In its Q3 FY24 financial report, Zomato reported a significant increase in profits from Rs 36 crore to Rs 138 crore, which was released to the public on Thursday. This is the target stock price for the company by 2024. ET NOW NEWS/iStock
Objective 2024 Zomato share price: Strong Q3 results drove the company’s shares up nearly 4% on Friday morning to a 52-week high. When the counter began trading on the BSE, its value increased from Rs. 144 to Rs. 146.90.
In 52 weeks, Zomato’s stock increased by almost 4% and peaked at Rs. 151. The share hit a high of Rs 150.85 at nine in the morning, and 35.68 lakh shares were traded all at once.
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Zomato published its Q3 FY24 financial figures on Thursday. The profit for the preceding quarter increased significantly, from Rs 36 crore to Rs 138 crore. In the third quarter, the food aggregator generated profits once more.
Revenue from the operations was Rs 3,288 crore. It was valued at Rs 1,948 crore a year ago. Rs 3,383 crore was spent in total. In the same quarter of the previous year, the company reported earnings of Rs 2,485 crore.
Compony Share Price Target for 2024
Several brokerages have recommended Zomato as a buy because of its outstanding performance in the October–December fiscal year quarter.
Macquarie has a target price of Rs. 76 and an underperform rating. “Steady margin improvements and strong Quick Commerce growth.” The MTU for meal delivery is a pitiful 2%.
Because the price of ONDC shares is predicated on a 25–35% 10-year sales compound annual growth rate and an industry duopoly that won’t end, proceed with caution. The market has praised Zomato’s execution since last year. Macquarie claims that the stock is now trading at our intrinsic blue-sky price.
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HSBC raised its target price from Rs 150 to Rs 163 but maintained its buy rating. Q3: We have a lot to be grateful for. The FD and QC businesses went above and beyond. FD growth in the future ought to finally plateau. QC is still profitable and growing. For the duration of the following year, HSBC anticipates a consistent return.
Despite Bernstein keeping its outperform rating and increasing the target price to Rs 180/sh, Jefferies rates Zomato as a buy with a target price of Rs 250/sh (positive).
History of the Zomato Share Price
Zomato is included in the index of the S&P BSE 100. According to BSE data, the shares have increased by 22% over the last three months and by 20% year to date. In just six months, the counter has increased by 58% and S&P BSE Consumer Discretionary by 22%.
Investor wealth has increased as a result of Zomato’s 174% share price growth over the last 12 months.
(Disclaimer: This is not investment advice; it is merely informational.). Before making any financial decisions, ET NOW DIGITAL advises speaking with financial experts.
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