bps QoQ vs our estimate of 320bps improvement. This was driven by 11% QoQ GOV growth in food delivery and superior cost control led by organisation restructuring. In addition, management commentary with regards to growth outlook improved materially over Q4FY23.