Zomato share price jumped over 4% in early trade to hit a fresh 52-week high after the company reported impressive results for the quarter ended December 2023 led by robust growth in food delivery businesses. Zomato shares gained as much as 4.34% to new high of ₹150.25 apiece on the BSE.The online food delivery platform Zomato posted a net profit of ₹138 crore in the third quarter of FY24 against a loss of ₹347 crore in the same period last year. Zomato’s net profit swelled 283% on a quarter-on-quarter (QoQ) basis.Zomato’s revenue from operations in Q3FY24 came in at ₹3,288 crore, registering a growth of 69%, compared to ₹1,948 crore, YoY.The food delivery gross order value (GOV) - the total value of all orders placed - grew 25% year-on-year (YoY) and the company expects GOV to continue growing at 20%-plus YoY, and perhaps accelerate further if it sees more than expected market share gains and revival in macro consumer demand. Zomato shares ended 2.42% higher after the announcement of Q3 results.Foreign brokerage firm Jefferies said that Zomato’s Q3FY24 was another strong quarter with exceptional performance in Q/C and smart margin gains in food delivery. It believes growth here could have been better, but the result is understandable in the context of weakness across consumption categories. It raised adjusted Ebitda estimates by 4-10%. In its base case, Jefferies expects a ~25% CAGR in delivery revenue over FY23-26E. It expects unit economics to steadily improve with scale as Zomato unlocks cost efficiencies and as customer willingness to pay for convenience increases.It has a ‘Buy’ rating on the stock and raised the target price to ₹205 per share from ₹190 earlier. Analysts at Emkay Global Financial Services said that Zomato posted another quarter of impressive execution, with growth across segments.“Food delivery GOV grew 6.3% QoQ, but fell short of ours/ company’s own expectations given the muted demand environment. Food delivery contribution margin improved further to 7.1%, aided by ad-monetization and platform fee. Blinkit continued its stellar run with GOV growing 28% QoQ, coupled with further reduction in losses," Emkay Global said.Zomato now expects consolidated adjusted revenue to grow at 50%+ YoY in the next few quarters, with Blinkit doing the heavy lifting.  Emkay Global increased its FY25-26E EPS estimates by 1-2% factoring-in Q3 performance, and revenue mix change. With better clarity emerging on product-market fit and roadmap to profitability for Blinkit, it now values it at 1x FY26 GOV, compared to book value earlier. The brokerage retained its ‘Buy’ rating on Zomato and raised the target price to ₹170 per share from ₹140 earlier on SOTP basis, valuing the food delivery business at ₹119 per share on DCF basis, Blinkit at ₹36 per share at 1x FY26E GOV; and cash and other investments at ₹15 per share at book value. Zomato shares have risen more than 121% in the past one year. At 9:20 am, Zomato shares were trading 3.75% higher at ₹149.40 apiece on the BSE.