In a significant milestone, Zomato, the leading foodtech player, announced its third consecutive profitable quarter, marking a robust financial performance in the December quarter of FY23-24. The company reported a consolidated profit after tax (PAT) of INR 138 Cr, exhibiting a remarkable 283% increase from the previous quarter's profit of INR 36 Cr.
This achievement is particularly noteworthy considering Zomato's net loss of INR 346.6 Cr in Q3 FY23, indicating a substantial turnaround in its financial performance.
Zomato's operating revenue surged to INR 3,288 Cr in Q3 FY24, compared to INR 2,848 Cr in Q2 FY24, demonstrating a robust growth trajectory. This represents a remarkable 68% year-on-year increase from an operating revenue of INR 1,948.2 Cr in Q3 FY23.
The announcement of Zomato's Q3 earnings elicited a positive market response, with shares of the company witnessing a 4.6% surge to INR 147 on the BSE, underlining investor confidence in the company's growth prospects and financial stability.
Zomato's stellar performance underscores its resilience and ability to capitalize on evolving market dynamics, reinforcing its position as a key player in the foodtech industry.