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Business News/ Markets / Stock Markets/  Zomato share price jumps 12% a day after Q1 results on first-ever quarterly profit

Zomato share price rose 12% in early trade today, a day after the food delivery company posted its first-ever quarterly profit. The Zomato stock opened at 89 against yesterday's closing price of 86.22. The Zomato share price gained further to hit a high of 98.39 - a jump of 12% - in the morning trade. At the time of writing this copy Zomato shares were trading at 96.23, up 10, or 11.61%. 

The food delivery platform Zomato on Thursday announced its Q1 earnings for FY24. The company reported a net profit of 2 crore against a loss of 186 crore (YoY). The revenue of the firm was up at 2,416 cr versus 1,414 crore (YoY).

Zomato shares listed on the bourses in July 2021 at 115.00 against issue price of 76.

Also read: Zomato Q1 results cheer investors, but can it sustain high growth?

The Zomato shares listed on NSE, BSE in July 2021 after rolling out an initial public offering. The Zomato shares listed at 115 against an issue price of 76. The stock could not although sustain the listing gains and has been trading below the listing price since then.

Also Read: From tomato to rain, here's how Twitter reacted to Zomato's first ever quarterly profit

The new-age internet companies have been in the limelight since many of them launched their initial public offerings and listed shares on NSE, BSE. The other companies in the same category are Policybazaar, Nykaa, Makemytrip, etc.

Also read: As Zomato stock gains 10%, investors say the first net profit is always special

“Zomato expects adjusted revenue to grow at over 40% for at least the next couple of years and remain profitable going forward. Considering the Q1 beat and strong outlook, we have increased FY24-26E revenue by 13-22%, with better margin trajectory. We retain BUY with TP of Rs110 (earlier Rs90)," said the latest Emkay report.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Updated: 04 Aug 2023, 12:08 PM IST
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