The shares of the online food delivery company fell around 1 percent after one of its investors Soft Bank is likely to offload shares in the company worth Rs. 1,125 crores. The shares have delivered a multibagger return of 100 percent to its shareholders on a YTD basis.
With a market capitalisation of Rs. 1,05,553 crores, the shares of Zomato Ltd started Friday’s trading session on a flatter note at Rs. 123 compared to its previous close at Rs. 121.70. The shares hit a low of Rs. 120.55, making a loss of around 1 percent and currently trading at Rs. 121 apiece.
According to reports, the Japanese SoftBank Group is likely to sell a 1.1 percent stake in Zomato Ltd which amounts to Rs. 1,125 crores through a block deal. The deal is set to take place at Rs. 120.5 per unit, representing a slight discount compared to the current market levels. According to the latest shareholding pattern reported by the company as of September-end, Softbank held 2.17 percent in the food delivery services provider.
This is the third time that SoftBank will offload its stake in Zomato. Earlier, in October through its affiliate SVF Growth Singapore Pte, SoftBank had sold a 1.09 percent equity stake in Zomato Ltd in a bulk deal worth Rs 1,040.5 crores. That came after a 1.17 percent stake sale in the company in August.
Coming onto the financial statements published by the company, the revenue increased by around 18 percent from Rs. 2,416 crores in the June quarter to Rs. 2,848 crores during the September quarter. In addition, the net profits showed positive growth during the quarter. During the same timeframe, the net profit increased from Rs. 2 crores to Rs. 36.18 crores.
As of FY23, 647 million orders were delivered by the company representing a growth of 21 percent YoY. Furthermore, Gross Order Value( GOV) reached Rs. 263.1 billion during the same timeframe, which was driven by a 21 percent YoY growth in order volumes and a 2 percent YoY growth in average order value (AOV).
Headquartered in New Delhi, Zomato Ltd was incorporated in 2010. The company is one of the leading online Food Service platforms in terms of the value of food sold. Its offerings include food delivery, dining-out services, Loyalty programs, and others.
Written By Vaibhav Patil
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