Zomato can rally up to 56%, says Kotak Institutional Equities

Food delivery order growth of 38% YoY lagged GMV growth of 40%, indicating a rise in AOVs, a trend Zomato witnessed as well. In comparison, Zomato posted 1HCY22 GMV and revenues of $1.5 billion (up 56% YoY) and $328 million (up 71% YoY) for the food delivery business.