Continuing its upward momentum following the strong Q3 FY24 earnings, shares of the foodtech giant Zomato surged by as much as 4.59% during Thursday’s intraday trading session, reaching a fresh 52-week high at INR 159.20 on the BSE.
Zomato’s stock has been on the rise since the start of the week. On Monday, its shares experienced a significant surge of 6.2% during intraday trading, reaching a new 52-week high at INR 158.7 on the BSE.
Continue Exploring: Zomato shares surge 6.2% after robust Q3 earnings; touches fresh 52-week high
Over the past one year, Zomato has seen its shares rally over 200%, with the stocks valued at around INR 50 at the same time last year.
At 11:51 AM IST on Thursday, Zomato’s stocks were being traded at INR 157.45.
Last week, the company marked its third consecutive profitable quarter. Its consolidated profit after tax (PAT) surged nearly fourfold to INR 138 Cr, driven by robust growth in its quick commerce business, Blinkit.
Continue Exploring: Zomato reports third consecutive profitable quarter with INR 138 Cr PAT in Q3 FY24
During Q3, Zomato’s food delivery segment witnessed a 6.3% sequential rise in gross order value (GOV) to INR 8,486 Cr. Conversely, Blinkit saw a notable 28% quarter-on-quarter (QoQ) surge in GOV, reaching INR 3,542 Cr over the same period.
Although food delivery and, more recently, quick commerce have been Zomato’s main areas of focus for several years, another vertical that the company has been steadily nurturing for nearly five years is Hyperpure. Zomato aims to boost the growth of Hyperpure by venturing into food processing and supplying semi-finished perishables.
In Q3 FY24 (as of December 2023), Zomato’s Hyperpure vertical achieved more than double the revenue growth compared to the previous year, reaching INR 859 Cr.
Continue Exploring: Zomato’s B2B vertical Hyperpure sees exponential growth in Q3 FY24, revenue inches closer to INR 1,000 Cr
Meanwhile, according to reports, a Delhi court had summoned Zomato in a civil suit seeking a restraining order against the foodtech giant for allegedly continuing to allow users to order “hot and authentic food” from “iconic restaurants” across the national capital.
Continue Exploring: Delhi court summons Zomato over alleged fraudulent practices in food delivery operations