JM Financial recommends buying Zomato at Rs 280

JM Financial has issued a buy recommendation for Zomato, setting a target price of Rs 280. This is based on Zomato's market leadership and strong profitability, with a current price of Rs 206.65. In Q3 2024, Zomato reported a 12.69% increase in total income, reaching Rs 5,657 crore, and a net profit of Rs 59 crore. The company has significant promoter ownership, with foreign and domestic institutional investors holding 47.31% and 20.47%, respectively. Zomato, established in 2010, operates in the services sector and has a market cap of Rs 198,874.43 crore. It is noted for generating free cash flows while maintaining revenue growth, distinguishing it from competitors.