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Buy Zomato target of Rs 183: Geojit

Geojit is bullish on Zomato has recommended buy rating on the stock with a target price of Rs 183 in its research report dated November 17, 2021.

November 18, 2021 / 02:18 PM IST
 
 
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Geojit's research report on Zomato


Zomato Limited is a leading food delivery aggregator in India and has presence in 23 other countries abroad. The company had revenues of nearly Rs. 1,994cr as of FY21. Driven by rapid increase in the number online gross order values of Indian food delivery, revenue jumped 140.4% YoY in Q2FY22. However, EBITDA loss widened to Rs. 536cr (vs. Rs. 122cr loss in Q2FY21) on higher opex. Adj. PAT also fell to Rs. 435cr loss (vs. Rs. 138cr loss in Q2FY21). The mainstay food ordering and delivery business is expected to drive shareholder value creation going forward. The management believes that the food delivery market in India is still nascent, and there is an opportunity to grow the market at least 10x over the next few years.



Outlook


Maintaining a positive outlook, we reiterate our BUY rating on the stock with a target price of Rs. 183 based on 23x FY23E P/Sales.


For all recommendations report, click here

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first published: Nov 18, 2021 02:18 pm

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