Eternal Limited has filed with the Exchange transcript of earnings conference call conducted on May 1, 2025.
ETERNAL · price
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Eternal Limited (formerly Zomato) held its Q4FY25 earnings call on May 1, 2025. Management acknowledged that competitive intensity in quick commerce remains elevated, suppressing margin expansion across last-mile delivery, marketing, and real estate, though the company has maintained its market share and contribution margins. Food delivery grew 16% YoY in Q4 (20%+ for the full FY25), with the 20%+ target clarified as a long-term 4-5 year CAGR rather than an annual commitment. The company shut down Zomato Everyday, citing limited scale potential, while newer experiments like Bistro, Nugget, and B2B businesses drove INR 16 crore of losses in the 'Others' segment. Other income rose sharply to INR 368 crore (from INR 252 crore) due to the full-quarter impact of the November QIP. The going-out business grew over 100% YoY in GOV but is running at -2 to -2.5% Adjusted EBITDA margin, with continued investment planned in the District app transition. Blinkit is at -2% Adjusted EBITDA margin as a percentage of NOV, with management declining to give near-term margin guidance.
Investors should expect continued margin pressure in quick commerce due to intense competition, with management explicitly unwilling to guide on near-term profitability. Aggressive market share focus may keep profitability muted, but the company is not deep in the red. The long-term 20% food delivery growth target remains intact, though FY26 delivery is uncertain.