Zomato share price: With an almost 170% gain in the last 1 year, is Zomato stock still a buy after Q1 result? | Stock Market News

Zomato share price surged nearly 10 per cent in morning trade on Friday, August 2, to hit a fresh all-time high of 256.80, a day after the company reported its April-June quarter (Q1FY25) results. The stock opened 5 per cent higher at 244 apiece on the BSE.

As Mint reported earlier, Zomato’s consolidated net profit for Q1FY25 soared to 253 crore from 2 crore in the same quarter a year ago, driven by higher gross order value across its food delivery, quick commerce and going-out verticals.

Consolidated revenue for the quarter under review came at 4,442 crore compared to 2,597 crore a year earlier.

The stock closed 2 per cent higher at 234.10 on Thursday.

Zomato share price surged by an impressive 170 per cent over the past year until the August 1 close.

Brokerages bullish after strong Q1 show

Several brokerages expressed positive views on the stock and raised their target prices after the company reported a better-than-expected Q1 scorecard.

Brokerage firm Nuvama Wealth maintained a buy call on the stock and raised the target price to 285 from 245 earlier. Nuvama pointed out that Zomato continues to deliver on its promise of strong growth and improved profitability.

“The company once again delivered better-than-expected performance on all counts. Management guided for 20 per cent-plus growth in the short term in Food delivery and set a target to increase Blinkit’s dark store count from 639 in Q1FY25 to 2,000 by end-CY26,” Nuvama pointed out.

Source link

indiansolution2019

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Esprit Stones share price makes a lukewarm debut, stock opens with a mere 7% premium at ₹93.15 apiece on NSE SME | Stock Market News

Fri Aug 2 , 2024
Esprit Stones share price made a positive debut on NSE SME today. Esprit Stones share price today opened at ₹93.15, which is 7.1% higher than the issue price of ₹87. The initial public offering (IPO) of Esprit Stones had a subscription period that ran from Friday, July 26, until Tuesday, […]
Search

You May Like