Restaurant aggregator and food delivery company Zomato posted a profit for the first time at Rs 2 crore during the first quarter of FY24. The food delivery platform reported a consolidated net profit of Rs 2 crore for the June quarter against a net loss of Rs 186 crore in the corresponding quarter of the last financial year.
Soon after the results were announced, shares of Zomato went up as much as 3.9%. The internet also started buzzing with some light-hearted humour, and memes on the development.
One user wrote, ''Tomato and Zomato both surging.'' Another commented, ''Seems like the competition is going to be tough with a good set of numbers from Zomato, & tomato prices not coming down!
Here are some memes:
Zomato expected to hit this milestone in the September quarter, said Chief Financial Officer Akshant Goyal, adding that they were being conservative with that guidance. ''However, some critical parts of the team across our businesses out-executed our expectations/plans, and some of our initiatives delivered better outcomes than we had expected,'' he further said.
The company expects its business to remain profitable going forward while delivering a 40% year-on-year topline growth for at least the next couple of years, he added.
The online food delivery giant said its quick commerce (Blinkit) business turned contributive positive for the first time ever in the month of June 2023. Zomato bought Blinkit last June for 44.47 billion rupees as its response to the fierce competition in the quick-delivery market.
Notably, Zomato was founded by Deepinder Goyal and Pankaj Chaddah in 2008.
