Zomato shares hit a 52-week high when the company reported its first-ever net profit in July 2021
Zomato shares were initially listed on stock exchanges in July 2021 for 115.00, up from a 76.00 issue price.
In today's trading session, Zomato stock reached a 52-week high and increased by 4.19% to Rs 99.40. Prior to today, Zomato's shares closed at Rs 95.4 on Friday.
Zomato recorded an after-tax profit (PAT) of Rs 2 crore for the quarter that ended in June, as opposed to a net loss of Rs 186 crore and an even worse loss of Rs 188 crore for the quarter that ended in March.
The company's adjusted revenues for the first quarter of the fiscal year 2023–24 rose sharply by 54% YoY to Rs 2,786 crore from Rs 1,810 crore in the comparable quarter the year before. From the same quarter last year to the current quarter, its operating revenue increased significantly by an astounding 71% YoY to Rs 2,416 crore from Rs 1,414 crore. In July 2021, Zomato shares were put up for sale on the stock exchanges for 115 versus a 76.00 issue price.
For at least the next five years, the restaurant aggregator projects that its firm will remain profitable and experience growth in Adjusted Revenue of 40% YoY.
Additionally, "Blinkit," Zomato's rapid commerce business, attained Contribution in the month of June 2023. In addition, Zomato's rapid commerce branch, "Blinkit," attained Contribution positive status for the first time ever in the month of June 2023. The business should offer an Adjusted EBITDA breakeven in the fast commerce sector over the next four quarters, according to the advice given to the company.
With the help of the previous week's gain, the stock has successfully moved out of its two-year "multiple resistance" zone of Rs 85. Massive volumes are present alongside this breakout, which suggests increased involvement.
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