The stock price of Zomato surged by 12% during early trading hours today, following the company\’s announcement of its first-ever quarterly profit. Commencing the trading day at ₹89, a rise from the previous day\’s closing rate of ₹86.22, the Zomato share price continued to climb, reaching a peak of ₹98.39, marking an impressive 12% increase. As of the time of composing this text, Zomato shares were trading at ₹96.23, demonstrating a rise of ₹10 or 11.61%.
Zomato, a prominent food delivery company, revealed its financial performance for the first quarter of fiscal year 2024 on Thursday. The company reported a net profit of ₹2 crore, a substantial improvement compared to the ₹186 crore loss recorded during the same period the previous year. Moreover, the firm\’s revenue experienced growth, reaching ₹2,416 crore as opposed to the previous year\’s ₹1,414 crore.
It\’s worth noting that Zomato\’s shares were initially introduced to the stock market in July 2021 at a price of ₹115.00 per share, which was higher than the issue price of ₹76.