Zomato tastes first ever profit at Rs 2 crore in Q1; revenue soars 71%

Food aggregator platform Zomato turned profitable for the first time ever in the first quarter (Q1) of 2023-24 (FY24). The firm reported a consolidated profit after tax of Rs. 2 crore for the quarter that ended in June 2023, compared to a loss of Rs. 186 crore in the year-ago period.

Revenue from operations for the Gurugram-based food delivery company grew 71 per cent year-on-year (YoY) to Rs. 2,416 crore in Q1FY24, up from Rs. 1,414 crore in the corresponding period a year ago.

The firm’s total expenses rose to Rs. 2,612 crore for the quarter, up from Rs. 2,431 in the previous quarter and Rs. 1,768 crore in Q1 of 2022-23 (FY23).