Bad news for Deepinder Goyal as Zomato’s net profit falls 57% in just.., company earns only Rs…

The shares of Zomato went down by nearly 4 per cent.

New Delhi: Indian multinational restaurant aggregator and food delivery company Zomato and its billionaire CEO and MD Deepinder Goyal have not had a bright sunny time at the stocks with the setting in of the new year 2025.

Deepinder Goyal’s food tech unicorn Zomato has reported a 57.2 per cent drop in consolidated net profit for the December quarter as the company on Monday, 20 January 2025 reported a net profit of just Rs 59 crore for the quarter.

Zomato’s margins are facing pressure due to aggressive store expansion to meet orders from its quick-commerce platform Blinkit.

If compared to the last year’s net profit at the same period, it stood at Rs 138 crore.

This development has resulted in the shares of Zomato going down by nearly 4 per cent as 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 while 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, 20 January 2025, leaving Goyal with a net worth of USD 1.5 billion.

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.