- By Aditya Pratap Singh
- Tue, 21 Jan 2025 10:25 AM (IST)
- Source:JND
Zomato Share News: Food delivery and quick-services company Zomato's shares fell 9% on Tuesday after its December quarter adjusted net profit fell 57% to Rs 138 crore from the same period last year. Blinkit, which is rolling out an aggressive store expansion plan for its Zomato fast-commerce business, has increased capital expenditure, leading to a widening of Blinkit's losses and a lowering of Zomato's net profit in the third quarter.
At 10:20 am, Zomato shares were trading at Rs 218.25 per share, down 8.25% from the previous day's closing price on NSE. In the morning the stock opened at Rs 233.0 and was dragged down to hit an intraday low of Rs 215.80 against the previous day's closing price of Rs 239.75 per share till the above-mentioned time.
Zomato Q3 Result
On Monday, Zomato Ltd announced December quarter results. the food delivery company reported that its net profit halved compared to the same quarter last year. According to Zomato, the net profit for the third quarter fell 57% to Rs 59 crore compared to Rs 138 crore in the same quarter last year. Revenue for the quarter crossed Rs 5,000 crore, up 64% over the previous year to Rs 5,404 crore.
Zomato's earnings before interest, tax, depreciation and amortization (EBITDA) stood at Rs 162 crore, up Rs 51 crore from the previous year, while profit margins expanded 140 basis points to 3% from 1.6% previously.
As per filling, the total order value for Zomato's food delivery business grew 17% compared to the previous year but grew only 2% on a quarter-on-quarter basis. The administration attributed the sluggish growth in food delivery to a broad-based drop in demand. Revenue from Zomato's quick delivery business, Blingit, grew 117% year-on-year, and 21% over the September quarter.
However, in terms of EBITDA, Blinkit was again in a poor position, reporting an EBITDA loss of Rs 30 crore, as against a positive EBITDA of Rs 48 crore in the same quarter last year. Blinkit also reported a net loss of Rs 103 crore.