Deepinder Goyal's Zomato's net profit dropped by 57% in 3 months, company earns just Rs...

The 2025 has not begun on a positive note for billionaire Deepinder Goyal as his food tech unicorn Zomato reported a 57.2 per cent drop in consolidated net profit for the December quarter (3 months). The company on Monday reported a net profit of just Rs Rs 59 crore for the December quarter, with its margins facing pressure due to aggressive store expansion to meet orders from its quick-commerce platform Blinkit. The company had earned a net profit of Rs 138 crore in the year-ago period.

With this news, the shares of Zomato declined nearly 4 per cent. The stock dropped 3.14 per cent to settle at Rs 240.95 on the BSE. During the day, it tanked 8 per cent to Rs 228.80. At the NSE, it went lower by 3.63 per cent to Rs 239.75. According to Forbes, Goyal's real-time net worth also dropped by USD 50 million on Monday. The billionaire now has a net worth of USD 1.5 billion, as of January 20.

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Notably, Zomato witnessed a 2 per cent quarter-on-quarter and 17 per cent year-on-year growth in food delivery, driven by a broad-based "demand slowdown", it said in a letter to shareholders. The company's consolidated revenue from operations stood at Rs 5,405 crore, as against Rs 3,288 crore in the December quarter of the previous financial year. Total expenses also shot up to Rs 5,533 crore, from Rs 3,383 crore in the corresponding period of 2023-24.

(With inputs from PTI)