Food delivery company Zomato profit in the April-June quarter has increased 126.5 times year-on-year to Rs 253 crore. The company’s consolidated net profit was Rs 2 crore in the same quarter a year ago.
Zomato released the results for the first quarter of FY 2024-25 on Thursday, August 1. The company’s income (revenue) grew 74% to Rs 4,206 crore in the first quarter. The revenue was Rs 2,416 crore in the same quarter a year ago.
Zomato Plan to build 2,000 stores by the end of 2026
Zomato’s quick commerce business ‘Blinkt’ is growing rapidly. It had 526 stores as of March 31, 2024, which increased to 629 in June. That is, 113 new stores have been opened in the June quarter. Blinkit co-founder Albinder Dhindsa said – The company aims to build 2,000 stores by the end of 2026. Most of these stores will be in the top 10 cities of India.
Zomato stock rose 3.68%, closed at Rs 237.90
After the results, Zomato’s stock rose 3.68% to close at Rs 237.90. In the last 6 months, the company’s stock has increased by 69.26%. At the same time, in the last one year, the company’s stock has given a return of 180%. On August 1, 2023, Zomato was at Rs 84.75.
Consolidated profit means the performance of the entire group
The results of companies come in two parts – standalone and consolidated. Standalone shows the financial performance of only one unit, while consolidated or consolidated financial reports report the entire company.
Here, Zomato has 28 subsidiaries, 1 trust and 1 associate company including Blinkit. The financial reports of all these will be called consolidated. On the other hand, the separate results of Blinkit will be called standalone.
Deepinder created Foodiebay in 2008, then changed the name to Zomato
- Deepinder Goyal and Pankaj Chaddha together launched their food directory website named FoodieBay in the year 2008. In just nine months, FoodieBay became the largest restaurant directory in Delhi NCR.
- After two successful years, in 2010, the company was renamed Zomato. Soon after its success in Delhi-NCR, the company started spreading branches in cities like Pune, Ahmedabad, Bangalore, Chennai and Hyderabad.
- By 2012, Zomato started expanding abroad by expanding its services in Sri Lanka, UAE, Qatar, South Africa, UK and Philippines. In 2013, New Zealand, Turkey and Brazil were added to this list.
- Zomato is the country’s first foodtech unicorn. Startups valued at more than $1 billion are called unicorns. Zomato first reported a profit of Rs 2 crore in the first quarter of the financial year 2024.
- Zomato is a technology platform that connects customers, restaurant partners and delivery partners. Apart from food delivery, Zomato founder Deepinder Goyal bought Blinkit in August 2022 for grocery delivery.
