Zomato and Blinkit’s parent company more than tripled its profit year-on-year, but the quarter-on-quarter numbers tell a different story
Eternal just wrapped up the June quarter with a net profit of ₹ 92 crore – nearly 3.7 times what it made in the same period last year (₹ 25 crore). But compare it to the previous quarter’s ₹ 174 crore, and profit actually slid by close to half.
Revenue, meanwhile hit ₹ 20,211 crore, up 182% from a year ago and about 17% higher than the March quarter. Part of that jump isn’t really organic growth so much as accounting. Blinkit books the entire sale value of goods as revenue, not just its cut, since it runs on an inventory-led model rather than a pure marketplace one.
Blinkit Now Carries the Company
Blinkit alone made up ₹ 15,664 crore, or roughly 77.5% of total operating revenue, up from just ₹ 2,400 crore a year back. Zomato’s core food delivery business grew too, but far more modestly, up 37% to ₹ 3,100 crore.
Hyperpure had a rough year-on-year comparison, down 55%, though it did tick up slightly from the prior quarter. District, the newer going-out business, grew 54% to ₹ 318 crore.
Goyal on Margins and Rivals
According to founder Deepinder Goyal cheaper rivals like Swiggy’s Toing and Rapido’s Ownly’s growth is just people chasing lower prices, not any real new demand. “Price-driven traction without structural economics tends to resolve itself,” he wrote, adding that Eternal’s own answer is Bistro.
He also made clear the company won’t shy away from burning margin if it needs to, though he says that trade-off isn’t necessary right now.
