Zomato, the perpetually loss-making company, has made its first-ever net profit for the April-June quarter. Zomato recorded a net profit of Rs 2 crore after tax for the quarter ending in June 2023, compared to a loss of Rs 186 crore in the year before.
However, the food tech company's expenses still outweigh revenue and it is losing money in its operations.
#Profitability— Deepinder Goyal (@deepigoyal) August 3, 2023
Our consolidated business (incl Blinkit) is now Adjusted EBITDA and PAT positive (for the first time ever!).
We are proud to have achieved this milestone earlier than expected.
Congratulations!— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) August 3, 2023
This is a bright beacon to all investors n startups that a path to profitability can & must be the outcome that all Indian Tech startups work to achieving 👍🏻 https://t.co/1SwW5l7k0q