Zomato stock hits fresh high on stellar Q1FY24 performance; breaches Rs 100 mark

7 Aug 2023 , 02:36 PM

Zomato shares surpassed the Rs 100 mark in early trade, following a five-session rise on the National Stock Exchange. The counter hit a new 52-week high of Rs 102.85 in today’s session.

Zomato, which had been reporting losses since its IPO, reported a net profit of Rs 2 crore for the first time in the April-June quarter. On August 3, the company released its Q1FY24 results.

The next day, Zomato shares were up 10%, and over 42 crore shares were traded on exchanges, which was 14 times higher than Zomato’s monthly traded average.

The ‘deferred tax’ provision contributed to Zomato’s earnings. Because Zomato has been operating at a loss for some time, it can deduct that loss from future profits under Indian tax laws.

In the April-June quarter, gross order value for food delivery increased 14% year-on-year and 11% sequentially. The gross order value is the total amount charged, which includes the cost of the food as well as the delivery fee.

In Q1FY24, hyperpure revenue increased 126 percent year-on-year and 29% sequentially.

At around 2.33 PM, Zomato is trading 4.87% higher at Rs 100.02, against the previous close of Rs 95.40 on NSE.

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