Zomato Ltd on August 3 reported its first-ever consolidated profit after tax of Rs 2 crore in the first quarter of the current financial year. The company had posted a net loss of Rs 186 crore in the same quarter last fiscal
The company, in its regulatory filing, revealed that consolidated revenue from operations in the first quarter of the current fiscal was at Rs 2,416 crore as against Rs 1,414 crore in the year-ago period
Zomato CEO Deepinder Goyal, in a letter to the company's shareholders said, "We have been working hard to make our business less complex, and putting the right people at the right spots within our businesses"
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"These things do not have a definite/measurable impact, and I can in hindsight say that most of our seemingly “risky” bets have changed the trajectory of the business significantly, much faster than we expected," he said
Union Minister for Information and Technology Rajeev Chandrasekhar on Thursday congratulated the food tech platform for the Q1 results and said that Zomato's quarterly performance was a "bright beacon to all investors and startups"
Paytm founder and CEO Vijay Shekhar Sharma also congratulated the entire team of Zomato and Blinkit for achieving the milestone. He also lauded the "incredible efforts" made by the team in this direction
The consolidated adjusted EBITDA for the company reached Rs 12 crore, showing significant improvement from the loss of Rs 152 crore in Q1FY23. The adjusted EBITDA margin also saw an increase of 9 percentage points year-on-year, reaching 0.4 per cent
The adjusted revenue net of quick commerce business stood at Rs 2,402 crore, posting a growth of 33 per cent year-on-year (YoY), according to the earnings report presented on Thursday
A day after the company reported its first-ever quarterly profit, shares of Zomato rose sharply to hit their one-year level on Friday. The stock jumped 14.12 per cent to hit a 52-week high of Rs 98.39 over its previous close of Rs 86.22