Zomato Ltd, the online food delivery giant, has reported a remarkable financial performance for the quarter ending June 30, 2024. The company achieved a substantial increase in its consolidated net profit, reaching Rs 253 crore. This marks a significant leap from the Rs 2 crore net profit reported during the same quarter last year, surpassing market expectations and demonstrating impressive growth.
The company’s revenue from operations surged by 74% year-on-year, reaching Rs 4,206 crore. This robust revenue growth underscores the company’s strong performance across its various business segments.
Zomato also saw a notable increase in its gross order value (GOV), which grew by 53% year-on-year to Rs 15,455 crore, up from Rs 10,084 crore in the previous year. The GOV encompasses Zomato's diverse business areas, including food delivery, quick commerce, and going-out services.
In detail, Zomato's food delivery segment experienced a 27% increase in GOV year-on-year. The quick commerce sector, which includes instant grocery delivery, witnessed a remarkable 130% year-on-year surge. The going-out segment, which covers restaurant reservations and related services, also saw a significant rise of 106% year-on-year.
Additionally, Zomato's adjusted EBITDA for the first quarter expanded to Rs 299 crore, compared to Rs 194 crore in the previous March quarter. This improvement reflects margin expansion across all four of its business segments, highlighting the company's operational efficiency and growth.
The positive financial results were mirrored in the company’s stock performance. Zomato’s shares hit an all-time high of Rs 238 during intraday trading on the Bombay Stock Exchange (BSE), ultimately closing 2% higher at Rs 234.10. This reflects investor confidence in the company's continued growth and profitability.
Â
