Shares of food tech company Zomato soared over 3% during intraday trading on Monday (May 13) to reach a new 52-week high at INR 207.30 on the BSE. However, Zomato shares lost some momentum later in the day. As of 14:09 PM on Monday, the shares were trading at INR 199.55. Zomato announced a consolidated profit after tax (PAT) of INR 138 crore in the December quarter.
Zomato’s shares soared over 3% during intraday trading on Monday (May 13) to a new 52-week high of INR 207.30 on the BSE, ahead of its Q4 earnings for fiscal year 2023-24.
However, Zomato’s shares lost some of their momentum later in the day. The shares were trading at INR 199.55 at 14:09 PM on Monday.
Meanwhile, the company’s board of directors will meet today to analyze and approve the fourth-quarter and fiscal-year results, which end in March 2024.
Zomato declared a consolidated profit after tax (PAT) of INR 138 crore in the December quarter (Q3) of fiscal year 2023-24. The company’s operating revenue increased to INR 3,288 crore in Q3 FY24 from INR 2,848 crore in Q2 FY24.
On Saturday, Zomato reported that the auditors for its subsidiaries, Zomato Hyperpure and Blink Commerce, had resigned, allowing the food tech platform to engage Deloitte Haskins & Sells as its new auditor to streamline the auditing process.
According to the Inc42, “The reason for resignation is to allow for the appointment of the current statutory auditor of the company, M/s Deloitte Haskins & Sells LLP, as the statutory auditor of Zomato Hyperpure Private Limited (ZHPL) and Blink Commerce Private Limited (BCPL) as well, in order to make the audit process more efficient,” Zomato stated.
After soaring more than 100% last year, Zomato shares are up 66% year to date in 2024.
The food technology major is also introducing a new set of tests. It has also begun testing a new function in portions of Bengaluru and Mumbai that promises priority deliveries to subscribers for an additional fee.
Zomato also debuted an all-electric ‘big order fleet’ capable of delivering huge orders to up to 50 people at once. Deepinder Goyal, the company’s founder and CEO, stated that the new cars would eliminate the majority of the challenges that Zomato consumers encounter when placing large orders.
