Foodtech and quick commerce platform Zomato released its financial results for the third quarter of the ongoing fiscal year (Q3 FY24), which reveals a decent growth in scale along with a 3.8X jump in profits.

According to the report of National Stock Exchange, Zomato’s revenue from operations grew 15.4% to 3,288 crore in Q3 FY24 in contrast to 2,848 crore Q2 FY24, as per the firm’s consolidated financial results. Comparing to the third quarter of the previous fiscal (Q3 FY23) year, its operating revenue went up by 68.8% from 1,948 crore.

The company oversees various sectors including a food marketplace platform connecting end users, restaurants, and delivery personnel. Hyperpure provides farm-to-fork supplies to restaurants and businesses while Blinkit offers kirana, FMCG and other essentials within 10 minutes.

The apps  dining.out and Zomato helps its users to discover restaurants, reserve tables, and book tickets for entertainment events. The firm made 51.8% of its total operating revenue via food ordering and delivery business, which grew 10.2% to 1,704 crore in Q3 FY24 from 1,546 crore in Q2 of the same financial year.

After announcing the company's Q3 results Zomato CFO Akshant Goyal said, "Our business and industry structure are still young and nascent. At this point, we want to keep a strong balance sheet. I would say that it is safe to assume that we may not do any buyback or dividend distribution in FY24 or FY25."

Moreover, Zomato Earns 219 crore as non-operating income in Q3 FY24. As a result, its overall revenue crossed 3,500 crore during the period. Zomato’s profits also jumped 3.8X to Rs 138 crore in Q3 against Rs 36 crore in the previous quarter. Last year in the same quarter (Q3 FY23), it booked Rs 347 crore in losses.

Zomato made its public market debut in July 2021 at a valuation of $12 billion and touched its peak of over 150 per share in November 2021. Later, it dwindled under 50 during July 2022. Zomato returned to its old track in Q1 of FY24, with record profit, attaining nearly 3X surge in its share price and its current share price stands around 144 a piece.

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