Zomato posts higher Q1 net profit as grocery delivery business shines

India's Zomato reported a bigger-than-expected increase in quarterly profit on Thursday, boosted by strong demand for its food and grocery delivery services.

The company's consolidated net profit rose to 2.53 billion rupees ($30.22 million) in the April-June quarter from 20 million rupees a year earlier.

Analysts' on average had expected a profit of 2.15 billion rupees, according to LSEG data.