Zomato achieves a major milestone with a first-ever net profit of ₹2 crore in Q1 Results
On Thursday, Zomato, the food delivery platform, unveiled its Q1 earnings for FY24, showcasing remarkable financial performance. The company achieved a net profit of ₹two crore, a significant improvement compared to the loss of ₹186 crore in the same period last year. Furthermore, the firm's revenue surged to ₹2,416 crore, a substantial increase from ₹1,414 crore recorded in the previous year.
Zomato, the popular food delivery platform, announced its impressive Q1 earnings for the fiscal year 2024. Notably, the company reported a net profit of ₹2 crore, a substantial turnaround from the ₹186 crore loss recorded in the same quarter last year. The surge in revenue was equally remarkable, with consolidated revenue from operations reaching ₹2,416 crore, marking a 70.9% increase compared to ₹1,414 crore in the previous year.
Zomato's Managing Director & CEO, Deepinder Goyal, expressed satisfaction with the company's efforts to streamline its business, strategically position its personnel, and reduce complexity. He also stated that several "risky" business decisions had paid off, significantly influencing the company's trajectory beyond expectations.
Zomato's Chief Financial Officer, Akshant Goyal, acknowledged the team's outstanding performance, attributing the early attainment of profitability to their exceptional execution and successful initiatives.
Additionally, Zomato's subsidiary, Blinkit, which handles grocery delivery, has likely contributed to the overall success and growth of the business. The company remains optimistic about achieving profitability across the entire business in the coming quarters, signifying a positive outlook for investors and shareholders.
What's Your Reaction?
