Zomato Share Price Target 2024: Analysts Bullish On Stock - Know Past Returns And Other Details

zomato share price target 2024: analysts bullish on stock – know past returns and other details

Food delivery giant Zomato has reported impressive third-quarter earnings, surpassing estimates with robust growth in its food delivery and hyperpure businesses. The company’s net profit soared nearly fourfold (283% quarter-on-quarter) to Rs 138 crore, marking a significant turnaround from the Rs 347 crore loss reported in the same period last year.

The revenue from operations in Q3 witnessed a substantial 69% year-on-year increase, reaching Rs 3,288 crore. Zomato’s food delivery business, measured by gross order value (GOV), exhibited a strong 27% year-on-year growth in the reporting quarter. The company anticipates this segment’s GOV to sustain a growth rate of over 20% year-on-year, with the potential for further acceleration driven by market share gains and a resurgence in macro consumer demand.

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Specifically, food delivery revenues rose by 29% year-on-year to Rs 2,025 crore, while quick commerce revenues saw an impressive 114% year-on-year surge, reaching Rs 644 crore.

Financial analysts have responded positively to Zomato’s performance, with notable recommendations:

HSBC on Zomato: The financial institution maintains a “Buy” rating on the company and has raised the target price to Rs 163/share, expressing a positive outlook.

Jefferies on Zomato: Another financial analyst firm also advocates a “Buy” rating on the company, increasing the target price to Rs 250/share, emphasizing a positive sentiment.

Bernstein on Zomato: This research firm sustains an “Outperform” rating on the company and has raised the target price to Rs 180/share, reinforcing a positive stance.

On Friday, the shares of Zomato closed at Rs 149.10, 3.47 per cent up from the previous day’s closing. The 52 week high and low of the share is Rs 151.40 and Rs 49 respectively.

According to the BSE Analytics, the shares of Zomato have given 11 per cent returns in 1 month, 58.80 per cent in the last 6 months and 174.72 per cent in the last 1 year.

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