Ant Group arm Antfin likely to offload up to 2% stake in Zomato through block deal: Report
₹2,800 crore through a block deal, reported CNBC-Awaaz on Tuesday. The floor price for the block deal has been fixed at ₹159.4 per share, which represents a 4 per cent discount on the current market price of Zomato stock, according to the report. Shares of Zomato closed 1.8 per cent lower at ₹166.8 on the BSE on Tuesday.
On Friday, Zomato shares hit a record high -- rose nearly 5 per cent to ₹173.5 -- as improving profitability paves the way for future growth. The Indian food delivery platform is the most valuable internet stock in Asia's third-largest economy, with a market capitalisation of more than ₹1.51 trillion. Zomato reported a consolidated net profit of ₹138 crore in the third quarter ended December 31, 2023, on the back of accelerated growth of quick commerce and steady performance of its core business.
The company had posted a consolidated net loss of ₹347 crore in the same quarter last fiscal. Consolidated revenue from operations stood at ₹3,288 crore. It was at ₹1,948 crore in the year-ago period.
Total expenses were higher at ₹3,383 crore. The same was at ₹2,485 crore in the corresponding period a year ago. In the third quarter, the food delivery gross order value (GOV) growth reached up to 25 per cent year-on-year (YoY), Zomato managing director & CEO Deepinder Goyal had said in a letter to shareholders.
“At this point, we expect GOV to continue growing at 20 per cent-plus YoY, and perhaps accelerate further if we see more than expected market share gains and revival in macro consumer demand," he noted. In the third quarter of FY24, Zomato said its food delivery business had an adjusted revenue of ₹2,025 crore. It was at ₹1,565 crore in the year-ago period.Milestone Alert!
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