Zomato Shares Zoom Over 18.5% After Q4 Earnings

Shares of Zomato surged more than 18.5 per cent on Tuesday after the company posted a 75.01 per cent increase in revenue from operations for the March quarter, as new customers pushed order volumes higher.

Zomato Shares Zoom Over 18.5% After Q4 Earnings

Zomato was listed in July last year against its issue price of Rs 76.

New Delhi:

Shares of Zomato surged more than 18.5 per cent on Tuesday after the company posted a 75.01 per cent increase in revenue from operations for the March quarter, as new customers pushed order volumes higher.

The online food delivery platform jumped as much as 18.60 per cent to hit an intraday high of Rs 67.60 on the BSE index, from its previous close of Rs 57. As of 2:06 pm, the stock was trading 12.19 per cent higher at Rs 63.95.

On NSE, Zomato was up 10.69 per cent at Rs 63.15.

The stock was listed in July last year against its issue price of Rs 76.

Also, the market capitalization of the company crossed the Rs 50,000 crore mark.

Zomato's consolidated revenue during the fourth quarter (Q4) of 2021-22 stood at Rs 1,211.8 crore, as against Rs 692.4 crore in the year-ago period.

"New customer addition remains healthy and similar to Q3 numbers despite reduced marketing spends," said Akshant Goyal, Chief Financial Officer, Zomato.

The company, however, reported a wider loss of Rs 359.7 crore in the fourth quarter on higher expenses. Zomato had posted a net loss of Rs 134.2 crore in the same period of the previous fiscal.

Zomato Founder and CEO Deepinder Goyal said, "We think our growth trajectory is back on track, and we don't foresee 'post-Covid ramifications' affecting our growth rate anymore."

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