Dear Members,
The Board of Directors of the Company ("Board") hereby
submits the board report for the financial year ended on March 31, 2025 (" Board
Report") on the business, operations and performance of Eternal Limited (formerly
known as Zomato Limited) ("the Company"/ " Eternal") along with
audited financial statements of the Company.
1. Financial highlights
The highlights on the Company's financial statements on a standalone
and consolidated basis are summarised below:
(INR crore)
Particulars |
Standalone |
Consolidated |
For the financial
year ended on March 31 |
2025 |
2024 |
2025 |
2024 |
Total income |
9,877 |
7,542 |
21,320 |
12,961 |
Less: Total expenses |
7,676 |
6,131 |
20,623 |
12,670 |
Less: Exceptional items |
11 |
39 |
- |
- |
Profit/(loss) before tax |
2,190 |
1,372 |
697 |
291 |
Less: Tax expenses |
230 |
1 |
170 |
(60) |
Profit / (loss) for the year |
1,960 |
1,371 |
527 |
351 |
Other comprehensive
income/(loss): |
1) Items that will not be
reclassified to profit or (loss) |
a. Remeasurements of the
defined benefit plans |
(6) |
(3) |
(10) |
3 |
b. Equity instruments through
other comprehensive income |
77 |
60 |
77 |
60 |
c. Income tax relating to
above |
(30) |
- |
(30) |
- |
2) Items that will be
reclassified to profit or (loss) |
a. Exchange differences on
translation of foreign operations |
1 |
1 |
2 |
0 |
b. Debt instruments through
other comprehensive income |
112 |
(8) |
112 |
(8) |
c. Income tax relating to
above |
(23) |
- |
(23) |
- |
Total comprehensive income
/(loss) for the year |
2,091 |
1,421 |
655 |
406 |
2. State of the Company's affairs/ overview Company overview
The Company is one of the first home-grown new-age tech companies
listed in India and operates through four key business segments:
1. Food delivery: A technology platform that provides customers with a
seamless, on-demand solution to search and discover restaurants, order food, and have it
delivered reliably and quickly.
2. Quick commerce: Marketplace offering quick delivery (in 10 minutes)
of products across categories (fresh, staples, electronics, beauty, general merchandise,
festive needs ++).
3. Going-out: Going-out segment addresses the 'going-out' needs of our
customers and enables discovery and transactions for multiple going-out experiences
including dining-out, movies, sports & other live events.
4. B2B Supplies: B2B business supplying quality food ingredients and
other products to restaurants and other B2B buyers.
During the financial year under review, the Company also acquired 100%
stake in Orbgen Technologies Private Limited ("OTPL") and Wasteland
Entertainment Private Limited ("WEPL") (referred as entertainment ticketing
business) from One 97 Communications Limited (" Paytm"). The acquired business
has been consolidated in the books of Eternal from August 27, 2024 onwards (transaction
closing date).
Financial results
Consolidated revenue from operations grew 67% YoY to INR 20,243 crore
in FY25 from INR 12,114 crore in FY24 driven by robust growth across all four key business
segments:
1. Food delivery revenue grew 27% YoY to INR 8,080 crore in FY25
primarily driven by NOV growth
2. Quick commerce revenue grew 126% YoY to INR 5,206 crore in FY25
primarily driven by rapid store network expansion across new and existing cities and
growth investments
3. Going-out revenue grew 186% YoY to INR 737 crore in FY25 largely
driven by growth in the India dining- out business and acquisition of entertainment
ticketing business
4. B2B supplies revenue grew 95% YoY to INR 6,196 crore in FY25 driven
by growth in the core restaurant business as well as in the nonrestaurant business
Consolidated Adjusted EBITDA significantly improved to INR 1,079 crore
in FY25 from INR 372 crore in FY24. Improvement in Adjusted EBITDA profitability was
primarily driven by (a) improvement in food delivery Adjusted EBITDA margin and (b)
reduction in losses in our quick commerce business.
Consolidated EBITDA for the full fiscal was positive INR 637 crore.
Consolidated PAT improved to INR 527 crore in FY25 compared to INR 351 crore in FY24.
