Everyone’s heart is on Zomato share, people are investing money in full swing, brokerage is also bullish

Zomato Share Price: Zomato had announced its third quarter results yesterday i.e. on Thursday. Investors’ enthusiasm is high today due to the company’s excellent quarterly results. Zomato shares reached 52-week high today with a rise of five percent in intraday. Till the time of writing this news, this share was trading at the level of Rs 148.15 with a rise of 2.81 percent. Many brokerage houses have also increased the target price of Zomato shares after the quarterly results.

Zomato’s net profit in Q3FY24 stood at Rs 138 crore. In the same quarter last year (Q3FY23), the company had suffered a loss of ₹346.6 crore. At the same time, the company’s net profit has increased by 283 percent on quarterly basis. The company’s consolidated revenue from operations in the third quarter also increased by 69 percent on an annual basis to Rs 3,288 crore. In the same period of the last financial year, the company had earned a revenue of Rs 1,948 crore.

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brokerage bullish
After the third quarter results, brokerage houses are bullish on Zomato shares. Bernstein, Jefferies and HSBC have increased the target price of Zomato shares. Zomato has given excellent quarterly results at a time when the e-commerce sector is under pressure due to increased inflation and low demand. Zomato’s growth for the quarter was due to the positive impact of the Cricket World Cup and the festive season.

Brokerage Bernstein says that Zomato has once again raised its standards and expectations. Further medium term growth of about 50 percent is expected on an annual basis. Growth will be led by Blinkit. Over the last year, Blinkit grew by 103 percent due to category expansion.

Brokerage firm Jefferies says that in the food delivery sector, Zomato has achieved a growth of 27 percent on an annual basis. The brokerage advised these investors to invest money in Zomato shares and increased its target price to Rs 205 per share. HSBC has also increased the target price of Zomato from Rs 150 to Rs 163. HABC says returns are expected to be slower than in the last twelve months.

(Disclaimer: The stocks mentioned here are based on the advice of brokerage houses. If you want to invest money in any of these, then first consult a certified investment advisor. News18 is not responsible for any profit or loss of yours. will be.)

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