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Indian food delivery platform Zomato reported a smaller-than-expected quarterly profit on Monday, hurt by surging advertising expenses as it grappled with intensifying competition.
It reported a consolidated net profit of 1.75 billion rupees ($20.96 million) for the quarter ended March 31, below analysts' expectations of 1.88 billion rupees, according to LSEG data.
The Gurugram-based firm reported a loss of 1.89 billion rupees a year earlier.
($1 = 83.4840 Indian rupees) (Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sonia Cheema)