The food delivery platform zomato posted a net profit of ₹253 crore in the quarter ended June 30, up from the ₹2 crore it had earned a year earlier. The figure beat analyst expectations of ₹208 crore.
Zomato’s dining-out service, which assists customers in finding restaurants, now has an annualized gross order value surpassing $500 million and is operating profitably.
We believe there is an opportunity to expand our going-out offering further, building on top of our dining-out business,” Zomato’s chief executive Deepinder Goyal said, adding that there are other additional use cases emerging in the going-out space, including sports, ticketing and live performances.
Profitability has also been aided by a higher other income component, which stood at ₹236 crore, compared to ₹181 crore during the year-ago quarter. Zomato generates higher other income by virtue of the ₹12,000 crore-plus cash that it has on its books.
Revenue for Zomato increased by nearly 74% year-on-year during the June quarter to ₹4,206 crore, compared to ₹1,416 crore last year.
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