Zomato Shares Hit 52-Week High By Jumping 6% Intraday

SUMMARY

This marks a new high in shares during the last 52 weeks for Zomato

However, the stocks pared some gains to trade at INR 270.70 per share at 11.21 AM, up 2.34% from the previous close

This comes after Zomato announced the launch of its ‘Group Ordering’ feature last week

Foodtech major Zomato’s shares rallied close to 6% to touch an intraday high of INR 280 apiece on the BSE today (August 19). This marks a new high in shares during the last 52 weeks for Zomato.

However, the stocks pared some gains to trade at INR 270.70 per share at 11.21 AM, up 2.34% from the previous close.

This comes after Zomato announced the launch of its ‘Group Ordering’ feature last week.

At the heart of these developments is Zomato’s diversification of its offerings under which it launched several pilot programmes, including a ‘Pure Veg’ fleet, as well as priority deliveries in parts of Bengaluru and Mumbai and new app ‘District’ for its ‘going-out’ business, among others.

Not to mention, Zomato has been on a spree of launching new features including daily payouts for restaurants, an all-electric large order fleet, last mile deliveries for office goers, among others.

Moreover, the foodtech giant has maintained its stellar run in the markets lately. Just a day after the Q1 FY25 results, Zomato’s market capitalisation was closer to the $30 Bn mark.

On the financial front, Zomato’s consolidated net profit zoomed multifold year-on-year (YoY) to INR 253 Cr in Q1 of FY25 after posting its maiden profitable quarter in Q1 FY24. Sequentially, it rose nearly 45% from INR 175 Cr in the last quarter.

Moreover, Zomato’s bet on its acquired subsidiary Blinkit also seems to have paid off as the (gross order value) GOV of Blinkit for Q1 FY25 increased 130% as against Zomato’s B2C vertical GOV growth of 53%.

While Zomato’s revenue from operations jumped 74% to INR 4,206 Cr in Q1 FY25 from INR 2,416 Cr in the corresponding quarter last year, Blinkit witnessed a massive 145% jump YoY and a 22.5% rise QoQ in its revenue to INR 942 Cr in the reported quarter.

Alongside this, Zomato has been doubling down on its platform fee by increasing its platform fee thrice this year from INR 2 to INR 6 per order. As a result, it collected INR 136 Cr in platform fees from till June quarter of FY25 after it was introduced in August last year.