Team Blitz India
NEW DELHI: Shares of food delivery platform Zomato rallied 18% and crossed the Rs 100 mark in Bombay Stock Exchange (BSE) on August 7. The stock has hit a new 52-week high at Rs 102.8.
Zomato’s shares saw a jump after the firm turned profitable in Q1 FY24. Zomato reported a consolidated net profit of Rs 2 crore for the quarter ended June 2023 as against a loss of Rs 186 crore in the corresponding quarter of the last financial year. The company also reported a loss of Rs 189 crore in the quarter ended March.
Meanwhile, the revenue from operations for the reporting quarter stood at Rs 2,416 crore, which was up nearly 71% YoY against Rs 1,414 crore reported by the company in the year-ago period.