Foodtech major Zomato reported its second consecutive profitable quarter today, with profit after tax surging to INR 36 Cr during the September quarter of the financial year 2023-24 (FY24). This was an 18X jump from PAT of INR 2 Cr in the preceding quarter.
It must be noted that Q1 FY24 was Zomato’s maiden profitable quarter. In Q2 FY23, the company’s net loss stood at INR 251 Cr.
Meanwhile, Zomato said its quick commerce business Blinkit also turned contribution positive for the first time in Q2 FY24.
Zomato’s operating income jumped to INR 2,848 Cr during the quarter under review from INR 1,661 Cr in the year-ago quarter.
Operating revenue also grew 18% from INR 2,416 Cr in Q1 FY24.
Zomato said its gross order value (GOV) surged 47% year-on-year (YoY) to INR 11,422 Cr in Q2 FY24, with improvement witnessed across its business verticals.
Food delivery GOV grew 9% QoQ and 20% YoY and is recovering well from the demand slowdown it witnessed in the last two quarters of FY23, the company said.
(This is a breaking story. Will be updated soon.)
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