Zomato Reports Profit For The First Time, Shares Leap

Shares of Zomato leapt just before market close on Thursday, as the company posted its earnings for the quarter ended June.

What Happened: The company reported its first-ever consolidated net profit during the June quarter of 2023. The company’s net profits stood at ₹2 crore as against a loss of ₹186 crore. The food delivery giant’s revenue from operations went up 71% to ₹2,416 crore, as compared to the ₹1,414 crore in the year-ago period.

See Also: Zomato Shares Flying As Company Delivers First Profit: Here’s What Global Analysts Want You To Do

The company’s food delivery business reported a revenue of ₹1,372 crore. The food delivery app had 1.75 crore monthly active users.

The company’s quick commerce business BlinkIt reported a revenue of ₹384 crore. The company has guided that the business will turn adjusted EBITDA breakeven in the next four quarters.

The company said that it expects to remain profitable going forward and believes that it will continue to deliver 40%+ YoY topline (Adjusted Revenue) growth for at least the next couple of years.

Price Action: Zomato’s share price was up 1.65% to close at ₹86.45 on Thursday.

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