The company had earned a net profit of Rs 138 million in the same period last year.
2025 did not start on a bright note for billionaire Deepinder Goyal. Zomato, the food technology unicorn he heads, reported a 57.2% decline in consolidated net profit for the December quarter (three months). The company on Monday reported a net profit of just 59 billion rupees for the December quarter, with margins coming under pressure due to aggressive store expansion to fulfill orders from quick commerce platform Blinkit. The company had earned a net profit of Rs 138 million in the same period last year.
Zomato’s stock price fell nearly 4% on the news. The stock fell 3.14 per cent to settle at Rs 240.95 on the BSE. During the day, it plunged 8% to Rs 228.80. On the NSE, it fell 3.63% to Rs 239.75. Goyal’s real-time net worth also fell by $50 million on Monday, according to Forbes. As of January 20, the billionaire’s net worth was $1.5 billion.
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Notably, Zomato said in a letter to shareholders that food delivery grew 2% quarter-on-quarter and 17% year-on-year due to widespread “demand slowdown.” The company’s consolidated operating revenue stood at Rs 5,450 crore compared to Rs 3,288 crore in the December quarter of the previous fiscal. Total expenses also surged to Rs 5,533 crore from Rs 3,383 crore in the same period in 2023-24.
(With inputs from PTI)
