All heart is on Zomato share, people are investing heavily, brokerage is also fast
Shares of Zomato gained 10 percent in a month. Shares of Zomato have gained 57% in the last 6 months. This share has given a profit of 172% in one year.
Zomato Share Price: Zomato announced its third quarter results yesterday i.e. Thursday. Investor excitement is at a peak today due to the company’s stellar quarterly results. Shares of Zomato rose five percent intraday today to touch a 52-week high. At the time of writing, the stock was trading at Rs 148.15, up 2.81%. Several brokerage houses have also raised their target price on Zomato shares after the quarterly results.
Zomato’s net profit stood at Rs 138 crore in Q3FY24. In the same quarter last year (Q3FY23), the company had posted a loss of ₹346.6 crore. Along with this, the company’s net profit has increased by 283% on a quarterly basis. The company’s total revenue from operations in the third quarter also grew by 69% year-on-year to Rs 3,288 crore. In the corresponding period of the previous financial year, the company had earned a revenue of Rs 1,948 crore.
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Brokerage boom
After the third quarter results, brokerage houses are bullish on Zomato shares. Bernstein, Jefferies and HSBC have raised their target price on Zomato shares. Zomato has delivered stellar quarterly results at a time when the e-commerce sector is under pressure due to inflation and low demand. Zomato’s growth for the quarter was driven by the positive impact of the Cricket World Cup and the festive season.
Brokerage Bernstein says Zomato has once again raised its benchmarks and expectations and expects further medium-term growth of 50 percent on an annualized basis. Development will be led by Blinkit. Over the past year, Blinkit grew by 103% due to category expansion.
Brokerage firm Jefferies says Zomato in the food delivery segment has grown by 27 percent year-on-year. The brokerage advised these investors to invest in Zomato shares and raised its target price to Rs 205 per share. HSBC has also increased Zomato’s target price to Rs 163 from Rs 150. HABC says returns are expected to slow compared to the previous twelve months.
(Disclaimer: The stock mentioned here is based on the advice of the brokerage houses. If you want to invest in any of them, consult a certified investment advisor first. News 18 of any profit or loss you make. will not be responsible).
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First Publication: February 9, 2024, 13:36 IST
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