Eternal Shares Touch Record High After Revenue More Than Doubles
Eternal’s Blinkit is the market leader in Indian quick-commerce, an online shopping subcategory that provides delivery of daily essentials in just minutes.
Photographer: Riccardo Milani/AFP/Getty ImagesEternal Ltd. shares jumped as much as 15% to touch a record high after the Indian e-commerce platform operator reported sales that beat analyst estimates, showing resiliency amid tough competition.
Quarterly revenue in its quick-commerce segment reached 24 billion rupees ($278 million), more than double the year-ago figure. Though its net income tumbled 90%, analysts were impressed by Eternal’s ability to grow sales despite the recent entry of Amazon.com Inc. and Walmart Inc.’s Flipkart India Pvt. to the market.