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Zomato Hits New Milestone with 52-Week High Amidst Strong Earnings

Zomato's shares surge to a new 52-week high amidst strong Q3 FY24 earnings, reflecting sustained investor confidence in the foodtech giant.

Zomato, the foodtech behemoth, continues its upward trajectory following robust Q3 FY24 earnings, with its shares surging over 4.5% during intraday trading on Thursday to reach a fresh 52-week high at INR 159.20 on the BSE.

Sustained Rally

This surge marks the continuation of Zomato's positive momentum seen earlier in the week, with shares spiking 6.2% on Monday to touch a previous high of INR 158.7 on the BSE.

Impressive Year-on-Year Growth

Over the past year, Zomato's shares have soared by over 200%, a remarkable feat compared to their value of approximately INR 50 at the same time last year.

Current Trading Status

As of 11:51 AM IST on Thursday, Zomato's shares were trading at INR 157.45, reflecting the sustained investor confidence in the company.

Strong Quarterly Performance

Zomato reported its third consecutive profitable quarter, with consolidated profit after tax (PAT) nearly quadrupling to INR 138 Cr, primarily driven by robust growth in its quick commerce arm, Blinkit.

Business Segment Performance

In Q3, Zomato witnessed a 6.3% sequential growth in gross order value (GOV) for its food delivery business, reaching INR 8,486 Cr. Meanwhile, Blinkit recorded a substantial 28% quarter-on-quarter increase in GOV, amounting to INR 3,542 Cr.

Diversification Efforts

Apart from food delivery and quick commerce, Zomato has also been steadily expanding its Hyperpure vertical. In Q3 FY24, Hyperpure reported over 2X year-on-year revenue growth, reaching INR 859 Cr, signaling significant progress.

Despite its financial success, Zomato faces legal challenges, including a civil suit in Delhi seeking a restraining order against the company for allegedly allowing users to order food from iconic restaurants in the national capital without authorization.