Zomato share price slumped over 9% in Tuesday's session following weak results for the December 2024 quarter (Q3). 

Zomato on Monday announced that its consolidated net profit for the December quarter fell by 57.2% to ?59 crore, as its margins were impacted by rapid store expansion to accommodate orders from its quick-commerce service, Blinkit. In the same period last year, the company reported a net profit of ?138 crore.

Zomato reported a 2% increase quarter-on-quarter and a 17% rise year-on-year in food delivery revenue, attributed to a widespread "demand slowdown," as mentioned in a letter to its shareholders. 

The company's consolidated revenue from operations reached ?5,405 crore, compared to ?3,288 crore in the December quarter of the previous fiscal year. Total expenses also surged to ?5,533 crore, up from ?3,383 crore during the same period of 2023-24.