Business

IIE DIGITAL DESK: Zomato has reported a significant financial milestone in its Q1 results, showcasing a profit of ₹253 crore, a multifold increase from previous figures. This remarkable performance marks a pivotal shift for the food delivery giant, reflecting robust operational efficiencies and strategic market expansions.

The company’s revenue saw a substantial year-on-year increase of 74%, underscoring strong consumer demand and successful growth initiatives. The surge in revenue can be attributed to a rise in order volumes and an expanded user base, driven by the company's continuous efforts to enhance customer experience and broaden its service reach.

Zomato's CEO highlighted the positive trajectory, emphasizing the impact of technology investments and cost management strategies. These measures have not only boosted profitability but also reinforced Zomato's position in the competitive food delivery sector.

The company's impressive financial health is a testament to its adaptability and resilience amidst market challenges. As Zomato continues to innovate and scale its operations, the future outlook remains promising, with expectations of sustained growth and further profitability.

This quarter's results are a clear indicator of Zomato's strategic prowess and market strength, positioning the company for continued success in the dynamic food delivery landscape.Online food delivery giant Zomato reported multifold year-on-year growth in its consolidated net profit to ₹253 crore for the quarter ended June 30, 2024. The company's net profit jumped 126.5 times in the April-June quarter (Q1), compared to the year ago period.