Zomato’s Stock: Investors of online food delivery platform Zomato Limited were in silver today. Shares of the company soared more than 14 percent in morning trading on Friday, August 4. Just yesterday Zomato released its Q1 FY2024 results in which the company posted a consolidated PAT of Rs 2 crore for the April to June 2023-2024 quarter.
Stock at 52 week high
The stock jumped 14.11 per cent to hit a 52-week high of Rs 98.39 on the BSE . On the NSE, the company’s stock rose 13.69 per cent to its 52-week high of Rs 98.40.
In volume terms, over 70.26 lakh shares of the company were traded on BSE and over 19.30 crore shares on NSE in the morning deals.
The company had a loss in the same quarter a year ago
Yesterday, Zomato in a regulatory filing had reported that the company reported a consolidated PAT of Rs 2 crore in the first quarter of FY24, but reported a loss of Rs 186 crore in the quarter a year ago.
Zomato’s increased revenue
Consolidated revenue from operations in the first quarter of the current financial year stood at Rs 2,416 crore, as against Rs 1,414 crore in the year-ago period.
Efforts to make business less complicated
In a letter to shareholders, Zomato Managing Director and Chief Executive Officer (CEO) Deepinder Goyal said that.
The company is working hard to make its business less complicated, and putting the right people in the right places across its businesses. He had said in May that the company was confident of achieving profitability for the entire business in the next four quarters.