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Zomato posts ₹36 cr profit on surge in order volume
Mint Mumbai
|November 04, 2023
Zomato Ltd reported a second consecutive quarter of profit, with the company’s food ordering and quick commerce businesses benefiting from strong festive season spending.
The food aggregator reported a net profit of ₹36 crore for the three months ended 30 September from a loss of ₹251 crore in the year-ago period. Zomato reported a ₹2 crore profit for the first time in the June quarter.
Revenue from operations grew 71% to touch ₹2,848 crore, driven by a order volume surge across its food ordering and quick commerce businesses.
“The growth momentum we witnessed in Q1FY24 continued in Q2FY24, driven by healthy growth across all our businesses. Gross order value across our B2C businesses (food delivery, quick commerce and going-out) grew 13% quarter-on-quarter and 47% year-on-year," Deepinder Goyal, founder and CEO of Zomato, said in the company’s shareholder’s letter and results.
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