Zomato records Rs 138 crore profit in Q3 earnings

Zomato Q3 earnings: Listed food delivery company Zomato has recorded a net profit of Rs 138 crore in the December period (Q3FY2024).

The company had recorded a loss of Rs 347 crore in the same period last year.

Sequentially, Zomato’s profits were 283 per cent up as in the September quarter, wherein it had registered 36 crore in profits.

Revenue for the company was at Rs 3,288 crore, up 69 per cent from Rs 1,948 crore in the same period last year.

Total expenses were higher at Rs 3,383 crore. The same was Rs 2,485 crore in the corresponding period a year ago, as per the exchange filing.

With the results, the Deepinder Goyal-founded company saw a third straight quarter of profitable earnings, amid the e-commerce sector pressured by high inflation and muted demand.

EBIDTA for the company was at Rs 51 crore, as against an EBIDTA loss of Rs 366 crore, at a margin of 1.5 per cent.

The profit comes on the back of increased demand during the men's Cricket World Cup and the festive period.

The company saw shares surge 2.42 per cent at Rs 144 per share as on Thursday, February 8. The shares had previously closed at Rs 140.6.

Notably, Indian consumers ordered more food from restaurants during the ICC Men's Cricket World Cup between October 5 and November 19. The festive season also helped Zomato and rival Softbank-backed Swiggy bring in maximum  yearly sales share and boost its topline.

For the mainstay food delivery business, revenue grew 48 per cent for the quarter while that from its quick commerce division, Blinkit, was more than double.

Listed in the e-retail and e-commerce segment, Zomato has a market cap of Rs 1,25,437 crore, with a high of Rs 147. 

(With agency inputs)