Zomato Q3 results: Profit rises to Rs 138 cr on higher demand, beats view
Revenue from its core food delivery business grew 48% this quarter, while revenue from its quick trade division more than doubled
Indian food delivery platform Zomato on Thursday reported a quarterly profit that beat market expectations, helped by increased demand during the Men’s Cricket World Cup and the festive season.
The company’s shares rose more than 3% after the results.
It reported a consolidated net profit of Rs 138 crore ($16.6 million) for the third quarter ended December 31, better than analysts’ estimate of Rs Rs 90.98 crore, according to LSEG data.
It had reported a net loss of Rs 347 crore a year earlier.
Indian consumers ordered more food from restaurants during the Men’s Cricket World Cup, which took place between October 5 and November 19. This, coupled with the festive season, when Zomato and its Softbank-backed rival Swiggy bring in a lion’s share of their food. annual sales helped boost sales.
Revenue from its core food delivery business grew 48% this quarter, while revenue from its quick-trade division more than doubled.
This resulted in a 69% increase in total revenue to Rs 3,288 crore.
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First print: February 8, 2024 | 3:35 PM IST