Eternal Announces Strategic Shift Amidst Q1 Financial Report
Food delivery giant Eternal, which operates Zomato and Blinkit, revealed a net profit of Rs 25 crore for Q1, despite increasing expenses. The company, having rebranded in March, also announced a strategic transition in its quick commerce model and the formation of Blinkit Foods as a subsidiary.
- Country:
- India
Eternal, the parent company of renowned brands Zomato and Blinkit, reported a net profit of Rs 25 crore for the first quarter in their latest financial disclosure. This marks a significant decline from the Rs 253 crore net profit reported a year earlier.
The latest quarter's financial results saw Eternal's revenue from operations soar to Rs 7,167 crore, compared to Rs 4,206 crore in the prior year. However, their total expenses surged to Rs 7,433 crore, rising from Rs 4,203 crore in the same period last year.
The company announced a strategy shift, transitioning from a marketplace model to a combined marketplace and inventory-led model in its quick commerce segment. This change is expected to boost revenue through direct sales on Blinkit, with a decrease in Hyperpure B2B sales. Additionally, they plan to incorporate Blinkit Foods as a subsidiary focusing on food services.
(With inputs from agencies.)
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