Zomato's share touches ₹100 level, new 52-week high after first net profit

Zomato's share price continued its impressive rally, surging by more than 7% on Monday. This follows the food delivery platform announcing its inaugural net profit for the June quarter of FY24. Zomato's share price soared by as much as 7.77%, reaching a new 52-week high of ₹102.85 per share on the BSE.

At the time of writing this report at 2pm, Zomato shares were trading over 4 per cent higher at ₹99.92.

Zomato witnessed heightened investor interest following its recent profit announcement.

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The food delivery platform yesterday reported a consolidated net profit of ₹2 crore for the April-June quarter of 2023 against a loss of ₹186 crore in the same quarter last year, data showed. It reported a loss of ₹189 crore in the January-March 2023 quarter.

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

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Total expenses were higher at ₹2,612 crore, as compared to ₹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.