Zomato Shares Hit 52-Week High As Q3 Profit Rises To Rs 138 Crore

Shares of leading food delivery company Zomato traded fresh 52-week high as the company's Q3 earnings beat estimates. The company declared its net profit soared at Rs 138 crore for the December 2023 quarter as compared to the profit of Rs 36 crore in September and the loss of Rs 367 crore in the year-ago quarter.

Zomato's revenue from operations for the third quarter witnessed a jump of 69% year-on-year (YoY) to Rs 3,288 crore. Consolidated adjusted EBITDA stayed in the positive territory for third quarter in a row to Rs 125 crore.
Zomato's gross order value or GOV surged 27% YoY for the December 2023 quarter.

GOV across our B2C businesses grew 47% YoY (13% QoQ) to INR 12,886 crore. On an annualised basis, we have now crossed INR 50,000 crore of GOV in our B2C businesses. Food delivery GOV grew 27% YoY (6.3% QoQ), quick commerce GOV grew 103% YoY (28% QoQ) and Going-out GOV grew 154% YoY (26% QoQ), said Zomato CEO Deepinder Goyal said.

Consolidated Adjusted Revenue grew 53% YoY (12% QoQ) to INR 3,609 crore. On the profitability front, consolidated Adjusted EBITDA was positive for the third consecutive quarter at INR 125 crore and improved by INR 390 crore as compared to the same quarter last year, added Deepinder Goyal.

I would say complacency and accepting the status quo as the ideal place to be in, is when the culture and the business start to deteriorate. We need to continue being paranoid about driving innovation and disruption, or someone else will. A lot of innovation in our business happens behind the scenes - which may not be obvious to a customer, but which compounds to make our platform more robust and hence improve the customer experience, added Deepinder Goyal.

Zomato Stock Performance & Return: Last trading price of Zomato shares on BSE is Rs 144.00 apiece with intraday gain of 2.42%. The 52-week high price of Zomato shares on BSE is Rs 147.45 apiece and 52-week low price is Rs 49.00 apiece, respectively. The company has a market capitalisation of Rs 1,25,437.19 crore. Zomato shares surged 8% in last 1-month and rallied 165% in last 1-year. In last 2-years, Zomato stock soared 54%.