Note: To supplement our financial information presented in accordance
with IND AS, we consider certain financial measures that are not prepared in accordance
with IND AS, including Adjusted Revenue and Adjusted EBITDA. We use these financial
measures in conjunction with IND AS measures as part of our overall assessment of our
performance to evaluate the effectiveness of our business strategies and to communicate
with our board of directors concerning our business and financial performance. We believe
these non-GAAP financial measures
provide useful information to investors about our business and
financial performance, enhance their overall understanding of our past performance and
future prospects, and allow for greater transparency with respect to metrics used by our
management in their financial and operational decision making. We are presenting these
non-GAAP financial measures to assist our investors and because we believe that these
non-GAAP financial measures provide an additional tool for investors to use in comparing
results of operations of our business over multiple periods. Information given also
includes information related to material subsidiaries. Non-GAAP measures used by us are
defined below:
1) Adjusted Revenue = Consolidated revenue from operations as per
financials (+) actual customer delivery charges in the food delivery business (net of any
discounts, including free delivery discounts on account of Zomato Gold program) (+)
platform fee paid in the food delivery business (that is not already included in reported
revenue from operations)
2) Adjusted EBITDA = Consolidated EBITDA (+) share-based payment
expense (-) rental paid for the period pertaining to 'Ind AS 116 leases'
3) EBITDA = Profit/loss as per financials excluding (i) tax expense
(ii) other income (iii) depreciation and amortization expense (iv) finance cost and (v)
exceptional items
3. Subsidiary(ies) and associate company(ies)
As on March 31, 2025, the Company comprises 14 (fourteen) direct
subsidiaries and 7 (seven) step down subsidiaries, and does not have any associate
companies or joint ventures.
During the financial year under review, the following entities were
liquidated/closed:
1. Zomato Slovakia s.r.o, step down subsidiary located in Slovak
Republic w.e.f. July 12, 2024; and
2. Zomato Internet LLC, step down subsidiary located in Qatar w.e.f.
November 20, 2024.
Further, the Company acquired 100% stake in OTPL and WEPL on August 27,
2024 pursuant to a Share Purchase and Subscription Agreement ("SPSA") entered
between the Company and Paytm, WEPL and OTPL.
OTPL and WEPL became wholly owned subsidiaries of the Company from
August 27, 2024 onwards (transaction closing date).
In accordance with the Companies Act, 2013 read with rules framed
thereunder ("Act"), a statement containing the salient features of the financial
statements of the subsidiaries of the Company in form AOC-1 is annexed as Annexure-I.
In accordance with Section 136 of the Act and the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI Listing Regulations"),
the audited financial statements, including the consolidated financial
statements and related information of the Company and its subsidiaries can be accessed at
https://www.eternal.com/investor- relations/results.
4. Change in nature of business
During the financial year under review, there has been no change in the
nature of business of the Company.
5. Dividend
During the financial year under review, the Board has not recommended
any dividend. The dividend distribution policy of the Company can be accessed at
https://b.zmtcdn.com/investor-relations/5110fd9 a9b55c98f31424e9f9104fd51_1744732057.pdf
6. Amount proposed to be transferred to reserves
During the financial year under review, the Company has not proposed to
transfer any amount to the reserves.
7. Transfer to investor education and protection
fund
During the financial year under review, the Company was not required to
transfer any funds and equity shares to the investor education and protection fund as per
the provisions of Section 125 of the Act.
8. Capital structure
i. Authorised share capital
The authorised share capital of the Company as on financial year ended
on March 31, 2025 is INR 14,48,63,29,341 (Indian rupees one thousand four hundred forty
eight crore sixty three lakh twenty nine thousand three hundred and forty one only)
divided into 14,48,63,29,341 (One thousand four hundred forty eight crore sixty three lakh
twenty nine thousand three hundred and forty one) equity shares having face value of INR
1/- (Indian rupee one) each ("Equity Shares"). During the financial year under
review, there is no change in the authorised share capital of the Company.
ii. Issued, subscribed and paid up share capital
The issued, subscribed and paid up share capital of the Company as on
financial year ended on March 31, 2025 is INR 9,65,03,50,647/- (Indian rupees nine hundred
sixty five crore three lakh fifty thousand six hundred and forty seven only), divided into
9,65,03,50,647 (Nine hundred sixty five crore three lakh fifty thousand six hundred and
forty seven) Equity Shares. Details of allotment of Equity Shares made by the Company
during the financial year under review are given below:
S.
