Zomato posts Rs 175 crore profit in Q4; eyes store expansion in quick commerce business

BENGALURU: Food delivery platform Zomato on Monday reported Rs 175 crore net profit for the fourth quarter ended March 31. In the year-ago period it had posted a loss of Rs 188 crore. The platform’s revenue from operations in the March quarter stood at Rs 3,562 crore, a 73% jump compared to Rs 2,056 crore in the same quarter last year.

Zomato also said that its quick commerce arm Blinkit business turned adjusted EBITDA positive in March 2024.

In his letter to shareholders, founder Deepinder Goyal said, “We are just grateful that the bet that we took on Blinkit worked out just fine .. We believe that we can continue to grow faster than the overall restaurant industry (and therefore power a significant part of the growth of the restaurant industry)