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.

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).

Zomato Ltd's Q3 FY25 net profit fell more than 57 percent year-on-year to Rs 59 crore, even as the food delivery firm's revenue for the quarter expanded 64 percent from the previous year.

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.

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