Zomato Share Price Today: Rises to 52-week high, experts raise target after Q3 results; Should you buy?

Zomato Share Price Today

Zomato has reported a net profit of ₹138 crore in Q3FY24, which is similar to a loss of ₹347 crore at the same time last year. Zomato’s net profit increased by 283% on quarterly (QoQ) basis.

Zomato Share Price Today
Zomato Share Price Today

Zomato’s share price rose over 4% in early trade on Friday after it touched a new 52-week high in late December 2023 on the back of a strong uptick in the supply cycle. Zomato shares rose as much as 4.34% to around ₹150.25 per share on BSE.

Online food delivery platform Zomato has reported a net profit of ₹138 crore in Q3FY24, similar to a loss of ₹347 crore at the same time last year. Zomato’s net profit increased by 283% on quarterly (QoQ) basis.

Zomato’s revenue in Q3FY24 was ₹3,288 crore, registering a growth of 69% compared to year-end (YoY) ₹1,948 crore.

Zomato Share Price Today live
Zomato Share Price Today live

Food delivery’s gross value of all orders (GOV) – the total value of all orders – grew 25% year-on-year (YoY) and the company expects GOV to continue growing at more than 20% YoY, and if it gains more and more market share And may grow faster if there is a revival in macro consumer demand.

Zomato shares closed 2.42% higher on Thursday after the announcement of Q3 results.

Foreign brokerage firm Jefferies said Zomato’s Q3FY24 was another strong quarter with exceptional performance in Q/C and smart margin gains in food delivery. Growth here could have been better, but the results can be understood in the context of weakness in consumer categories.

It raised adjusted EBITDA estimates by 4-10%. In its base case, Jefferies estimates FY23-26

CAGR of ~25% is expected in distribution revenue during E. It expects unit economics to steadily improve as Zomato unlocks cost efficiencies and as customer willingness to pay for convenience increases.

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He has a ‘buy’ rating on this stock and had earlier printed a target of ₹190 to ₹205 per share.

Experts at Emkay Global Financial Services said Zomato has posted another quarter of unparalleled execution across all segments of the segment.

Zomato Share Price TodayZomato Share Price Today“Food delivery GOV grew 6.3% QoQ, but fell short of our/the company’s expectations in terms of reduction on confirmed demand. Food delivery contribution margin expanded to 7.1%, helped by ad-exchange and platform fees .Blinkit continued its stellar run with 28% QoQ growth in GOV even as losses and additions declined,” Imke Global reported.

Zomato is now expecting over 50% YoY growth of printed bonded revenues, with Blinkit contributing heavily.

Emke Global raised its FY25-26E EPS estimates by 1-2% taking into account Q3 performance and revenue mix changes. The road map for the excellent product-market relationship and profit path being generated for Blinkit is getting better, hence it now has a valuation of 1x on FY26 GOV, compared to earlier book value.

The brokerage maintained its ‘buy’ rating and raised the target price on SOTP basis to ₹170 per share from earlier ₹140, with a valuation of ₹119 per share on DCF basis to food delivery business, 1x valuation on FY26E GOV to Blinkit. ₹36 per share; And cash and other investments are valued at ₹15 per share at book value.

Zomato shares have risen more than 121% in the last one year.

At 9:20am, Zomato shares were 3.75% higher at ₹149.40 per share.

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