Zomato Shares Jump 14%, Hit 52-Week High After First-Ever Quarterly Profit

Shares of online food delivery firm Zomato Ltd zoomed over 14 per cent in morning trade on Friday, after the company reported its first-ever consolidated profit after tax of Rs 2 crore in the April-June quarter of 2023-24.

The stock jumped 14.11 per cent to reach its 52-week high of Rs 98.39 on the BSE.

At the NSE, it rallied 13.69 per cent to its 52-week peak of Rs 98.40.

In traded volume terms, 70.26 lakh shares of the company were traded at the BSE and over 19.30 crore shares at the NSE in morning deals.

The company had posted a net loss of Rs 186 crore in the same quarter last fiscal, Zomato said in a regulatory filing on Thursday.

Consolidated revenue from operations in the first quarter of the current fiscal was at Rs 2,416 crore, as against Rs 1,414 crore in the year-ago period, it added.

Total expenses were higher at Rs 2,612 crore, as compared to Rs 1,768 crore in the same quarter a year ago.

In a letter to shareholders, Zomato Managing Director & Chief Executive Officer (CEO) Deepinder Goyal said the company has been working hard to make its business less complex, and putting the right people at the right spots within its businesses.

He had said in May that the company was confident of achieving profitability for the entire business in the next four quarters.
 

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