Eternal (ETERNAL) — concall transcript

🔄 What Changed
Contribution margin pressure due to higher Gold membership share and election/heatwave costs; adjusted EBITDAMargin outlook directionally increasing.

🔮 What's Next
Blinkit to expand to 2,000 stores by March 2026; Hyperpure revenue target of INR 5,000 crore; capex focused on store expansion and warehousing; cash retained on balance sheet without distribution.

💡 Investor Takeaway
Shareholders should note margin pressure from Gold membership growth and strategic reinvestment in expansion without immediate cash returns.

Eternal Ltd's Q1FY25 concall highlighted 27.5% YoY revenue growth and 30% CAGR in food delivery GOV, with Gold membership now covering 50-55% of GOV, pressuring contribution margins despite rising operational costs from elections and heatwaves. Management emphasized Blinkit's expansion to 2,000 stores by March 2026 to capture market gaps rather than same-store growth, targeting 11,000-12,000 transactions per store. Capex remains focused on Blinkit and Hyperpure warehousing, funded via bank guarantees rather than cash outlays, while retaining cash on balance sheet without near-term distribution plans.

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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 June 2024

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

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