The reason for resignation is to allow for appointment of the current statutory auditor of the company, Deloitte to make the audit process more efficient
Batliboi & Associates were appointed as the statutory auditor for a term of five consecutive years
The holding company’s management wants to align the statutory auditor of the company with the auditors of the holding company: Batliboi & Associates
Zomato
has announced that the auditor of its subsidiaries Zomato Hyperpure and Blink Commerce has resigned with immediate effect, making room for the food tech platform to appoint Deloitte Haskins & Sells as its new auditor to streamline the audit process.
“The reason for resignation is to allow for appointment of the current statutory auditor of the Company, M/s Deloitte Haskins & Sells LLP, as the statutory auditor of Zomato Hyperpure Private Limited (ZHPL) and Blink Commerce Private Limited (BCPL) as well, in order to make the audit process more efficient,” Zomato said.
Batliboi & Associates were appointed as the statutory auditor for a term of five consecutive years, from the conclusion of the eighth annual general meeting of the company held on August 29, 2023.
“Further to our various discussions and email dated May 08, 2024 fro111 the Global Controller Finance, Zomato Limited, we understand that the Holding Company’s Management wants to align the statutory auditor of the Company with the auditors of the Holding Company. responsible for audit of consol accounts to avoid some duplication and bring some efficiencies in the audit process at group level,” it said.
The company has completed the audit of the financial statements of Hyperpure for the year ended March 31, 2024 through an audit report dated May 10, 2024.
Meanwhile, Zomato’s board is scheduled to meet today to review and approve the results for the fourth quarter and the financial year ending March 2024.
Zomato reported a consolidated profit after tax (PAT) of INR 138 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24). The company’s operating revenue jumped to INR 3,288 Cr in Q3 FY24 from INR 2,848 Cr in Q2 FY24.
Recently, Zomato hiked its platform fee by 25% to INR 5 per order and also suspended its intercity delivery service Intercity Legends. Zomato increased the platform fee across its key markets, including the National Capital Region, Bengaluru, Mumbai, Hyderabad and Lucknow.
