Shares of Zomato slipped 2.4% to an intra-day low of Rs 282.80 after the company received a GST order of more than Rs 400 crore. However, Zomato said it would file an appeal against the order before the appropriate authority.
“The company has received an order on 12 December 2024 which is dated 12 November 2024 for the period 29 October 2019 to 31 March 2022 passed by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra confirming the demand of GST of INR 401,70,14,706/- (Rupees four hundred and one crores seventy lakhs fourteen thousand seven hundred and six only),” read an exchange filing.
“We believe that we have a strong case on merits which is backed by opinions from our external legal and tax advisors,” said the release.
Meanwhile, Zomato reported a net profit of Rs 176 crore in the second quarter of FY25, compared to a net profit of Rs 36 crore in the same quarter a year ago. Its revenue from operations grew by 69% to Rs 4,799 crore in Q2 FY25, against Rs 2,848 crore a year ago.
Zomato Vs Nifty 50
The stock of Zomato has fallen 5% in the last five trading days. However, it has given a return of almost 11% in the past one month and 55% in the previous six months. The stock has delivered a return of 130% from year to date and 139% in the past one year.
To compare, the benchmark index, Nifty 50 has fallen 1.13% in the last five trading sessions. However, the index has given a return of 3.5% in the past one month and 4.2% in the last six months. The index has risen 12% from year to date and 16.5% in the previous one year.
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