Zomato, the leading online food delivery platform, witnessed a surge of over 4% in its share price, reaching a new 52-week high following robust Q3 results.

The company reported a remarkable net profit of ₹138 crore, marking a 283% increase quarter-on-quarter (QoQ), and its revenue from operations grew by 69% YoY, reaching ₹3,288 crore.

Net profit: ₹138 crore in Q3FY24 compared to a loss of ₹347 crore in the same period last year.

Revenue from operations: ₹3,288 crore, reflecting a 69% YoY growth.

Zomato shares surged 4.34% to ₹150.25 apiece on the BSE, ending 2.42% higher on the day of the Q3 results announcement. Over the past year, Zomato shares have witnessed an impressive 121% increase.

The foreign brokerage firm raised its target price to ₹205 per share, citing Zomato's strong Q3 performance and smart margin gains in food delivery. It expects a ~25% CAGR in delivery revenue over FY23-26E.

Emkay Global Financial Services: Analysts praised Zomato's impressive execution and raised the target price to ₹170 per share.

They highlighted the growth in food delivery contribution margin and increased consolidated adjusted revenue expectations.

Zomato anticipates a 50%+ YoY growth in consolidated adjusted revenue in the upcoming quarters, with Blinkit playing a pivotal role.

Analysts believe Blinkit's performance and Zomato's focus on profitability will continue to drive positive momentum.

Zomato's impressive Q3 results have ignited investor interest, leading to a surge in share prices.

Analysts remain optimistic about its growth prospects, making it a stock to watch in the dynamic market landscape.

As always, potential investors should conduct thorough research before making investment decisions.