Zomato stock gains 4.6%, ends day 2.9% higher on Q2 results
Zomato shares jumped 4.6% to INR 268 on the BSE on Wednesday, October 23, following the company’s quarterly financial report.
However, the stock gave up some gains to close 2.9% higher at INR 263.85 on the BSE. A total of 16.16 crore Zomato shares were traded today. The company’s market value stood at INR 2.3 lakh crore (about $27.7 billion) by the end of the day.
Continue Exploring: Zomato’s net profit drops 30% to INR 176 Cr in Q2 FY25
Zomato’s shares performance returns 111.93%
In the bigger market, the Sensex dropped 138.7 points (0.17%) to 80,081.98, and Nifty50 fell 36.60 points (0.15%) to 24,435.50. Zomato’s shares have been rising for the past year due to better financial performance, giving a 111.93% return so far this year.
Meanwhile, in Q2 FY25, Zomato’s net profit increased by 389% year-on-year to INR 176 Cr. However, net profit fell by 30% from INR 253 Cr in Q1 FY25 due to Blinkit’s expansion costs. Despite this, brokerages are still positive about the stock. Axis Securities kept its buy rating on Zomato with a target price of INR 350.
Blinkit to achieve 20%+ growth in 5 years
According to INC42, the brokerage said, “Strong demand from the top 10 cities for food order delivery is expected to continue. Blinkit is anticipated to achieve 20%+ growth over the next 5 years, supported by growing demand, a better brand, and superior execution.” Nuvama kept its buy rating with a price target of INR 325 for the stock.
Continue Exploring: Varun Beverages achieves 24% revenue growth, 22% PAT surge in Q3CY24
“Zomato continues to push the paddle of growth across its business.We expect Blinkit dark store addition to be faster than initially expected—hence growth shall be even faster while profitability would be delayed due to higher upfront cost thereof, which, in our view, is the right strategy in a cut-throat QC market,” Nuvama further added.
Amid the festive season, Zomato raised its platform fee to INR 10. The company earned INR 75 Cr from the platform fee in the quarter ending September 2024.Zomato shares jumped 4.6% to INR 268 on the BSE on Wednesday, October 23, following the company’s quarterly financial report.
However, the stock gave up some gains to close 2.9% higher at INR 263.85 on the BSE. A total of 16.16 crore Zomato shares were traded today. The company’s market value stood at INR 2.3 lakh crore (about $27.7 billion) by the end of the day.
Continue Exploring: Zomato’s net profit drops 30% to INR 176 Cr in Q2 FY25
Zomato’s shares performance returns 111.93%
In the bigger market, the Sensex dropped 138.7 points (0.17%) to 80,081.98, and Nifty50 fell 36.60 points (0.15%) to 24,435.50. Zomato’s shares have been rising for the past year due to better financial performance, giving a 111.93% return so far this year.
Meanwhile, in Q2 FY25, Zomato’s net profit increased by 389% year-on-year to INR 176 Cr. However, net profit fell by 30% from INR 253 Cr in Q1 FY25 due to Blinkit’s expansion costs. Despite this, brokerages are still positive about the stock. Axis Securities kept its buy rating on Zomato with a target price of INR 350.
Blinkit to achieve 20%+ growth in 5 years
According to INC42, the brokerage said, “Strong demand from the top 10 cities for food order delivery is expected to continue. Blinkit is anticipated to achieve 20%+ growth over the next 5 years, supported by growing demand, a better brand, and superior execution.” Nuvama kept its buy rating with a price target of INR 325 for the stock.
Continue Exploring: Varun Beverages achieves 24% revenue growth, 22% PAT surge in Q3CY24
“Zomato continues to push the paddle of growth across its business.We expect Blinkit dark store addition to be faster than initially expected—hence growth shall be even faster while profitability would be delayed due to higher upfront cost thereof, which, in our view, is the right strategy in a cut-throat QC market,” Nuvama further added.
Amid the festive season, Zomato raised its platform fee to INR 10. The company earned INR 75 Cr from the platform fee in the quarter ending September 2024.
