Food and grocery delivery firm posted profit for the third straight quarter at Rs 138 crore in Q3 FY24, up from a loss of Rs 347 crore in the same period last year. This was bolstered by strong performance of food delivery and its business-to-business supplies business Hyperpure.
Zomato’s net profit surged by a whopping 283% compared to Rs 36 crore earned last quarter. The company’s operating revenue rose 69% to Rs 3,288 crore against Rs 1,948 crore in the year-ago quarter.
Zomato’s food delivery—its largest business by revenue—earned an operating revenue of Rs 1,704 crore against Rs 1,151 crore in December quarter last year. The food delivery growth was fuelled by a surge in the monthly active restaurants base, helped by the entry of new restaurants and the expansion of coverage area of existing restaurants.
Income from B2B vertical Hyperpure doubled to Rs 859 crore against Rs 421 crore in the year-ago period.
Going Out—the sum of Zomato’s dining out and events businesses—was enlisted as a separate reportable segment effective July 1, 2023, the firm said in its filings with the stock exchanges. The vertical reported an operating revenue of Rs 73 crore against Rs 58 crore last year.
Zomato’s total expenses rose 36% year-over-year to Rs 3,383 crore compared to the previous year.
(This is a developing story)
Edited by Megha Reddy
