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Home Technology & Startups

Zomato Shares Drop to Six-Month Low on Cautious Growth Outlook

January 21, 2025
in Technology & Startups
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Shares of Zomato Ltd. fell to a six-month low after the company’s profit declined last quarter and it warned about more losses in the rapid commerce segment due to growing competition.

The stock dropped as much as 13% to hit the lowest since July 2024, before paring some losses. The sector leader’s tepid performance also weighed on rival Swiggy Ltd.’s shares, which plunged by a record 11% in Mumbai.

Zomato reported a 57% drop in its December-quarter net income even as revenue jumped 64%. Heightened competition has halted margin expansion in the quick commerce business, the company said just before the close of trading Monday.

Expansion by rivals, including Swiggy and Zepto, have hurt Zomato’s food delivery as well as quick commerce businesses, Rahul Jain, an analyst with Dolat Capital Market Ltd. wrote in a note.

With Tuesday’s selloff, Zomato’s shares have slipped about 20% so far this year. The slide follows more than four-fold surge during the previous two years. In November, Zomato raised $1 billion via institutional share placement to expand offerings of its quick commerce business Blinkit.

While the company retained its goal of growing its food delivery business at 20% annually, it offered a cautious outlook for the near term.

“As we continue to bring forward store expansion, our networks may have to carry a greater load of under-utilized stores which will impact near-term profits in the next one or two quarters,” the company said in a statement.

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