Zomato Q1 results: Net profit jumps multi-fold to Rs 253 crore
Zomato’s net profit jumped 126.5 times to hit Rs 253 crore in the April-June quarter (Q1), compared to the year ago period, even as the food aggregator hiked platform fees charged to consumers and saw an improvement in the operational profitability of its quick commerce arm Blinkit.
Its revenue rose 74 percent year-on-year to Rs 4,206 crore at a time when the broader e-commerce sector is reeling under the pressure of high inflation and muted demand. During the same quarter last year, Zomato had posted a net profit for the first time —of Rs 2 crore — and revenue of Rs 2,416 crore.
Zomato’s food delivery gross order value (GOV, a measure of sales in e-commerce) increased 27 percent to Rs 9,264 crore in the quarter and quick commerce GOV rose 130 percent to Rs 4,923 crore, compared to the year-ago period.
Meanwhile, the company has announced the launch of a new consumer app called ‘District’ for its going-out business, marking a wider foray into an array of lifestyle services, encompassing dining out, movies, sports ticketing, live performances, shopping, staycations, and more–all within a single platform.
