Zomato’s food delivery business chief executive officer, Rakesh Ranjan, will step down from his position. Deepinder Goyal, Founder and group CEO, will run the food delivery operations for the next months.
However, Rakesh Ranjan will continue to stay in firm Eternal, which is better known as Zomato. The step is a part of the leadership rejig that the company engage in every few years, reported Moneycontrol, citing sources.
Ranjan took charge of the food delivery segment as CEO in June 2023. He has been associated with the company for nearly eight years. Although Zomato was already the market leader when Ranjan took over.
Zomato Q3 result
The company’s consolidated net profit tanked 57.3% year-on-year in Q3FY25 to Rs 59 crores, which was mainly due to the expansion of Blinkit dark stores. It had a net profit of Rs 138 crore in Q3FY24. In Q2FY25, its net profit fell 66.5%, compared with Rs 176 crore in the same quarter a year ago. The company’s revenue surged 64.9% to Rs 5,405 crore in Q3FY25 as against the same quarter of the last year. In Q3FY24, the company had reported a Rs 3,288 crore in consolidated revenue from operations.
Zomato stock performance
Zomato’s share price has risen by over 8% in the last five days. The share price of Zomato has given a return of 7.5% in the past one month and 16.5% in the previous six months. However, the stock has fallen 6% over the one year.
To compare, the benchmark index, the Nifty 50 has risen 4% in the past five days. The index has increased 2.6% in the previous one month and 0.5% in the previous six months. The index has raised investors’ wealth by 8.4% in the last one year.