Zomato Share Price ๐๐ฐ: A Look at the Online Food Delivery Giant’s Impressive Q3 Results
๐น Zomato, the leading online food delivery company, released its December quarter results this week, and the company’s stellar performance has excited investors.
๐น The stock surged by 5% on Friday, reaching a 52-week high during intraday trading, as investors rushed to buy shares due to the positive results.
๐น Following the quarterly results, several brokerage houses have raised their target price for Zomato’s shares and given a buy rating.
Impressive Quarterly Results ๐ผ๐ธ
๐ธ Zomato reported a net profit of โน138 crore in the third quarter of FY24, a significant improvement from the loss of โน346.6 crore in the same quarter last year (Q3FY23).
๐ธ Moreover, the company’s net profit increased by 283% on a quarter-on-quarter basis, with consolidated revenue growing by 69% to โน3,288 crore annually, compared to โน1,948 crore in the previous financial year.
Brokerage Firms Bullish on Zomato’s Shares ๐๐
๐น Following the release of the Q3 results, brokerage firms are optimistic about Zomato’s shares, expecting positive returns. Bernstein, Jefferies, and HSBC have all revised their target prices for Zomato’s shares.
๐น Zomato’s exceptional quarterly performance comes at a time when the e-commerce sector was under pressure due to increasing inflation and reduced demand.
๐น The company’s strong performance during the cricket World Cup and festive season has contributed to its impressive quarterly results.
Bernstein’s Outlook and Blinkit’s Rally ๐ช๐
๐ธ Bernstein stated that Zomato has once again exceeded its standards and expectations. They anticipate a growth of approximately 50% in the medium term on an annual basis, with Blinkit leading the rally.
๐ธ Blinkit, due to its category expansion, has witnessed a growth of 103% compared to the previous year.
๐ธ Jefferies brokerage firm has recommended buying Zomato’s shares and set a target price of โน205. HSBC also raised Zomato’s target price from โน150 to โน163, expressing a lower estimated return compared to the past 12 months.
In Short, Zomato’s remarkable quarterly results have sparked investor enthusiasm and positive sentiment in the market. With the company’s strong performance and optimistic outlook from brokerage firms, Zomato’s shares are expected to continue their upward trajectory. ๐๐ผ
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