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Shares of food delivery platform, Zomato, surged 4.3 per cent to Rs 119 apiece on the BSE on Wednesday after nearly 300 million shares changed hands on the counter in multiple block deals.
At 10:15 AM, the shares were quoting 3.9 per cent higher at Rs 118.25.
At 9:15 AM, around 297 million shares, representing 3.4 per cent stake in the company, changed hands at a price of Rs 112 apiece. Till the time of writing of this report, nearly 357 million shares had, cumulatively, changed hands on the counter on the NSE and BSE.
According to a Reuters report, Alipay Singapore Holding has sold its entire 3.44 per cent stake in the company for $400 million (Rs 3,326 crore). READ MORE
The agency had reported on Tuesday that the Chinese firm could exit the food delivery platform at a floor price at Rs 111.28 per share. Post this transaction, there will be a 90-day lock-in period for the selling shareholder.
Alipay’s sister concern Antfin Singapore Holding, meanwhile, held another 6.39 per cent stake in Zomato at the end of the September 2023 quarter.
In the July to September quarter, the consolidated net profit of Zomato stood at Rs 36 crore as against a consolidated net loss of Rs 251 crore in Q2FY23.
The company had reported profit of Rs 2 crore in the previous quarter (Q1FY24).
Operationally, the revenue grew 71.46 per cent to Rs 2,848 crore during the quarter under review against Rs 1,661 crore last year. In the previous quarter, it had reported revenue from operations of Rs 2,416 crore. This is a rise of 17.88 per cent.
Blinkit, Zomato's quick commerce arm, once a cash-draining venture, found its stride in the quarter udner study. Its B2B venture, Hyperpure, and its going-out business are also on a healthy growth trajectory.
In Q2FY24, Blinkit turned contribution positive for the first time ever. Its revenue increased to Rs 505 crore from Rs 384 crore in the previous quarter, while its gross order value (GOV) for the quarter was reported at Rs 2,760 crore, compared to Rs 2,140 crore a quarter ago. "On a Y-o-Y basis, GOV growth was 86 per cent, as expected and in-line with the past. GOV growth was largely driven by same-store sales growth," said Albinder Dhindsa, CEO, Blinkit.
