Food delivery company Zomato had a profitable quarter in FY24, with a profit of Rs 36 crore in the July-September period. The company experienced growth in its food delivery, quick commerce, and going out segments.
Revenue from operations in Q2 FY24 increased by 71 per cent to Rs 2,848 crore, supported by a 47 per cent year-over-year growth in gross order values (GOV) across different segments. Although Zomato’s expenses rose, its food delivery vertical saw significant growth, attributed to an increase in demand and the adoption of the Gold loyalty program.
Zomato expects moderate quarter-on-quarter growth in the coming months. The company is also making efforts to improve the economics of the Gold order deliveries by introducing a platform fee. Zomato’s grocery delivery business and quick commerce segment also showed positive growth. The company’s shares ended higher on Friday, settling at Rs 117.90 apiece.
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