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 "Zomato is now allowing its users to build multiple carts at one time")
Revenue from its mainstay food delivery business grew 48% for the quarter, while revenue from its quick commerce division more than doubled
Indian food delivery platform Zomato reported a quarterly profit that beat market expectations on Thursday, aided by increased demand during the men’s Cricket World Cup and the festive period.
The company’s shares rose more than 3% after the results.
It reported a consolidated net profit of Rs 138 crore ($16.6 million) for the third quarter ended Dec. 31, beating analysts’ estimate of rs Rs 90.98 crore, as per LSEG data.
It had reported a net loss of Rs 347 crore a year earlier.
Indian consumers ordered more food from restaurants during the men’s Cricket World Cup, which took place between Oct.5 and Nov. 19. This, coupled with the festive season, when Zomato and its Softbank-backed rival Swiggy bring in a lion’s share of their yearly sales, helped boost its topline.
Revenue from its mainstay food delivery business grew 48% for the quarter, while revenue from its quick commerce division more than doubled.
This resulted in the total revenue jumping 69% to Rs 3,288 crore.
First Published: Feb 08 2024 | 3:35 PM IST
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