Zomato share price rose over 6 percent today after the online food delivery platform said it delivered its billionth order last week. In a blog post on August 10, co-founder and chief executive officer Deepinder Goyal informed about the firm’s latest milestone.
Zomato stock rose 6.12% to Rs 132.60 against previous close of Rs 124.95 on BSE. It hit an intra day low of Rs 122. Market cap of the firm rose to Rs 1.02 lakh crore on BSE.
Total 32.18 lakh shares changed hands amounting to turnover of Rs 41.85 crore on BSE. The rise in stock today is not in line with the firm’s Q1 earnings.
Zomato’s net loss widened to Rs 356 crore during the quarter ended June 30, 2021 against Rs 99.8 crore in Q1 FY21.
Total income rose to Rs 916 crore in the June quarter against revenue of Rs 283.5 crore reported in the year-ago period.
Zomato’s expenses jumped to Rs 1,259.7 crore during Q1 FY22, primarily due to higher employee benefits offered, amounting to Rs 390.7 crore. It also bought stock-in-trade at Rs 74.7 crore.
“It took us six years to get to this milestone and we hope it takes us much less time to deliver the next billion. The fact that 10 percent plus of these billion orders were delivered only in the last three months makes us confident about getting to the next billion much sooner,” Goyal said in a blog.
Foreign broking house Jefferies has kept a buy call on the stock with a target of Rs 175 per share.
The share, which made its market debut on July 23, touched a record high of Rs 147.80 on July 27, 2021.
Zomato share listed at a premium of over 52% to IPO issue price. Share of Zomato opened at Rs 116, 52.63% higher on NSE against issue price of Rs 76. Market cap of the firm crossed Rs 1 lakh crore mark on the listing day.
Shares in the IPO were offered in a price band of Rs 72-76. The firm raised Rs 9,375 crore from the IPO. The issue was open from July 14 to July 16.
On the final day, the initial public offer (IPO) was subscribed 38.25 times.
The issue received bids for 2,751.25 equity shares against IPO size of 71.92 crore equity shares on offer. A day ahead of IPO, Zomato raised Rs 4,196.51 crore from 186 anchor investors.
For fiscal year ended March 31, 2020, standalone losses widened 160% to Rs 2,451 crore.┬а However, revenue grew 98% to Rs 2,486 crore in the same period.
Total expenses rose 36% to Rs 4,628 crore for March 2021 fiscal from Rs 3,383 crore in the year-ago period.
