Eternal Ltd—formerly Zomato—ended FY25 with a mixed bag of numbers that highlight the growing costs of expansion. While the company posted a steep drop in profit for the March quarter, its topline told a different story, driven by aggressive bets on quick commerce and B2B operations.
Quarterly net profit nosedived 77.7% year-on-year to ₹39 crore, down from ₹175 crore in the same period last year. Even compared to the previous quarter’s ₹59 crore, the dip was significant—around 34%. Yet revenue from operations soared 63.7% to ₹5,833 crore in Q4FY25, up from ₹3,562 crore in Q4FY24, and higher than ₹5,405 crore in Q3.
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For the full year, Eternal clocked ₹20,243 crore in revenue—a massive 67% jump from FY24’s ₹12,114 crore. Annual profit also grew, albeit more modestly, rising 50% to ₹527 crore from ₹351 crore.
But food delivery, the company’s original core, is showing signs of stagnation. Revenue from the segment stood at ₹2,413 crore for the quarter, a 17% increase year-on-year, but nearly flat compared to Q3. Gross order value (GOV) dipped slightly to ₹9,778 crore, down from ₹9,913 crore in the previous quarter, although still up from ₹8,439 crore a year ago.
The company blamed the slowdown on softer demand, a delivery partner crunch due to the surge in quick commerce, and growing pressure from newer, snack-led delivery platforms.
“Food delivery has always been a fiercely competitive space,” said CEO Deepinder Goyal, noting that despite headwinds, Eternal’s market share hasn’t slipped. He also hinted at plans to push harder in upcoming quarters.
Meanwhile, the food delivery user base showed marginal growth, with monthly transacting users rising to 20.9 million, from 20.5 million in Q3.
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Eternal may be riding high on revenue, but the path to balancing rapid expansion with sustainable profit still appears bumpy.
