Zomato stock top pick in listed new-age firms; brokerages upgrade target price after Q4 results3 min read 22 May 2023, 10:55 PM IST
Zomato's net loss squeezed meaninfully in Q4FY23, as the company's core business turned profitable. The online food delivery giant is optimistic in becoming a profit-making company by end of FY24. Brokerages have upgraded their estimates on Zomato and raised their target price on the stock.
Zomato's last quarter of FY23 was sweeter with profitability in the food delivery business improving, hypercure continuing on a steady growth, alongside a meaningful reduction in losses of Blinkit business. The icing on the cake was that Zomato remains committed to turning both adjusted EBITDA and PAT positive by Q4 of FY24 on a consolidated basis. This has made brokerages upgrade their growth estimates in Zomato while raising their target prices on this new-age company's stock.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started