Eternal (ETERNAL) — concall transcript

📢 Key Event
Blinkit's contribution margin improved 20 bps to 6.6% driven by platform fees and ad monetization.

🔄 What Changed
Contribution margin increased 20 bps to 6.6%; monthly transacting users grew 5-6% QoQ; inventory risk model now applies to non-grocery SKUs.

🔮 What's Next
Target EBITDA margins of 4-5% contingent on ROI; no fixed timeline for new store breakeven; platform fee attachment near 100%.

💡 Investor Takeaway
Growth prioritized over margins, with expansion dependent on ROI, not fixed timelines.

Eternal Ltd's Q2FY24 concall highlighted Blinkit's 20 bps contribution margin expansion to 6.6% driven by platform fees and ad monetization, 5-6% QoQ growth in monthly transacting users, and 50-50 dark store ownership model. Management emphasized sustainable growth over margin targets, targeting 4-5% EBITDA with ROI-dependent expansion, while noting inventory risk transfer for non-grocery SKUs and programmatic ad growth from new advertisers.

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About Eternal Ltd (ETERNAL)

Consumer Services · E-Commerce/App based Aggregator · Listed on BSE

Market Cap: ₹3,15,276.96 Cr P/E: 695.1 ROE: 1.4% ROCE: 4.1%

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🔥 Also filed on 30 September 2023

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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