Zomato share price

Zomato Stock Price Surges on Impressive Q3 Results

Zomato's share price skyrockets by 4% to reach a 52-week high after a remarkable third quarter performance, showcasing a net profit of ₹138 crore.

Zomato's stock price experienced significant growth as it soared over 4% to a 52-week high following the release of their impressive Q3 results. In a surprising turn of events, Zomato reported a net profit of ₹138 crore for the third quarter of FY24, a stark contrast to the ₹347 crore loss in the previous year. This unexpected leap in profitability has caught many analysts off guard, as the profit figure surpassed Street estimates by a wide margin, ranging from Rs 50-70 crore.

The substantial surge in Zomato's shares can be attributed to the robust performance across its food delivery and hyperpure businesses. The company's net profit skyrocketed nearly 4 times, exceeding market expectations and driving the stock price to Rs 145.05 on the BSE. Investors are buoyed by Zomato's resilience and growth, pushing the share price to reach new heights.

Analysts and brokerages are bullish on Zomato's future prospects, with many raising their target prices after the stellar Q3 results. The positive showing in the October-December period, marked by a 69% year-on-year revenue increase to Rs 3288 crore, has bolstered confidence in the company's long-term sustainability and success.

In light of Zomato's impressive performance, market experts are reevaluating their outlook on the stock, recognizing the platform's endurance and strong market position. This surge in share price and profitability has positioned Zomato as a leading player in the food delivery industry, signaling a potentially lucrative future for the company.