Zomato Stock Check: Up over 200% in last 1 year, positive for 11 straight months; should you buy?
Zomato, along with many new-age stocks, garnered significant investor interest during its stock market debut in 2021. However, the initial excitement has dwindled, with many of these stocks currently trading below their IPO prices. Nonetheless, Zomato turned PAT positive in Q1FY24, ahead of schedule and the first one to do so.
Also, as the firm continued its growth in profitability in the December quarter (Q3FY24), the stock regained attention. But the question remains: Is it still a good ‘buy’? Let's see what technical and fundamental experts have to say. Zomato share price has surged over 200 percent in the last one year and over 30 percent in 2024 YTD.
In comparison, the benchmark Nifty has advanced 28 percent in the last 1 year and over 2 percent in 2024 YTD. The stock has added 14 percent in February so far, extending gains for the 11th straight month since April 2023. Between April 2023 and February 2024, the stock has rallied over 216 percent.
It was down 4.6 percent in March 2023. Currently trading at ₹161.25, the stock hit its 52-week high of ₹168.50 on February 26, 2024. It has now soared 229 percent from its 52-week low of ₹49, hit on March 28, 2023.
Meanwhile, it has skyrocketed 113 percent from its IPO price of ₹76. In the December quarter (Q3FY24), Zomato reported a consolidated net profit of ₹138 crore, compared to a net loss of ₹347 crore in the year-ago period. Sequentially, its net profit swelled 283 percent.
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