SOURCE : NEW18 NEWS
Last Updated:January 20, 2025, 15:54 IST
Zomato Q3 Results: Its quick commerce Blinkit has recorded a loss of Rs 30 crore.
Zomato has declared its Q3 financial results.
Zomato Q3 Results: Zomato on Monday posted a 57.24 per cent decline in its net profit to Rs 59 crore for the December 2024 quarter (Q3 FY25), according to a regulatory filing. Following this, its shares declined by 7 per cent intra-day and settled at Rs 240.95 apiece, which is 3.14 per cent lower as compared to the previous day.
However, the food delivery platform’s revenue during October-December 2024 rose 64 per cent to Rs 5,405 crore, against Rs 3,288 in the year-ago period.
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Importantly, its quick commerce Blinkit, which kept Zomato profitable in the previous quarters, has recorded an EBIT loss of Rs 30 crore. EBIT stands for earning before interest and tax.
In a positive development, Zomato’s food delivery business EBIT has jumped 26 per cent YoY.
According to a regulatory filing on Monday, Zomato told investors, “The losses in our quick commerce business this quarter are largely on account of pulling forward the growth investments in the business that we would have otherwise made in a staggered manner over the next few quarters. As of now, it seems like we will get to our target of 2,000 stores by Dec 2025, much earlier than our previous guidance of Dec 2026.”
