Zomato Shares Jump on Robust Earnings

2 Aug 2024 , 11:46 AM

Shares of Zomato Ltd were up 12.5% at ₹263.40 after the company’s profit zoomed in the April-June quarter. Zomato on Thursday reported a consolidated net profit of ₹2.53 billion in Apr-Jun, 126.5 times the ₹20 mln net profit a year ago. The net profit was 45% higher than in the previous quarter.

With this, Zomato shares have risen nearly 210% last year. Today, the shares rose to an intra-day high of ₹278.70, up 19% from the previous close of ₹234.09.

The company’s consolidated revenue rose 74% on year to ₹42.06 billion in Apr-Jun. Both the net profit and revenue were higher than consensus estimates.

The company said its gross order value of consumer-facing business, including food delivery, quick commerce and going-out rose 53% YoY to ₹154.55 billion. The revenues of the company’s B2B business Hyperpure rose 96% on the year to ₹12.12 billion.