Eternal Q4 report: Net profit plummets on Blinkit losses; food delivery stays in the slow lane

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Food and grocery delivery company Eternal – the parent of Zomato and Blinkit – reported a steep 78% year-on-year (YoY) fall in net profit at Rs 39 crore for the January-March quarter as losses from quick commerce continued to burden the bottomline. However, the company said it would continue to aggressively chase market share in quick commerce without near-term profit goals coming in the way.In an indication of rising dependence on food delivery for consolidated profits, the company also shuttered its 15-minute food delivery service, Quick, and…



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Eternal Q4 report: Net profit plummets on Blinkit losses; food delivery stays in the slow lane


Food and grocery delivery company Eternal – the parent of Zomato and Blinkit – reported a steep 78% year-on-year (YoY) fall in net profit at Rs 39 crore for the January-March quarter as losses from quick commerce continued to burden the bottomline. However, the company said it would continue to aggressively chase market share in quick commerce without near-term profit goals coming in the way.In an indication of rising dependence on food delivery for consolidated profits, the company also shuttered its 15-minute food delivery service, Quick, and…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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