Zomato rallies 5%, hits 2-year high on healthy December quarter results

Shares of Zomato hit a two-year high of Rs 151.45 as they rallied 5 per cent on the BSE in Friday’s intraday trade, after the food aggregator platform company reported its third consecutive quarter of consolidated net profit at Rs 138 crore in the December quarter (Q3FY24), up from Rs 36 crore a quarter ago. The company had reported a loss of Rs 347 crore during the corresponding period last year.

In the past two months, the stock has surged 28 per cent. With today’s rally, it is trading at its highest level since January 2022. It had hit a record high of Rs 169 on November 16, 2021. At 09:40 am, Zomato was trading 3 per cent higher at Rs 148.55 as compared to 0.13 per cent rise in the S&P BSE Sensex.