Here we are going to talk about Zomato Ltd as they have recently released their second consecutive quarter of profit reported. The public is going through the internet to learn more about their second consecutive quarter of profit reported and not only that they also like to know the recent update on it. So, for our readers, we have brought information about their second consecutive quarter of profit reported in this article. Not only that we are also going to give the details about recent updates as the public is searching about it over the internet. So, keep reading through the article to know more.
Zomato Posts ₹36 Crore Profit
Zomato Ltd. announced a profit for the second quarter in a row. The company’s rapid commerce and meal ordering divisions benefited from high holiday season spending. After suffering a loss of ₹251 crore during the same period last year, the food aggregator announced a net profit of ₹36 crore for the three months that concluded on September 30. For the first time, Zomato declared a ₹2 crore profit for the June quarter. The company’s operational revenue increased 71% to $2,848 crore as a result of a spike in order volume across its meal ordering and rapid commerce divisions.
“Healthy growth across all of our businesses drove the growth momentum we saw in Q1FY24 into Q2FY24. Zomato’s founder and CEO, Deepinder Goyal, stated in the company’s shareholder letter and results that “gross order value across our B2C businesses food delivery, quick commerce, and going-out grew 13% quarter-on-quarter and 47% year-on-year.” The total amount of all food delivery orders placed on the site is known as the gross order value or GOV. Food delivery GOV is rebounding nicely from the demand dip we saw in the last two quarters of FY23, up 9% from the June quarter and 20% from a year ago. With a 29% increase in order volume from the June quarter prior, Quick Commerce recovered.
Growth in order quantities drove the majority of the growth in food delivery, with the average order value essentially staying constant. The team’s excellent performance combined with a noticeable increase in demand caused the order quantities to expand significantly. Because fewer delivery partners are available during the rainy season, order volume growth is usually significantly impacted during this quarter. But thanks to more effective execution over the board this year, we were able to improve on that. The increasing uptake of our Gold programme, which is continuing to encourage members to place more frequent orders, was another significant factor in GOV growth during the quarter, according to Rakesh Ranjan, CEO of Zomato’s food ordering and delivery division.