Zomato Shares Surge 10% to New Peak Following Stellar Q1 Results

Zomato Shares hit a record high after reporting a 12,550% YoY increase in Q1 net profit and robust growth across all segments. Plans a new app, District, to become its third-largest B2C business.

Vinayak Hagargi
August 2, 2024
12:33 pm
1 min read

Zomato Shares soared to a record high, climbing 10% to ₹261 on robust Q1 results, as investors responded positively. The company’s strong performance across all segments drove the surge, contrasting with the Nifty 50’s 14% rise over the same period.

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Q1 Results revealed Zomato’s net profit skyrocketed to ₹253 crore, a 12,550% increase YoY. Operational revenue also jumped 75% to ₹4,206 crore, highlighting significant year-over-year growth and solidifying its market position.

During this quarter, Zomato achieved an EBITDA of ₹177 crore, turning around from a ₹48 crore EBITDA loss the previous year. This resulted in a 4.21% profit margin, underscoring improved operational efficiency and financial health.

Zomato’s B2C business, particularly food delivery, saw a gross order value (GOV) growth of 53% YoY, reaching ₹15,455 crore. Meanwhile, Blinkit’s GOV soared 130% YoY to ₹4,920 crore, demonstrating robust growth in fast commerce.

Amidst this financial success, Zomato announced plans for a one-stop app called District, aiming to make it their third-largest B2C venture. By 10:31 am, Zomato Shares traded at ₹256 on the NSE, reflecting a 105% increase year-to-date.

Vinayak Hagargi

Vinayak is a passionate financial markets enthusiast with 4+ years of experience. He has curated over 100 articles simplifying complex financial concepts. He has a unique ability to break down financial jargon into digestible chunks. Vinayak aims to empower newbies with relatable, easy-to-understand content. His ultimate goal is to provide content that resonates with their needs and aspirations.

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