Delhi Delhi. Macquarie has retained its ‘underperform’ rating on Zomato and set a target price of ₹ 130 per share for it. The move reflects a 50% decline from Tuesday’s closing levels. The brokerage firm noted keeping a close eye on the profitability and long-term sustainability of these businesses. It said gross order value for the company’s food delivery and quick commerce business is set to grow at a compound annual growth rate (CAGR) of between 18% and 35% over a 10-year period. During the September (July-September) quarter, Zomato reported a net profit of ₹ 176 crore, lower than Jefferies’ estimate of ₹ 245.3 crore. In the same quarter last year, the food aggregator reported a net profit of ₹ 36 crore. However, Jefferies has predicted a revenue figure of ₹ 5,042.7 crore. A total of 24 out of 27 analysts have a ‘buy’ rating on the stock, while the remaining 3 have recommended selling. Zomato shares fell nearly 13% from its recent high of ₹ 298. However, it is up 107% on a year-to-date basis. Currently, it is trading in the red at ₹ 258.50 on the NSE, down over 1%.
Macquarie says Zomato stock will fall to Rs 130
