The food delivery service Zomato increased its profits 125-fold in the last quarter! This pushed the share price to a new all-time high.
The share of Zomato stood out in the otherwise rather gloomy market environment in Asia and climbed to a record high after the Indian food delivery platform swept away all expectations. Numerous analyst houses then raised their price targets for the company significantly and increased their investment recommendations.
In the second quarter, Zomato was able to increase its net profit to 2.5 billion rupees (about 27.6 million euros), compared to just 20 million rupees in the same quarter last year, the Gurugram-based company said. This represents an impressive increase of 12,400 percent, or 125 times the profit.
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