Zomato posts 1st profit in a quarter on tax gain

New Delhi: Aided by a tax gain, food delivery player Zomato on Thursday reported its first ever quarterly profit, beating its own estimate.

Strong growth in core businesses pushed up the company’s income by 64% to Rs 2,597 crore in the June quarter. But it came with a 48% growth in spending, estimated at Rs 2,612 crore, resulting in a pre-tax loss of Rs 15 crore. But supported by a Rs 17-crore deferred tax gain, the company reported a profit after tax of Rs 2 crore in the June quarter, as against a loss of Rs 186 crore a year ago.