"Zomato rises 4% as brokerages show higher appetite for stock post Q2 earnings"

"Zomato rises 4% as brokerages show higher appetite for stock post Q2 earnings"

• By Staff Writer

In their post-earnings stock review, CLSA, Jefferies, HSBC, Motilal Oswal and Nuvama reiterated their buy stance on the counter and raised their targets as well.

The company posted a Rs 36-crore profit after tax (PAT) against the estimates of Rs 5-crore loss by ETNow poll. The company had posted a surprise profit of Rs 2 crore in the preceding June quarter and a loss of Rs 251 crore in the year-ago period. Revenue from operations surged 71% year-on-year (YoY) to Rs 2,848 crore, which was also higher than Street expectations. The gross order value (GOV) across its B2C businesses (food delivery + quick commerce + going-out) grew 47% YoY to Rs 11,422 crore.