Zomato, India’s leading online food delivery platform, reported a net profit of ₹36 crore (US$4.7 million) for the quarter ended September 30, 2023. This is the company’s second consecutive quarter of profit.
Zomato’s revenue for the quarter grew 71% to ₹2,848 crore (US$360 million). The company’s gross order value (GOV) grew 66% to ₹6,359 crore (US$825 million).
Zomato’s EBITDA (earnings before interest, taxes, depreciation, and amortization) loss narrowed to ₹119 crore (US$15 million) from ₹226 crore (US$29 million) in the same quarter last year.
“We are pleased to report our second consecutive quarter of profit,” said Deepinder Goyal, Founder and CEO of Zomato. “We are confident that we are on the right track to achieve our long-term goals.”
Zomato’s growth was driven by a number of factors, including:
- Increased demand for food delivery in India
- The launch of new products and services, such as Zomato Gold and Zomato Pro
- The expansion of Zomato’s restaurant network
Zomato’s shares rose by 10% in early trading on the news of the earnings report.
Key Highlights:
- Zomato reported a net profit of ₹36 crore (US$4.7 million) for the quarter ended September 30, 2023.
- The company’s revenue grew 71% to ₹2,848 crore (US$360 million).
- Zomato’s EBITDA loss narrowed to ₹119 crore (US$15 million).
- Zomato’s growth was driven by increased demand for food delivery in India, the launch of new products and services, and the expansion of Zomato’s restaurant network.