Food aggregator Zomato on Thursday reported a massive surge in its quarterly profit to Rs 253 crore in the April-June 2024 quarter as consumers continue to stay bullish on quick commerce.
The Deepinder Goyal-led company saw a 74% hike in its operating revenue to Rs 4,026 crore during the first quarter of FY24 from Rs 2,416 crore it reported a year ago.
Revenue from its food delivery segment, which continues to be its largest vertical, grew 41% to Rs 1,942 crore. Meanwhile, its B2B arm Hyperpure business nearly doubled to Rs 1,212 crore in the three months ended June 30, 2024.
Zomato has been bullish on its quick commerce arm, Blinkit, which currently accounts for 22% of its total revenues. The company, in its annual results for FY24, had announced its plans to increase to 1,000 quick commerce stores by March 2025.
Just a fortnight ago, Zomato, along with its peer Swiggy, hiked its platform fee by 20% to Rs 6 per order in high traction areas in an attempt to pad up its bottomline in the face of sluggish growth in its food delivery segment.
Zomato’s shares climbed 3.86% at the end of trading today to reach Rs 237.90.
