Zomato's Profit Boom and Strategic Expansion

Zomato Ltd reported a significant jump in net profit to Rs 176 crore for Q2 ending September 30, 2024, marking substantial growth since last year. The company's board has approved raising Rs 8,500 crore via equity shares. Revenue rose to Rs 4,799 crore, reflecting successful acquisitions.

Zomato Ltd, an online food delivery titan, announced a remarkable consolidated net profit of Rs 176 crore for the second quarter ending September 30, 2024, a significant leap from Rs 36 crore in the same quarter last year.

The company’s board has greenlit plans to raise Rs 8,500 crore through qualified institutional placement of equity shares, according to a regulatory filing.

With consolidated revenue from operations surging to Rs 4,799 crore, up from Rs 2,848 crore year-over-year, expenses too climbed to Rs 4,783 crore this quarter compared to Rs 3,039 crore in the previous year. These figures reflect the strategic acquisitions of Orbgen Technologies and Wasteland Entertainment, enhancing Zomato's service offerings.