ICICI Securities revised its target upwards from the previous target of Rs 120 relying on the company s potential to report sharp improvement in profitability in all three businesses of Zomato viz. food delivery, quick commerce and hypercure.
Zomato share price hit its 52-week high of ₹113.25 in intraday deals today (October 12, 2023) on the back of a positive growth outlook by two brokerage houses.
Zomato stock, which fell to a 52-week low of Rs 44.35 on January 25, 2023 rose to a high of Rs 104.20 on BSE, translating into returns of 134.94% during the period.
Zomato reported a surprise net profit of Rs 2 crore for the June quarter, compared to a loss of Rs 186 crore a year ago, and a loss of Rs 189 crore a quarter ago. This was on the back of a sharp 71% growth in revenue to Rs 2,416 crore.