Eternal gains after Q2 PAT rises 92.31% YoY
Net sales surged 77.62% YoY and 19.43% QoQ to Rs 24,138 crore. Total income increased 75.65% YoY and 18.96% QoQ to Rs 24,489 crore. Profit before tax (PBT) increased 150.39% YoY and 18.75% QoQ to Rs 323 crore.
Total expenditure rose 74.92% YoY and 19.08% QoQ to Rs 24,011 crore. Employee expenses increased 32.49% YoY and 7.30% QoQ to Rs 1,146 crore. Interest expenses rose 80.23% YoY and 2.65% QoQ to Rs 155 crore, while depreciation increased 66.22% YoY and 14.47% QoQ to Rs 625 crore.
At the business level, consolidated adjusted revenue increased 76% YoY and 19% QoQ to Rs 24,621 crore. Like-for-like adjusted revenue growth stood at 58% YoY, reflecting the shift towards inventory ownership in quick commerce. Consolidated adjusted EBITDA surged 197% YoY and 20% QoQ to Rs 666 crore.
The company's business-to-consumer net order value (B2C NOV) grew 54% YoY to Rs 35,644 crore during the quarter.
Food delivery NOV increased 21.5% YoY to Rs 11,445 crore, extending its growth acceleration to five consecutive quarters. Adjusted EBITDA stood at Rs 627 crore, up 25% YoY, while the adjusted EBITDA margin declined marginally to 5.5% of NOV.
Quick-commerce NOV surged 79.3% YoY to Rs 20,940 crore and increased 22.2% QoQ. The company added 308 net new stores during the quarter, taking its total store count to 2,751. Adjusted EBITDA margin improved for the sixth consecutive quarter to 0.9% of NOV, generating adjusted EBITDA of Rs 184 crore compared with a loss of Rs 156 crore a year earlier.
Going-out NOV increased 58% YoY to Rs 3,259 crore, while its adjusted EBITDA margin improved to -2% from -3.1% a year earlier. The adjusted EBITDA loss remained broadly unchanged sequentially at Rs 64 crore.
Hyperpure's like-for-like revenue increased 22.7% YoY to Rs 1,154 crore. Its adjusted EBITDA margin improved to 0.9% from -0.5% a year earlier, resulting in adjusted EBITDA of Rs 10 crore compared with a loss of Rs 5 crore.
In its outlook for quick commerce, the company said it now expects to cross 3,500 stores by March 2027, compared with its earlier guidance of 3,000 stores. Its current plans point to around 5,000 stores by March 2028.
Eternal also outlined plans for dark.ai, a privacy-focused artificial intelligence assistant designed for users who require confidential conversations and research. According to founder Deepinder Goyal, the product will use fine-tuned open-weight AI models running on the company's own infrastructure, with end-to-end encryption and an encrypted memory layer controlled by users. The product is aimed at founders, researchers, scientists, enterprises and governments. Eternal said dark.ai is expected to launch globally, hopefully within 2026. The company did not disclose financial projections or a revenue contribution target for the product in the shareholders? letter.
Eternal, formerly known as Zomato, operates food delivery, quick-commerce platform Blinkit, B2B supply business Hyperpure and going-out platform District.
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