Overview
- Eternal, which posted March‑quarter results on Tuesday, reported net profit of Rs 174 crore up 346% year on year and revenue of Rs 17,292 crore up 196%, with growth led by Blinkit and steady gains in food delivery.
- The top‑line jump reflects a switch in parts of quick commerce to an inventory‑led model that records the full value of goods sold, with like‑for‑like adjusted revenue growth at 64% year on year.
- Blinkit’s net order value rose 95.4% to Rs 14,386 crore, adjusted EBITDA improved to Rs 37 crore with a 0.3% NOV margin, and 216 net new dark stores took its network to 2,243.
- Management outlined medium‑term goals that include more than 60% annual growth in net order value over the next few years and a target of $1 billion in adjusted EBITDA by FY29.
- Most brokerages kept Buy ratings after the print, with Nomura trimming its target to Rs 340 and JM Financial at Rs 400, highlighting execution upside while flagging cooling quick‑commerce growth and higher expenses as key risks.