Food delivery company Zomato has witnessed yet another profitable quarter in FY24, with a profit after tax of Rs 36 crore in the July to September period.
The company said all its key business-to-consumer segments—food delivery, quick commerce, and going out—saw healthy growth in the second quarter, which helped it continue its profitability streak.
Revenue from operations in Q2 FY24 rose 71% to Rs 2,848 crore helped by a 47% year-over-year growth in gross order values (GOV) in the food delivery, going out (which comprises dining out and live events), and quick commerce segments, the firm told its shareholders in a filing on Friday.
Food delivery alone saw a 20% rise in GOV in the quarter, indicating a healthy recovery from the demand slowdown witnessed in the last two quarters of FY23.
Quick commerce bounced back with a 29% quarter-on-quarter GOV growth following tepid growth in Q1 FY24, which was caused due to temporary disruptions in the business.
However, ‘s total expenses shot up 45% to Rs 3,039 crore from Rs 2,092 in the same period last year. Delivery and related charges rose 55% compared to last year.
Blinkit, Zomato’s quick commerce arm, turned contribution positive in the July-September period for the entire quarter for the first time ever, with margin (as a percentage of GOV) improving to 1.5% from -7.3% last year, the company said.
(This is a developing story.)
Edited by Swetha Kannan
