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.
