Eternal Limited, previously known as Zomato Limited, stands as a key player in India’s food-tech and quick commerce sectors. As of April 5, 2025, with data updated through March 31, 2025, the company’s Q3 FY25 earnings (October-December 2024) offer insight into its financial trajectory. This article examines Eternal Limited’s performance, promoter details, shareholding pattern, and the significant rebranding from Zomato Limited to Eternal Limited, using verified data for an SEO-friendly analysis with keywords like “Eternal Limited Q3 FY25 earnings,” “Zomato name change,” “Eternal Limited shareholding pattern,” and “Eternal Limited promoter details.”
Eternal Limited’s Q3 FY25 Earnings: Financial Performance Breakdown
Eternal Limited announced its Q3 FY25 earnings on January 19, 2025, covering October to December 2024. The company reported a consolidated net profit of INR 141 crore, a 306% year-over-year (YoY) increase from INR 36 crore in Q3 FY24, though it dropped 20% quarter-over-quarter (QoQ) from INR 176 crore in Q2 FY25. This profit dip reflects heavy investments in quick commerce expansion. Revenue from operations reached INR 5,148 crore, up 68.9% YoY from INR 3,046 crore, driven by a Gross Order Value (GOV) of INR 20,206 crore across its B2C segments—food delivery, Blinkit, and going-out—which grew 57% YoY. Adjusted EBITDA rose 128% YoY to INR 285 crore but fell 14% QoQ due to increased Blinkit losses.
Food Delivery Segment: Core Stability
The food delivery segment, branded as Zomato, recorded a GOV of INR 9,513 crore, up 17% YoY but only 2% QoQ, indicating a demand slowdown. Adjusted EBITDA margins improved to 4.3% of GOV from 3.5% in Q2 FY25 and 3.0% in Q3 FY24, showing operational efficiency despite slower growth. Revenue grew 35% YoY, supported by higher order values and platform fees, though its contribution to total revenue has declined from 81% in FY22 to 44% in H1 FY25.
Blinkit Quick Commerce: Expansion Drives Losses
Blinkit, Eternal Limited’s quick commerce arm, surpassed 1,000 stores in Q3 FY25, ahead of its initial timeline. GOV hit INR 7,681 crore, up 92% YoY, with adjusted revenue soaring 117% YoY to INR 1,399 crore from INR 644 crore. However, quarterly losses widened to INR 103 crore from INR 89 crore in Q3 FY24, with a INR 95 crore QoQ increase due to rapid store additions and customer acquisition costs. Management anticipates losses to peak over the next two quarters, targeting 2,000 stores by December 2025.
Going-Out Segment: District App Investment
The going-out business, enhanced by the August 2024 acquisition of Paytm’s entertainment ticketing unit for INR 2,048 crore, achieved 52% YoY GOV growth on a like-for-like basis. The launch of the District app, integrating dining, events, and ticketing, introduced new costs—team expansion, marketing, and tech development—leading to quarterly losses. Eternal Limited expects this segment to remain unprofitable for the next year but views it as a strategic long-term investment.
Eternal Limited Promoter Details
Eternal Limited operates without a traditional promoter group, a rarity among Indian firms. Founded in 2008 by Deepinder Goyal and Pankaj Chaddah as Foodiebay, it evolved into a professionally managed entity. Goyal, the CEO, holds a 4.24% stake—approximately 36.95 crore shares—as of December 31, 2024, per stock exchange filings. Chaddah, who departed in 2018, no longer holds a significant stake. Under SEBI guidelines, no promoter group is designated, with control resting with institutional and public shareholders.
Eternal Limited Shareholding Pattern
The shareholding pattern as of December 31, 2024, reflects Eternal Limited’s institutional dominance, based on stock exchange data:
- Foreign Institutional Investors (FIIs): 50.48%, down from 51.23% in September 2024, including 5.25% FDI.
- Domestic Institutional Investors (DIIs): 20.54%, up from 19.76%, with mutual funds at 12.45%.
- Public and Retail Investors: 32.16%, slightly up from 31.98%.
- Key Shareholders: Significant holders include Antfin Singapore (6.48%), Temasek’s Camas Investments (2.89%), and Morgan Stanley (1.45%), alongside Goyal’s 4.24%.
Over 70% of shares are held by FIIs and DIIs, with no pledged shares, indicating financial stability among major investors.
Eternal Limited Name Change: From Foodiebay to Zomato to Eternal Limited
The company’s naming journey spans three phases. Launched as Foodiebay in 2008, it rebranded to Zomato in November 2010 to establish a distinct identity and avoid confusion with eBay. On March 20, 2025, the Ministry of Corporate Affairs approved renaming Zomato Limited to Eternal Limited, effective after shareholder approval on March 10, 2025, with 99.75% support via postal ballot. The stock ticker changed from ZOMATO to ETERNAL on NSE and BSE starting April 9, 2025.
The shift to Eternal Limited reflects its diversification into Blinkit, Hyperpure, and District, while the Zomato app retains its brand for food delivery. Goyal noted in a February 2025 shareholder letter that “Eternal” had been an internal identifier since Blinkit’s 2022 acquisition, now formalized to distinguish the corporate entity from its consumer-facing brands.
Strategic Updates
By March 31, 2025, Eternal Limited faced operational and market shifts. The company laid off 500-600 customer support staff due to non-performance, amid a food delivery slowdown and Blinkit’s rising losses. Shares fell 6% to INR 199.80 on March 11 post-rebranding approval, later stabilizing at INR 224.50 by March 20. Inclusion in the Nifty 50 index on March 25, replacing Bharat Petroleum, triggered $602 million in inflows, per analyst estimates. A brokerage’s cautious quick commerce outlook on March 24 led to a 6% share dip on March 25.
Market Position and Financial Health
Eternal Limited’s market cap stood at INR 2,03,169 crore as of March 26, 2025, supported by a near-debt-free balance sheet and INR 13,710 crore in cash reserves post a November 2024 QIP of INR 8,500 crore. However, a -4.80% return on equity over three years highlights scaling costs. The company commands a strong position in food delivery and quick commerce, though competition from Swiggy and Zepto intensifies.
Future Outlook for Eternal
Eternal Limited aims for Blinkit to turn profitable as it scales to 2,000 stores by December 2025, projecting GOV growth above 100% in FY25 and FY26. Food delivery margins above 4% provide stability, while District’s success depends on user adoption. With robust cash reserves and Nifty 50 status, the company is positioned for growth, though short-term profit pressures persist.
Disclaimer: This article reflects data available as of April 5, 2025, updated through March 31, 2025, from stock exchange filings, company announcements, and verified sources. Financials and shareholding details may shift with new disclosures. This content is for informational purposes only and not investment advice; readers should consult official sources for decision-making.
