The foodtech giant's shares had hit a 52-week high of INR 98.39 on Friday, which has since been surpassed
Zomato recorded its first-ever profitable quarter with INR 2 Cr profit after tax (PAT) in the quarter ended June 30, 2023
The foodtech also reported a sharp QoQ decline in loss before tax in Q1, which stood at INR 15 Cr
The share price of listed foodtech giant Zomato hit another 52-week high as it soared to INR 102.85 apiece during intraday trading on the BSE on Monday (August 7).
The rise in share price was accompanied by a 2.61X spurt in trading volume on the BSE.
As of 12:30 PM on Monday, shares of Zomato were trading at INR 101 apiece on the BSE, 5.84% higher than the previous close of INR 95.43 on Friday (August 4). The foodtech giant’s shares also hit a 52-week high of INR 98.39 on Friday, which has since been surpassed.
Since the start of the year, Zomato has seen a revival on the bourses, as the share price has jumped more than 66% off the back of consecutive quarters of improving performance. The foodtech giant recorded its first-ever profitable quarter with INR 2 Cr profit after tax (PAT).
The company’s loss before tax stood at INR 15 Cr, however, the deferred tax led to it reporting a positive bottom line. However, Zomato reported a sharp decline in loss before tax in Q1, as its loss before tax stood at INR 186 Cr in the year-ago quarter and INR 204 Cr in the preceding March 2023 quarter.
Overall, Zomato’s consolidated PAT stood at INR 2 Cr in Q1 FY24 as against INR 186 Cr in Q1 FY23 and INR 188 Cr in Q4 FY23.
The Gurugram-based company’s revenue from operations jumped more than 70% to INR 2,416 Cr in Q1 FY24 from INR 1,413.9 Cr in Q1 FY23. Sequentially, operating revenue jumped 17.5% from INR 2,056 Cr in the quarter ended March 2023.
While Zomato saw its food delivery and B2B supply arm Hyperpure register significant growth, the same could not be said about Blinkit, as the grocery delivery vertical saw its growth stall slightly over the quarter ended June 30, 2023.
The only silver lining for Blinkit was that it reported a positive contribution month in June, even as contribution loss during the overall quarter stood at INR 14 Cr.