SUMMARY
The foodtech major’s stock soared to an all-time high of INR 191.9 during the intraday trading on the BSE on Friday
The shares pared some of the gains later in the day but closed at an all-time high of INR 190.50 on the BSE, 1.90% higher than the previous close
Earlier today, Kotak Institutional Equities retained ‘BUY’ rating on Zomato and increased the price target to INR 210 from the earlier INR 190
Continuing their bull run, shares of Zomato inched further closer to the INR 200 mark. The foodtech major’s stock soared to an all-time high of INR 191.9 during the intraday trading on the BSE on Friday (April 5).
The stock opened at INR 189.45 and quickly soared to the record high during early hours of trading. The shares pared some of the gains later in the day but closed at an all-time high of INR 190.50 on the BSE, 1.90% higher than the previous close.
Zomato’s market capitalisation now stands at a staggering INR 1.68 Lakh Cr.
Earlier today, Kotak Institutional Equities reportedly retained ‘BUY’ rating on Zomato and increased the price target (PT) to INR 210 from the earlier INR 190. The brokerage attributed the higher PT to the company’s healthy growth pipeline for its both core food delivery business and quick commerce arm, Blinkit.
“We expect Zomato to report food delivery GMV of INR 8,230 Cr, up 25% YoY, but down 3% QoQ; Zomato guided for 20%+ YoY growth in food delivery GMV published in its Q3 FY24 shareholder’s letter,” CNBC-TV18 cited Kotak Institutional Equities as saying.
On Blinkit, it said, “Despite the very high 28% YoY GMV growth in Q3 FY24, we expect 15% QoQ growth in Q4 FY24, driven by new store addition and ramp-up in throughput of existing stores.”
After a subdued 2022, shares of Zomato have bounced back strongly in the past one year on the back of the company’s profitable numbers. The Delhi NCR-based foodtech major reported its third consecutive profitable quarter in Q3 FY24, with a profit after tax (PAT) of INR 138 Cr.
Sequentially, it quadrupled the profit from INR 36 Cr in Q2 FY24. Meanwhile, revenue also jumped 15% QoQ and 68% YoY to INR 3,288 Cr in the quarter ended December 2023.
As a result, the company has emerged as a favourite of investors. Shares of Zomato have jumped 54% on a year-to-date (YTD) basis and more than 250% in the past 12 months. Most of the brokerages are bullish on the stock.
