Foodtech giant Zomato‘s shares surged nearly 3% during intraday trading on Monday (May 13), touching a fresh 52-week high at INR 207.30 on the BSE ahead of the announcement of its Q4 results for the financial year 2023-24 (FY24).
However, the stock gave back some of the gains as the day progressed. By 14:09, the shares were trading at INR 199.55.
The company’s board is set to convene later today to assess and authorize the results for the fourth quarter and the fiscal year concluding in March 2024.
In the December quarter (Q3) of the fiscal year 2023-24 (FY24), Zomato reported a consolidated profit after tax (PAT) of INR 138 Cr. Additionally, the company witnessed a surge in operating revenue, which rose to INR 3,288 Cr in Q3 FY24 from INR 2,848 Cr in Q2 FY24.
Zomato disclosed on Saturday that the auditor of its subsidiaries, Zomato Hyperpure and Blink Commerce, had resigned. This development paved the way for the food tech platform to appoint Deloitte Haskins & Sells as its new auditor, aiming to streamline the audit process.
Continue Exploring: Zomato’s subsidiary auditor resigns, Deloitte to step in
Zomato stated, “The resignation aims to facilitate the appointment of our current statutory auditor, M/s Deloitte Haskins & Sells LLP, as the statutory auditor of Zomato Hyperpure Private Limited (ZHPL) and Blink Commerce Private Limited (BCPL) as well, thereby enhancing the efficiency of the audit process.”
Following a remarkable surge of over 100% last year, Zomato shares have already climbed by 66% year to date in 2024.
The foodtech major is also introducing several new experiments. It has commenced piloting a new feature in select areas of Bengaluru and Mumbai, providing users with priority deliveries for an additional fee.
In order to fulfil large orders for up to 50 people at once, Zomato also introduced an all-electric “large order fleet.” Deepinder Goyal, the founder and CEO of the company, asserted that new vehicles would address the majority of issues that Zomato users run with while completing bulk purchases.
Continue Exploring: Zomato launches all-electric ‘large order fleet’ for events and gatherings
