The stocks of Zomato have touched a 52-week high in today’s trading session and witnessed a 4.19% increase to Rs 99.40. The shares of Zomato previously closed at Rs 95.4 on Friday.
In the June quarter, Zomato reported a profit after tax (PAT) of Rs 2 crore, compared to a net loss of Rs 186 crore and an even worse loss of Rs 188 crore in the quarter that ended in March.
In the first quarter of the fiscal year 2023–24, the company’s adjusted sales increased dramatically by 54% YoY to Rs 2,786 crore from Rs 1,810 crore in the equivalent quarter the previous year. Its operating revenue dramatically grew from the same quarter last year to the current quarter by a staggering 71% YoY to Rs 2,416 crore from Rs 1,414 crore.
Zomato shares were offered on the stock exchanges in July 2021 for 115.00 against a 76.00 issue price.
The restaurant aggregator forecasts that its business will continue to be successful going forward and will achieve an increase in Adjusted Revenue of 40% YoY for at least the next few years.
Additionally, in the month of June 2023, Zomato’s quick commerce division, “Blinkit,” achieved Contribution positive status for the first time ever. The company has been advised to provide an Adjusted EBITDA breakeven in the quick commerce division over the following four quarters.
The stock has successfully exited its two-year “multiple resistance” zone of Rs 85 on a weekly closing basis thanks to last week’s increase. Huge volumes are there along with this breakout, indicating more engagement.
