Zomato Q1 results: Food delivery platform turns profitable for the first time, revenue rises 70%

Zomato, pulling a surprise for the investors, reported a net profit for the first time. The food delivery platform reported a profit after tax (PAT) at Rs 2 crore in the June 2023 quarter. The company had reported a net loss of Rs 189 crore and 186 crore in the March 2023 quarter and June 2022 quarter, respectively.

The performance from the new age internet player was against the tide as the analysts were expecting it to report a net loss around Rs 110-160 crore for the three months ended on June 30, 2023.

The consolidated adjusted EBITDA of the company stood at Rs 12 crore for the April-June. However, it had posted a EBITDA loss of 152 crore in the year ago quarter. Analysts were expecting Zomato to report an EBITDA loss of up to Rs 200 crore in this quarter.

The adjusted EBITDA margin stood at 0.4 per cent, signaling an improvement of 900 basis points YoY. The adjusted revenue net of quick commerce business stood at Rs 2,402 crore, posting a growth of 33 per cent YoY.

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