By Ananta Agarwal and Ashna Teresa Britto (Reuters) -Indian food delivery major Zomato's third-quarter profit more than halved on Monday, as rising competition in the quick commerce space and increased spending on opening more fulfilment centres for its Blinkit platform weighed on margins.

Following the results, the stock price of the food and grocery delivery company took a hit on the bourses. At the close of trade on the NSE on Monday, it was down 7.3% at Rs 230.70.

Food-delivery platform Zomato on Monday reported a 57 per cent drop in consolidated net profit to Rs 59 crore for the third quarter of financial year 2024-25 (FY25).

India's Zomato reported a 57% fall in third-quarter profit on Monday as its margins continued to face pressure from increased spending on opening more centres to fulfil orders at its Blinkit quick commerce platform.

Zomato's third-quarter profit dropped by 57% to Rs 590 million due to increased spending on its quick commerce platform, Blinkit. Despite this, overal

A significant portions of Zomato's expenses came from purchases of stock-in-trade which grew to ₹1,510 crore from ₹783 crore earlier.

India's Zomato reported a smaller-than-expected third-quarter profit on Monday as its margins continue to face pressure from high spending on opening more centres to fulfil orders at its quick commerce platform,