📉 Zomato received a fine of Rs 8.6 crore from the Gujarat Revenue Department. The reason is irregularities in tax refunds and GST invoices. Zomato is confident in its position and intends to appeal the decision.

• Audit observations related to underpayment of GST and excessive use of tax credit

• Zomato expects negligible financial impact from this incident

• The company is already facing other tax issues including insufficient GST payment and outstanding delivery tax

• Despite this, Zomato continues to be profitable, with net profit increasing to Rs 36 crore in the September quarter of FY24.