Geojit Financial Services research report on Zomato
Zomato Ltd is a leading food delivery aggregator in India, with a presence in 23 other countries. In Q4FY24, revenue surged 73.3% YoY to reach Rs 3,562 crore, driven by robust performance across key segments. EBITDA stood at Rs 86 crore, propelled by a rise in topline, introduction of platform fees, higher average order values and effective cost management. Zomato expects strong growth in its food delivery and quick commerce businesses. Rising customer base, higher order frequency, expanding network of delivery partners, addition of new stores, untapped opportunities and operational leverage augur well for Zomato’s prospects.
Outlook
Hence, we reiterate our BUY rating on the stock with a revised target price of Rs 220 based on 8x FY26E price/sales.
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