Zomato's share price rose by 12% after the company posted its first-ever quarterly profit.

The net profit for the first quarter of FY24 was ₹2 crore, a significant improvement from a loss of ₹186 crore in the same period last year.

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The share price opened at ₹89 and surged to ₹98.39 in the morning trade, before settling at ₹96.23.

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Zomato's revenue for the quarter was ₹2,416 crore, compared to ₹1,414 crore in the previous year.

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The company's shares were listed on NSE and BSE in July 2021 at ₹115, against the issue price of ₹76.

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Zomato is part of a new-age internet company wave, alongside competitors like

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Experts project Zomato's adjusted revenue to grow by over 40% in the coming years, while remaining profitable.

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Analysts from Emkay have increased revenue estimates for FY24-26E by 13-22%, with an optimistic margin trajectory.

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Investors should carefully monitor Zomato's future developments and market conditions to make informed decisions.

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