Zomato share price surged over 4% in early trading today, reaching a new 52-week high, following the online food delivery platform’s robust Q3 results. The company reported a net profit of INR 138 crore in Q3 FY24, marking a significant increase from the loss of INR 347 crore during the same period last year. The revenue from operations also grew by 69% year-on-year, reaching INR 3,288 crore.
Analysts at Jefferies praised Zomato’s exceptional performance in Q3 and raised their adjusted Ebitda estimates for the company. They expect a compounded annual growth rate of around 25% in delivery revenue over FY23-26E. Emkay Global Financial Services also hailed Zomato’s impressive execution and made positive adjustments to their EPS estimates.
Zomato’s food delivery gross order value (GOV) experienced a 25% YoY growth, with the company anticipating further growth of over 20% YoY in the future. The positive results were attributed to Zomato’s continued focus on cost efficiencies and growing customer willingness to pay for convenience.
The stock market reacted positively to the news, with Zomato shares ending 2.42% higher on Thursday. In early trade today, share prices surged to a new 52-week high of INR 150.25.
Zomato’s success in Q3 is reflective of its dominating position in the food delivery sector and its ability to adapt to changing consumer demands. With a positive outlook for future growth, Zomato’s market performance is expected to continue on an upward trajectory.
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