We re-iterate our BUY thesis on Zomato (link). We believe the company is likely to achieve its medium-term adj. EBITDA guidance of 4-5% in food delivery and adj. EBITDA breakeven in Blinkit by Q1FY25E. Given the strong growth trajectory expected over the next 3-4 quarters as well as the distinct possibility of becoming the first company globally to achieve adj. EBITDA breakeven in grocery, we think further re-rating of the stock is due.