Zomato Profit Surges 388% to ₹176 Crore in July-September Quarter, Revenue Jumps 68%

Zomato Reports 388% Profit Surge in July-September Quarter

In the July-September quarter, food delivery giant Zomato reported a massive 388% increase in net profit, reaching ₹176 crore. This marks a significant rise from the ₹36 crore profit recorded in the same quarter last year.

On October 22, 2024, Zomato announced its financial results for the second quarter of FY 2024-25. The company’s revenue grew by 68.50%, reaching ₹4,799 crore, up from ₹2,848 crore in the same period last year.

Zomato Stock Falls by 3.44%

Zomato’s stock closed 3.44% lower at ₹256.55 today. However, the company’s stock has surged by 32.69% in the past six months, delivering a 135.58% return over the last year. Zomato’s market capitalization now stands at ₹2.23 lakh crore.

Consolidated Profit Represents Group Performance

Zomato’s financial results are reported in two categories – standalone and consolidated. Standalone reports reflect the performance of one unit, whereas consolidated results present the financial performance of the entire group.

For Zomato, this includes 28 subsidiaries, one trust, and one associate company, such as Blinkit. A standalone report would be specific to a single entity like Blinkit.

Zomato’s Journey: From Foodiebay to Global Expansion

In 2008, Deepinder Goyal and Pankaj Chaddah co-founded Foodiebay, an online food directory. Within just nine months, Foodiebay became the largest restaurant directory in Delhi NCR. By 2010, the platform was rebranded as Zomato. The company’s success in India led to rapid global expansion, reaching markets like Sri Lanka, UAE, UK, and South Africa by 2012, followed by New Zealand, Turkey, and Brazil in 2013.

Zomato is recognized as India’s first food-tech unicorn. In the first quarter of FY 2024, the company reported its first-ever net profit of ₹2 crore. Zomato continues to bridge the gap between customers, restaurant partners, and delivery partners, with its acquisition of Blinkit expanding its reach into grocery delivery.