Zomato's Share Price Soars by 12% Following Strong Q1 Results, Achieves First-Ever Quarterly Profit

 

Zomato, the renowned food delivery company, experienced a significant boost in its share price, surging by 12% after it declared its Q1 results, marking a milestone with its first-ever quarterly profit. During the first quarter of FY24, Zomato reported a remarkable net profit of ₹2 crore, a striking

turnaround from the ₹186 crore loss it incurred in the same period the previous year. Furthermore, the company's operating revenue during the March quarter witnessed an impressive 70% rise, reaching ₹2,056 crore compared to the ₹1,414 crore reported in the previous year.

Investors positively responded to the news, driving the Zomato share price up in early trade. The stock opened at ₹89, which was higher than the previous day's closing price of ₹86.22. The bullish trend continued, pushing the share price to reach a peak of ₹98.39, a significant surge of 12% during the morning trade. At the time of writing, Zomato shares were still performing well at ₹96.23, recording a remarkable increase of ₹10 or 11.61% from the previous day's closing price.

Zomato's robust financial performance has been reflected in the market since it initially listed its shares on the bourses in July 2021 at ₹115.00, significantly higher than the issue price of ₹76.

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