Zomato’s share price witnessed a remarkable 12% surge during early trade today, following the announcement of its first-ever quarterly profit. Starting at ₹89, an increase from yesterday’s closing price of ₹86.22, the stock soared to a high of ₹98.39 during morning trading. As of the time of writing, Zomato shares were trading at ₹96.23, reflecting an impressive ₹10 gain, equivalent to 11.61%.
The Q1 earnings report for FY24 unveiled the company’s net profit of ₹2 crore, a significant turnaround from the ₹186 crore loss reported in the same period last year. Furthermore, Zomato’s revenue surged to ₹2,416 crore compared to ₹1,414 crore from the previous year.
Zomato Share Price Jumps by 12%
Zomato shares initially listed on the bourses in July 2021 at ₹115.00, surpassing their issue price of ₹76.
In July 2021, Zomato’s shares made their debut on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) following the launch of an initial public offering. The shares were listed at ₹115, exceeding the issue price of ₹76. However, the stock was unable to maintain the initial listing gains and has been trading below the listing price ever since.