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Zomato records Rs 36 cr Q2FY24 net profit

Zomato records Rs 36 cr Q2FY24 net profit

| @indiablooms | 03 Nov 2023, 11:44 pm

Mumbai: Online food delivery platform Zomato continued its impressive performance in the second quarter of FY24, recording a profit of Rs 36 crore

This represents a significant turnaround from the same period last year when the company reported a loss of Rs 251 crore.

In the preceding quarter ending in June, Zomato surprised by posting a profit of Rs 2 crore instead of expected losses.

The company's operational revenue also exhibited robust growth, registering a 71 percent year-on-year increase to reach Rs 2,848 crore.

The strong performance in the second quarter can be attributed to a surge in demand for online food ordering, particularly in smaller towns.

Further, Zomato's strategic expansion into the dining-out business, which includes services like online table reservations and exclusive discounts at select restaurants, as well as its entry into the events and ticketing sector, have contributed to its growth.

The company has also been gradually opening more Blinkit grocery stores.

Analysts foresee a significant rise in order values and revenues in the current festive quarter. They also anticipate heightened consumer demand during the upcoming World Cup, a highly anticipated sporting event in the cricket-loving nation.

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