Food delivery platform Zomato on Thursday announced its Q1 earnings for FY24. The company reported a net profit of ₹two crore against a loss of ₹186 crore (YoY). The revenue of the firm was up at ₹ ₹2,416 cr vs 1,414 cr (YoY).
The company reported a profit of 20 million rupees ($241,861.37) for the quarter ended June 30.
Zomato, which also runs grocery delivery service Blinkit, said consolidated revenue from operations rose 70.9% to 24.16 billion rupees in the first quarter.
Consolidated revenue from operations in the first quarter of the current fiscal was at ₹2,416 crore as against ₹1,414 crore in the year-ago period, it added.
Total expenses were higher at ₹2,612 crore as compared to ₹1,768 crore in the same quarter a year ago.
In a letter to shareholders, Zomato Managing Director & Chief Executive Officer (CEO) Deepinder Goyal said the company has been working hard to make its business less complex, and putting the right people at the right spots within its businesses.
He had said in May that the company was confident of achieving profitability for the entire business in the next four quarters.
"...I can in hindsight say that most of our seemingly 'risky' bets have changed the trajectory of the business significantly, much faster than we expected," he added.
Zomato Chief Financial Officer Akshant Goyal said, "Realistically speaking, we were expecting to hit this milestone in the September quarter, and we were being conservative in our earlier guidance. However, some critical parts of the team across our businesses out-executed our expectations/plans, and some of our initiatives delivered better outcomes than we had expected."
