As Zomato share price surpasses ₹100 level, analysts turn cautious on ‘unjustifiable’ valuations
Zomato’s core food delivery business which was in a slowdown mode in H2FY23, returned to strong growth in Q1FY24 at 11% QoQ versus Nomura’s expectation of 9.2% growth and high-single-digit guidance.
Zomato share price extended rally to jump more than 7% on Monday after the food delivery platform surprised the street with its first ever net profit in the June quarter of FY24. Zomato share price jumped as much as 7.77% to hit a 52-week high of ₹102.85 apiece on the BSE.
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