BENGALURU: Food delivery platform Zomato's parent company Eternal on Monday posted a 90% y-o-y fall in consolidated net profit to Rs 25 crore for the quarter ended June 2025 compared to Rs 253 crore in the same quarter last year. Its consolidated revenue from operations for the quarter beat Street estimates and stood at Rs 7,167 crore, up 70% compared to Rs 4, 206 crore in the year-ago period.
The company's growth in quick commerce continued as its margins improved from -2.4% of net order value (NOV) in Q4 FY25 to -1.8% and Eternal said this is despite continued investments in new store roll-outs and seasonal factors. About 243 net new stores were added in the June quarter. Its NOV grew 127% y-o-y to Rs 9,203 crore, driven by a 123% y-o-y growth in average monthly transacting customers (MTC) from 7.6 million to 16.9 million over the past year.
On risks of new entrants in food delivery, in a letter to shareholders, CEO Deepinder Goyal said new ideas, new entrants and disruption are all inevitable. "I think it also makes our business stronger as long as we are able to learn, adapt and out-innovate potential competition. At this point, we do not see any innovation in the space which makes us believe that this business is under any obvious threat," he said.
On what is leading to Blinkit growing faster and with better economics as compared to others, Goyal said, "Maybe the difference between us and other companies comes from the dissatisfied culture in the team. Our teams rarely celebrate wins, keep a low profile, and believe in the 1% done philosophy. We want to keep our heads down, and keep up the momentum in solving problems for our customers, without having or needing to look back to see how far we have come."
Albinder Dhindsa, Founder & CEO, Blinkit said they are seeing enough room for store growth in all cities. "Delhi, for example, is still growing at 70%+ YoY (NOV growth)," he said, adding that there are plans to gradually transition Blinkit from a marketplace model to inventory ownership over the next 2-3 quarters.
Goyal informed that Going-out business (District) is now a Rs 8,000 crore annualized NOV business, which is about 20% of the size of its food delivery and quick commerce businesses.
"We are building District as a one-of-a-kind platform for going-out in India by offering large going-out use cases including dining-out, movies, sports, concert ticketing etc. on a single app, for the most premium customer base in the country," he said.
Eternal also announced the incorporation of a wholly owned subsidiary - Blinkit Foods Limited, which would engage in the business of providing food services (including innovation, preparation, sourcing, sale and delivery of food to customers). It will be incorporated with a paid-up capital of Rs 10 lakh, comprising 1 lakh equity shares of face value Rs 10 each fully paid-up in cash.