Zomato’s Q4 FY24 saw a turnaround, reporting a net profit of ₹175 crore from a ₹188 crore loss the previous year, prompting a 27% growth. Despite this, Zomato shares dipped by 6% initially. Revenue surged by 73% to ₹3,562 crore, with gross order value rising by 51% to ₹13,536 crore. The company’s EBITDA improved to ₹86 crore, and Blinkit reached operational EBITDA break-even. Analysts remain bullish, citing Blinkit’s expansion plans and Zomato’s dominance in the food business. Emkay Global maintained a ‘Buy’ rating with a target price of ₹230, while Nuvama Institutional Equities raised it to ₹245, and Elara Capital to ₹280 per share.
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