External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>In Q2FY25, Zomato sustained &gt;20% YoY GOV growth in food delivery. Gross take rate declined 20bps QoQ</li><li>We believe this was due to higher proportion of ‘zero delivery fee’ orders.</li><li>However, net take rate remained flattish at 21.5% (I-sec est), as Zomato continued to expand its restaurant base (up 5.8% QoQ).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY25, Zomato sustained &gt;20% YoY GOV growth in food delivery. Gross take rate declined 20bps QoQWe believe this was due to higher proportion of ‘zero delivery fee’ orders.However, net take rate remained flattish at 21.5% (I-sec est), as Zomato continued to expand its restaurant base (up 5.8% QoQ).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zomato - Q2FY25 Results Broadly in Line; Board Approves Fund Raise

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Swiggy currently lags Zomato on key metrics, but its innovation DNA and possible improvement in execution could unlock massive value We analyze key metrics from Swiggy’s recently filed DRHP and compare them with those of Zomato.</li><li>A cursory glance through the numbers indicates that Zomato now has market leadership in food delivery and quick commerce, the two key battleground areas for the players.</li><li>While Zomato is undeniably Primus inter pares, the war for the wallet share of the urban affluent consumer has just begun, and it is too early to call the game.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy currently lags Zomato on key metrics, but its innovation DNA and possible improvement in execution could unlock massive value We analyze key metrics from Swiggy’s recently filed DRHP and compare them with those of Zomato.A cursory glance through the numbers indicates that Zomato now has market leadership in food delivery and quick commerce, the two key battleground areas for the players.While Zomato is undeniably Primus inter pares, the war for the wallet share of the urban affluent consumer has just begun, and it is too early to call the game.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zomato - Swiggy Vs. Zomato: Sizing up the Giants

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q1FY25, Zomato Ltd. (Zomato) reported revenue of Rs 4,520 Cr, up 17% on a QoQ basis (in rupee terms), exceeding expectations.</li><li>On a YoY basis, revenue growth was 62%. The company reported operating profits of Rs 299 Cr and operating margins of 6.6%, up 160 bps QoQ, due to superior execution and lower overhead costs.</li><li>Net profit grew strongly by 40% QoQ, reaching Rs 253 Cr.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY25, Zomato Ltd. (Zomato) reported revenue of Rs 4,520 Cr, up 17% on a QoQ basis (in rupee terms), exceeding expectations.On a YoY basis, revenue growth was 62%. The company reported operating profits of Rs 299 Cr and operating margins of 6.6%, up 160 bps QoQ, due to superior execution and lower overhead costs.Net profit grew strongly by 40% QoQ, reaching Rs 253 Cr.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zomato Ltd - Superior Execution; Robust Demand

<ul><li>We initiate coverage on Zomato with a BUY recommendation and a Target Price (TP) of Rs 280/share, implying an upside of 23% from the current levels.</li><li>We are confident that Zomato's expansion in the Quick Commerce sector is supported by a consistent enhancement in profitability and a notable reduction in losses within the hyperpure and quick commerce domains.</li><li>The urban population in India currently accounts for ~34-35% of the total population</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate coverage on Zomato with a BUY recommendation and a Target Price (TP) of Rs 280/share, implying an upside of 23% from the current levels.We are confident that Zomato's expansion in the Quick Commerce sector is supported by a consistent enhancement in profitability and a notable reduction in losses within the hyperpure and quick commerce domains.The urban population in India currently accounts for ~34-35% of the total populationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zomato Ltd - Food-Delivery & Quick Commerce to Ensure a Robust & Sustainable Growth

Thematic (Sector/Industry)

<ul><li>The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.</li><li>Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.</li><li>Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

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Zomato (ZOMATO IN)

Zomato - Q2FY25 Results Broadly in Line; Board Approves Fund Raise

In Q2FY25, Zomato sustained >20% YoY GOV growth in food delivery. Gross take rate declined 20bps QoQ. We believe this was due to higher proportion...

ICICI Securities Limited

Zomato - Swiggy Vs. Zomato: Sizing up the Giants

While Zomato is undeniably Primus inter pares, the war for the wallet share of the urban affluent consumer has just begun, and it is too early to...

Motilal Oswal

Zomato Ltd - Superior Execution; Robust Demand

In Q1FY25, Zomato Ltd. (Zomato) reported revenue of Rs 4,520 Cr, up 17% on a QoQ basis (in rupee terms), exceeding expectations.

Axis Direct

Zomato Ltd - Food-Delivery & Quick Commerce to Ensure a Robust & Sustainable Growth

We initiate coverage on Zomato with a BUY recommendation and a Target Price (TP) of Rs 280/share, implying an upside of 23% from the current levels.

Axis Direct

Q2FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver a Revenue/EBITDA/PAT growth of 4.5%/6%/4.1% respectively for the quarter.

Axis Direct

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