Zomato’s Q3FY25 earnings had something for everyone—except maybe those hoping for a profit spike. The company’s net profit dropped a hefty 57.3% year-on-year, landing at ₹59 crore. That’s quite the tumble from last year’s ₹138 crore, with much of the blame falling on Blinkit, Zomato’s quick-commerce wing, and its ambitious expansion spree. Still, there’s growth to gawk at. Revenue from operations surged 64.4%, hitting ₹5,405 crore, and the gross order value (GOV) for its B2C business skyrocketed 57% to ₹20,206 crore. Food delivery revenue climbed 22%, but Blinkit stole the spotlight, doubling its revenue. Ambition seems to come with a price tag, though—Blinkit clocked a net loss of ₹103 crore this quarter while hurtling toward its 2,000-store target a year ahead of schedule. It’s aggressive, sure, but Zomato clearly sees Blinkit as its big bet in quick commerce. Expenses surged too, now at ₹5,533 crore, up from ₹3,383 crore last year. Despite the rising costs, Zomato’s operational metrics offered a silver lining: EBITDA rose to ₹162 crore compared to ₹51 crore last year, and the EBIT margin edged up to 3% from 1.6%. Analysts are keeping faith, with many pointing to Zomato’s free cash flow generation as a rare feat in the hyperlocal delivery sector. For now, Zomato sits atop the quick-commerce throne, holding 46% of the market and fending off rivals like Swiggy Instamart, Zepto, and BigBasket. But with Blinkit facing tough competition and still racking up losses, the path to profitability might be longer than its next delivery window. Investors will need patience as Zomato balances its growth narrative with mounting costs.