• Maintain Buy; hike target price to Rs 240 from Rs 170
• Quick commerce implied value now larger than food delivery's
• Growth profile for Blinkit at 53% (gross order value) FY24-27E CAGR
• See 32% FY24E-27E adjusted revenue CAGR for Zomato, the highest within our global Food delivery and India Internet coverage
• Blinkit now valued at Rs 119/share while food delivery at Rs 98/share
• Zomato continues to improve profitability, believe its multiples could further re-rate
Source: ET NOW
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