News

Published: November 4, 2023
Updated: November 4, 2023

Zomato Reports Steady Growth in Q2FY24; Consolidated Net Profit of Rs 36 crore

Zomato, the leading online food delivery platform, announced its Q2FY24 results, showcasing a significant improvement in financial performance. The company reported a consolidated net profit of Rs 36 crore for the quarter, marking a significant turnaround from the net loss recorded in the same period last year. Zomato's revenue also experienced impressive growth, driven by increased operations and user engagement.

Positive Financial Results:

Zomato's total income for Q2FY24 reached Rs 3,060 crore, reflecting a substantial increase compared to Rs 1,831 crore in the previous year. This represents a growth rate of 67.12% year-on-year. The company's revenue from operations saw a remarkable surge of 71.46%, reaching Rs 2,848 crore in the quarter under review.

Significant Rise in Net Profit:

In Q2FY24, Zomato reported a consolidated net profit of Rs 36 crore, a considerable improvement from the net loss of Rs 251 crore in Q2FY23. This represents a growth rate of 1,700% compared to the previous quarter. The company's efforts to streamline operations and optimize costs have contributed to this impressive turnaround.

Consistent Revenue Growth:

Zomato's revenue from operations witnessed consistent growth, rising by 17.88% from the previous quarter. With a reported revenue of Rs 2,416 crore in the preceding quarter, the company's performance showcases its ability to attract more customers and increase order volumes.

Market Response:

Zomato's shares were trading at Rs 116.85 as of 3:18 pm, indicating a positive investor sentiment surrounding the company's financial performance. Zomato's strong Q2FY24 results, with a consolidated net profit of Rs 36 crore and a substantial increase in revenue, highlight its ability to capitalize on the growing demand for online food delivery services. The company's efforts to enhance user experience, expand its customer base, and optimize operations have resulted in impressive financial growth. With continued focus on innovation and market expansion, Zomato remains well-positioned to sustain its upward trajectory in the competitive food delivery industry.