Zomato Gains Over 4% To Touch New 52-Week High

Continuing its rally post the strong Q3 FY24 earnings, shares of foodtech giant jumped as much as 4.59% during the intraday trading on Thursday (February 15) to touch a fresh 52-week high at INR 159.20 on the BSE.

Zomato shares have been gaining since the beginning of this week. Its shares surged 6.2% in intraday trading on Monday to touch a 52-week high at INR 158.7 on the BSE.

Over the past one year, Zomato’s shares have rallied over 200%. At the same time last year, the stocks were valued at around INR 50.

As of 11:51 AM IST on Thursday, Zomato’s shares were trading at INR 157.45.

The company reported its third straight profitable quarter last week. Its consolidated profit after tax (PAT) almost quadrupled to INR 138 Cr, led by a strong growth momentum in its quick commerce business, Blinkit.

In Q3, Zomato’s food delivery business saw a 6.3% sequential growth in gross order value (GOV) to INR 8,486 Cr. In contrast, Blinkit experienced a significant 28% quarter-on-quarter (QoQ) increase in GOV, reaching INR 3,542 Cr during the same period. 

While food delivery, and more recently quick commerce, have been Zomato’s primary focus for several years, another vertical that the company has steadily developed over nearly five years is Hyperpure. The company aims to accelerate the growth of Hyperpure by expanding into food processing and supplying semi-finished perishables. 

In Q3 FY24 (as of December 2023), Zomato’s Hyperpure vertical experienced over 2X year-on-year growth in revenue, reaching INR 859 Cr. 

Meanwhile, a Delhi court had reportedly summoned Zomato in a civil suit seeking a restraining order against the foodtech giant for its alleged continuation of allowing users to order “hot and authentic food” from “iconic restaurants” across the national capital.