Shares of food delivery app Zomato hit a 52-week high of Rs 119.90 on 3 November after the company reported strong July-September quarterly earnings.

The company reported a net profit of Rs 36 crore for the quarter under review from the net loss of Rs 251 crore reported in the same quarter of the previous fiscal year. Sequentially, the company had reported a net profit of Rs 2 crore during the April-June quarter.

The revenue from operations during the quarter saw a 72% year-on-year increase to Rs 2,848 crore from Rs 1,661 crore reported in the year-ago quarter. On a sequential basis, the revenue grew by 18% from the previous quarter.

The Gross Order Value (GOV) across its B2C business segment saw a 13% increase from the previous quarter to Rs 11,422 crore.

In its filing, the company said, “Food delivery GOV is recovering well from the demand slowdown we witnessed during the last two quarters of FY23,”

The company also expects the December quarter demand uptick to be limited despite some additional order volumes due to the ongoing Cricket World Cup.

The company added, “A lot of Indians observe fasts during the Navratri festival and Shradh period. We think the demand uptick would be limited to a handful of match days and hence not very significant.”

The company’s “Gold Membership” program has now scaled to 3.8 million users within 3 quarters of its launch.

At 3:30 pm, the shares of Zomato closed 9.62% higher at Rs 117.90 on NSE.