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Eternal (formerly Zomato) had its best year yet. But you wouldn't guess that from its Q4 numbers.
The March quarter net profit came in at Rs 39 crore, down 78 per cent from Rs 175 crore in Q4 FY24. Revenue, though, rose a strong 64 per cent YoY to Rs 5,833 crore, and FY25 overall was a clear step up—full-year revenue jumped 67 per cent to Rs 20,243 crore and net profit doubled to Rs 527 crore.
The highlight? Blinkit, its quick-commerce bet, is no longer a cash sink.
Zomato Q4 FY25 numbers
| Metric | Q4 FY25 | Q4 FY24 | Change |
|---|---|---|---|
| Revenue | Rs 5,833 cr | Rs 3,562 cr | ↑ 64 per cent |
| Net profit | Rs 39 cr | Rs 175 cr | ↓ 78 per cent |
Last year's Q4 profit had a one-time deferred tax gain that inflated the base. Strip that out, and the picture looks less dramatic, though higher costs remain an issue.
What worked, what didn't
-
Food delivery revenue
grew 28 per cent YoY to Rs 2,054 crore in Q4
-
Hyperpure revenue
(restaurant supplies): Rs 1,840 crore, doubling from Rs 912 crore last year
- Blinkit revenue : Rs 1,709 crore in Q4, up 97 per cent YoY from Rs 867 crore
For the full year, Blinkit clocked Rs 5,206 crore in revenue, more than doubling from Rs 2,301 crore in FY24. And in March 2024, it hit a milestone—contribution-positive operations. Zomato says this held through the end of the quarter.
That's a big deal for a business once seen as a cash drain.
While Blinkit grew fast, it still posted a Q4 operating loss of Rs 82 crore, though much lower than the Rs 178 crore loss a year ago.
Hyperpure also posted an operating loss of Rs 8 crore in Q4, despite its top-line doubling. Costs are clearly running hot across the board, especially on the logistics and expansion fronts.
FY25: A year of bold moves
-
Zomato raised Rs 8,500 crore through a QIP, strengthening its balance sheet
-
Acquired Paytm's movie ticketing and live events verticals
-
Shut down slow bets like Zomato Local Services
- Faced a Rs 420 crore GST demand (under dispute)
Cash and current assets now stand at a hefty Rs 11,701 crore—plenty of dry powder if it wants to double down on grocery, entertainment, or even something new.
Value Research Online Ratings
Value Research Stock Rating gives Eternal an overall rating of 2 stars out of 5. The company's specific scores are as follows:
-
Quality Score: 4/10
-
Growth Score: 6/10
-
Valuation Score: 2/10
- Momentum Score: 6/10
- Compare Eternal with peers on our Stock Screener
- Or explore its one-pager on the Stock Card
Final take
FY25 proves Eternal can scale and diversify. Blinkit's turnaround from liability to contributor is the big win. Food delivery remains steady. And the company has the capital to explore more consumer verticals if it chooses to.
But Q4 shows the margin squeeze is real. As Eternal chases growth across grocery, dining and entertainment, the big question isn't whether it can grow—it's whether it can grow without burning profitability.
Our CEO, Dhirendra Kumar, puts it aptly: Many of these digital-first businesses have figured out how to scale, but the challenge is to prove they can be profitable consistently. Until recently, they were kept alive by VC funding. Now they're being sustained by Indian equity investors—and that's a concern. Profitability isn't optional. It's the only thing that makes a business real.
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