Friday, February 23, 2024

Zomato’s shares are going to be rocketed, the company has made huge profits

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Just think! A company which has been in loss for many years. When it came into profit for the first time, its investors jumped with joy. Now the news of increase in his earnings has come for the third time. So guess what will happen to his shares. Zomato has released its quarterly results. He has made good profit in that. The company had made a profit of Rs 2 crore in the first quarter of this financial year. Which it increased to Rs 36 crore in the second quarter. Now when it released the results of the third quarter, the net profit of the company increased to Rs 138 crore.

Company’s earnings are increasing rapidly

Actually, Zomato has announced the results for the December quarter of the financial year 2023-24, in which it has made a net profit of Rs 138 crore. Whereas there was a net loss of Rs 347 crore in the year-ago period. This is the third consecutive quarter. The online food delivery platform’s revenue from operations in the third quarter of the current financial year stood at Rs 3,288 crore, registering a growth of 69 percent as compared to Rs 1,948 crore in the year-ago period.

Because of this the company benefited

The company said total expenses were higher at Rs 3,383 crore, up from Rs 2,485 crore in the same period a year ago. Revenue from its core food delivery business grew 48 percent during the quarter, while its instant delivery service more than doubled. Consumers ordered more food from restaurants during the Men’s Cricket World Cup, which took place between October 5 and November 19. Zomato receives maximum orders during the festive season. During this period there was also a festive match. This was a major reason why the company saw a rapid increase in profit.

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