Zomato shares zoom to an all-time high near Rs 200

Analysts at Kotak project a 25 percent year-on-year growth in Zomato’s food delivery gross merchandise value (GMV) and an impressive 99 percent on year growth in Blinkit GMV.

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Shares of food delivery and quick commerce company Zomato rose 2 percent in trade to scale a record high of Rs 191.80 as it near the Rs 200-mark.

At 2.33pm, shares of Zomato were trading at Rs 190.55 on the NSE.

Expectations of strong growth in Q4, driven by robust performances of the food delivery as well as Blinkit business have been the triggers behind the spike in Zomato’s share price.

Kotak Institutional Equities also shares a similar view as the firm also anticipates a strong performance from the online food delivery company in the fourth quarter of FY24. Analysts at the firm project a 25 percent year-on-year growth in food delivery gross merchandise value (GMV) and an impressive 99 percent on-year growth in Blinkit GMV.

“We expect Zomato to report food delivery GMV of Rs 8,230 crore, marking a 25 percent on year increase but a 3 percent sequential decrease. Zomato had guided for an over 20 percent on year growth in food delivery GMV in its 3Q FY24 shareholder’s letter,” the brokerage said.

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Optimism is especially high for Zomato’s quick commerce business, Blinkit. KIE expects Blinkit to record a year-on-year growth, with a projected 99 percent increase in gross merchandise value (GMV) and a twofold on-year growth in revenue. They anticipate a 15 percent quarter-on-quarter growth in the fourth quarter of FY24, following a strong 28 percent on-year GMV growth in the third quarter.

Kotak see the newer stores of Blinkit experiencing faster ramp-up, attributing it to a more focused merchandise assortment and increased customer awareness of quick-commerce services. Conversely, they anticipate older stores to demonstrate improved store-level throughputs due to enhanced productivity.

Kotak also highlighted the decline in customer charges during FY24 due to the impact of Zomato Gold but expects a marginal increase over time, driven by higher platform fees. As a result, the firm has raised its revenue estimates for FY25-26 by 4-6 percent and earnings per share by 1-3 percent, mainly due to accelerated growth in Blinkit.

The brokerage has maintained a ‘buy’ rating on the Zomato stock with a revised price target of Rs 210, up from Rs 190 earlier. They believe that the momentum in the food delivery business remains robust, with Zomato well-positioned to gain market share in the near term amid favourable competitive dynamics.

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