Deepinder Goyal, the co-founder and CEO of Zomato, has recently joined the elite group of billionaires in India. The stock surged upward during the session, defying Dalal Street's weakness and making investors wealthy. Zomato's shares shot up as much as 19% in Friday, August 2, morning trade after the firm revealed that its net profit for the quarter that ended on June 30, 2024 (Q1 FY25) had increased by more than three times. On the BSE, the stock reached a high of Rs 278.45, up from the previous close of Rs 234.10. Deepinder Goyal, the CEO and co-founder of the food delivery business, gained Rs 1,638.60 crore from today's surge.
As of June 30, 2024, he controlled 36,94,71,500 equity shares or 4.19 percent of the company. At the peak of the day, his stake in the company was valued at Rs 10,288 crore.
Zomato is a professionally managed company, with no promoter. Info Edge (India), which also controls the platform Naukri, is one of the other major shareholders. At the end of the June 2024 quarter, it held 1,19,46,87,095 equity shares, increasing its total holding in Zomato to Rs 33,265 crore.
Zomato said on Thursday that its net profit for the June 2024 quarter increased by a factor of ten to Rs 253 crore, representing a year-over-year (YoY) surge of more than 12,650 percent. The first quarter of the current financial year saw a 75% YoY growth in the food delivery aggregator's revenue from operations, reaching Rs 4,206 crore.
Zomato recorded an EBITDA loss of Rs 48 crore during the first quarter of the current fiscal year, with an EBITDA of Rs 177 crore. In a similar vein, Q1FY25 margins were 4.21 percent. The B2C business's gross order value (GOV) increased by 53% year over year to Rs 15,455 crore during the quarter.
