Zomato's stock witnessed a remarkable surge of over 4% in early trading, hitting a new 52-week high following the release of its impressive third-quarter results for FY24.

The online food delivery giant reported a net profit of ₹138 crore, marking a significant turnaround from the ₹347 crore loss in the same period last year.

This exceptional performance was primarily driven by robust growth in its food delivery businesses.

The company's revenue from operations for Q3FY24 stood at ₹3,288 crore, reflecting a substantial 69% increase compared to the previous year.

Zomato also experienced a 25% year-on-year growth in its food delivery gross order value (GOV), indicating sustained momentum in its core business.

Analysts from leading firms have raised their target prices and expressed bullish sentiments on Zomato's future prospects.

Jefferies, for instance, upgraded its rating to 'Buy' and revised the target price to ₹205 per share, citing strong margin gains and optimistic growth expectations.

Emkay Global Financial Services reiterated its 'Buy' rating and raised the target price to ₹170 per share, emphasizing the company's impressive execution and revenue growth projections.

Despite Zomato's stock already surging over 121% in the past year, analysts remain optimistic about its potential for further growth.

The company expects consolidated adjusted revenue to continue growing at a rapid pace, driven primarily by its subsidiary Blinkit.

Zomato's strong Q3 performance and optimistic growth outlook have garnered positive attention from analysts, making it an attractive investment opportunity for those considering the stock market.

However, as with any investment decision, it's essential for investors to conduct their own research and consider their risk tolerance before making any purchases.