Zomato, the Indian food delivery platform, reported its first quarterly profit on July 20, 2023. The company reported a consolidated net profit of Rs 2 crore in the April-June (Q1) of FY24 against a loss of Rs 186 crore in the year-ago period.
Zomato's revenue for the quarter grew 71% year-on-year to Rs 1,123 crore. The company's food delivery business continued to grow, with revenue rising 69% year-on-year to Rs 1,072 crore. Zomato's cloud kitchen business also grew, with revenue rising 120% year-on-year to Rs 51 crore.
Zomato's profit was driven by a number of factors, including:
- Increased order volumes
- Higher average order value
- Improved operating efficiency
Zomato's CEO, Deepinder Goyal, said that the company was "excited" to report its first quarterly profit. He said that the company's focus on improving its operating efficiency and driving growth in its food delivery and cloud kitchen businesses had helped it to achieve profitability.
Goyal said that Zomato would continue to focus on these areas in the coming quarters. He said that the company was also looking to expand into new markets, such as Southeast Asia and the Middle East.
Zomato's profitability is a positive sign for the company and for the food delivery industry as a whole. It shows that the industry is maturing and that companies are able to generate profits. It also shows that Zomato is well-positioned to compete in the growing food delivery market.
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