Mon Jan 20 19:13:10 UTC 2025: ## Zomato’s Q3 Profit Dips Despite Revenue Surge; Stock Takes a Hit

**MUMBAI, INDIA** – Food delivery giant Zomato reported a decline in net profit for the December quarter (Q3 FY24), despite a significant revenue increase. The company’s net profit fell 5% year-on-year to ₹59 crore (approximately $7.1 million USD), down from ₹138 crore in the same period last year. However, revenue surged by 64% to ₹5,405 crore (approximately $653 million USD), compared to ₹3,288 crore in Q3 FY23.

The sequential decline in profit was even more dramatic, with a 66% drop from ₹176 crore in Q2 FY24. Zomato attributed the slowdown in food delivery growth to a broader demand slowdown. While the gross order value for its food delivery business increased by 17% year-on-year, it only grew by 2% quarter-on-quarter.

Zomato’s quick commerce arm, Blinkit, showed strong revenue growth of 117% year-on-year and 21% quarter-on-quarter. Despite this, Blinkit’s EBITDA turned negative, recording a loss of ₹30 crore compared to a positive EBITDA of ₹48 crore in the same period last year. Blinkit reported a net profit of ₹103 crore for the quarter and expects to reach 2,000 stores by December 2025, having surpassed 1,000 stores in this quarter.

The disappointing profit figures led to a more than 7% drop in Zomato’s share price, falling to ₹230.

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