Ahead Of Q4 Results, Zomato Shares Touch 52-Week High At INR 207.30

Ahead of the announcement of its Q4 results for the financial year 2023-24 (FY24), shares of foodtech major Zomato jumped nearly 3% during the intraday trading on Monday (May 13) to touch a fresh 52-week high at INR 207.30 on the BSE.

However, the stock shed some of the gains later in the day. The shares were trading at INR 199.55 at 14:09.

The company’s board is scheduled to meet later today to review and approve the results for the fourth quarter and the financial year ended March 2024.

Zomato reported a consolidated profit after tax (PAT) of INR 138 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24). The company’s operating revenue jumped to INR 3,288 Cr in Q3 FY24 from INR 2,848 Cr in Q2 FY24.

On Saturday, Zomato announced that the auditor of its subsidiaries Zomato Hyperpure and Blink Commerce resigned, making room for the food tech platform to appoint Deloitte Haskins & Sells as its new auditor to streamline the audit process.

“The reason for resignation is to allow for appointment of the current statutory auditor of the Company, M/s Deloitte Haskins & Sells LLP, as the statutory auditor of Zomato Hyperpure Private Limited (ZHPL) and Blink Commerce Private Limited (BCPL) as well, in order to make the audit process more efficient,” Zomato said.

After rallying over 100% last year, Zomato shares have already gained 66% year to date in 2024. 

The foodtech major is also bringing a new number of experiments. It has also started piloting a new feature in parts of Bengaluru and Mumbai that offers priority deliveries to users at an extra charge. 

Zomato also unveiled an all-electric ‘large order fleet’ to deliver large orders for up to 50 people in one go. The company’s founder and CEO Deepinder Goyal said that the new vehicles would solve most of the problems Zomato customers face while placing large orders.