Business

Zomato Shares Share 18.5% After Q4 Assets -by Ecork

Zomato was listed in July last year to his current valuation of Rs 76.

New Delhi:

Zomato shares rose more than 18.5 percent on Tuesday after the company posted a 75.01 percent increase in revenue from operations for the March quarter, as new customers pushed higher orders.

The online food delivery platform jumped as much as 18.60 per cent to hit an intraday high of Rs 67.60 on the BSE index, from the previous close of Rs 57. At 2:06 pm, the stock was trading 12.19 per cent high at Rs 63.95.

On the NSE, Zomato is up 10.69 per cent at Rs 63.15.

The stock was indexed in July last year against its target price of Rs 76.

In addition, the company’s market capitalization has exceeded Rs 50,000 crore mark.

Zomato’s net profit during the fourth quarter (Q4) of 2021-22 stood at Rs 1,211.8 crore, up from Rs 692.4 crore during the previous year.

“The new customer base is healthy and similar to Q3 numbers despite declining sales spending,” said Akshant Goyal, Chief Marketing Officer, Zomato.

The company, however, reported a gross loss of Rs 359.7 crore in the fourth quarter on high expenditures. Zomato posted a net loss of Rs 134.2 crore over the same period of the previous fiscal year.

Zomato founder and CEO Deepinder Goyal said, “We think our growth path is back on track, and we have never seen ‘post-Covid ramifications’ affecting our growth rate anymore.”

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