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India's Zomato misses Q2 profit estimates, hurt by store expansion costs
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Indian food and grocery delivery firm Zomato reported a smaller-than-expected rise in second-quarter profit on Tuesday as the company added more new stores, which weighed on margins.
Its consolidated net profit rose to 1.76 billion rupees ($20.94 million) in the quarter ended Sept. 30, from 360 million rupees a year earlier.
Analysts, on average, had expected a profit of 2.70 billion rupees, according to data compiled by LSEG.
The company also approved raising up to 85 billion rupees via the issue of a qualified institutional placement.
($1 = 84.0470 Indian rupees)