No. |
Date of allotment of
Equity Shares |
Brief details |
No. of Equity Shares |
1. |
May 08, 2024 |
Allotment against
exercise of options granted under Zomato Employee Stock Option Plan 2018 ("ESOP
2018") |
48,10,6001 |
2. |
May 08, 2024 |
Allotment against
exercise of options granted under Zomato Employee Stock Option Plan 2021 ("ESOP
2021") |
2,67,026 |
3. |
May 08, 2024 |
Allotment against
exercise of options granted under Zomato Employee Stock Option Plan 2022 ("ESOP
2022") |
21,23,937 |
4. |
August 01, 2024 |
Allotment against
exercise of options granted under ESOP 2018 |
15,34,3001 |
5. |
August 01, 2024 |
Allotment against
exercise of options granted under ESOP 2021 |
8,75,225 |
6. |
August 01, 2024 |
Allotment against
exercise of options granted under ESOP 2022 |
11,07,526 |
7. |
August 29, 2024 |
Allotment against
exercise of options granted under ESOP 2018 |
23,24,9001 |
8. |
August 29, 2024 |
Allotment against
exercise of options granted under ESOP 2021 |
4,48,486 |
9. |
August 29, 2024 |
Allotment against
exercise of options granted under ESOP 2022 |
10,99,428 |
10. |
October 22, 2024 |
Allotment against
exercise of options granted under ESOP 2018 |
6,49,9001 |
11. |
October 22, 2024 |
Allotment against
exercise of options granted under ESOP 2021 |
3,12,888 |
12. |
October 22, 2024 |
Allotment against
exercise of options granted under ESOP 2022 |
10,04,087 |
13. |
November 29, 2024 |
Allotment of
Equity Shares to eligible qualified institutional buyers pursuant to Qualified
Institutional Placement ("QIP") |
33,64,73,755 |
S. |
Date of allotment |
Brief details |
No. of Equity |
No. |
of Equity Shares |
|
Shares |
14. |
December 02, 2024 |
Allotment of Equity Shares to
the Foodie Bay Employees ESOP Trust ("Trust") pursuant to change in the mode of
implementation and administration of ESOP 2018 from direct route to trust route |
3,99,58,8001 |
15. |
December 02, 2024 |
Allotment of Equity Shares to
Trust pursuant to change in the mode of implementation and administration of ESOP 2021
from direct route to trust route |
23,17,14,093 |
16. |
December 02, 2024 |
Allotment of Equity Shares to
Trust pursuant to change in the mode of implementation and administration of ESOP 2022
from direct route to trust route |
2,32,34,550 |
17. |
December 02, 2024 |
Allotment of Equity Shares to
Trust pursuant to change in the mode of implementation and administration of Zomato
Employee Stock Option Plan 2024 ("ESOP 2024") from direct route to trust route |
18,26,27,402 |
|
Total |
|
83,05,66,903 |
1
Equity Shares allotted against exercise of ESOPs under ESOP
2018/ change in the mode of implementation and administration of ESOP 2018 also include
Equity Shares allotted to the employees/ Trust in the ratio of 6699:1, pursuant to the
corporate action adjustment made under aforesaid scheme.
iii. Equity shares with differential rights and
sweat equity shares
During the financial year under review, the Company has neither issued
sweat equity shares nor issued equity shares with differential rights as to dividend,
voting or otherwise.
iv. Listing on stock exchanges
The Equity Shares are listed on BSE Limited ("BSE") and
National Stock Exchange of India Limited (" NSE") (collectively referred to as
("Stock Exchanges")). Further, trading in the Equity Shares was not suspended on
the Stock Exchanges during the financial year under review.
9. Directors and Key Managerial Personnel
("KMP")
i. Appointment / re-appointment or resignation of
director(s)
During the financial year under review, Sanjeev Bikhchandani (DIN:
00065640), non-executive nominee director, liable to retire by rotation was re-appointed
by the shareholders in the 14th Annual General Meeting ("AGM") held
on August 28, 2024.
In accordance with the provisions of Section 152 of the Act and
articles of association of the Company, Sanjeev Bikhchandani (DIN: 00065640) is liable to
retire by rotation at the ensuing AGM and being eligible, offers himself for
re-appointment. The Board recommends the re-appointment of Sanjeev Bikhchandani (DIN:
00065640) as non-executive nominee director for shareholders' approval
at the ensuing 15th AGM.
Further, Gunjan Tilak Raj Soni (DIN: 07333270) resigned as
non-executive independent director of the Company, with effect from the close of business
hours on October 11, 2024, prior to the expiry of her term. The resignation was submitted
due to increased work commitments. She had also confirmed that there was no other material
reason for her resignation.
ii. Appointment or resignation of KMP
During the financial year under review, there were no changes in the
KMP(s).
iii. Declarations from independent director(s)
As on financial year ended on March 31, 2025, independent directors
have confirmed that:
they meet the criteria of independence laid down under the Act and SEBI
Listing Regulations;
they have complied with the code for independent directors prescribed
under Schedule IV to the Act;
they have registered themselves with the independent director's
databank maintained by the Indian Institute of Corporate Affairs;
they are not aware of any circumstance or situation, which exists or
may be reasonably anticipated, that could impair or impact their ability to discharge
their duties with an objective independent judgment and without any external influence;
they have not been associated with any material supplier, service
provider, or customer of the Company;
they have not been partner, proprietor, or employee of the Company's
statutory audit firm during the preceding financial year;
they have not been affiliated with any legal or consulting firm that
has or had business transactions with the Company, its subsidiaries, or associate
companies, amounting to 10% or more of the gross turnover of such firm; and
apart from receiving director's remuneration (including sitting fees),
there have not been any material pecuniary relationship or transactions with the Company,
its subsidiaries or associate companies, or their directors, during the three immediately
preceding financial years or during the current financial year exceeding the limits
specified under the Act and SEBI Listing Regulations.
Further, the Company confirms that neither the independent director nor
their relative as defined under the Act, were employed, in an executive capacity by the
Company, its subsidiaries, or associate companies during the preceding financial year.
Accordingly, based on the declarations received from all independent
directors, the Board has confirmed that, in their opinion, independent directors of the
Company are persons of integrity, possess relevant expertise and experience and fulfil the
conditions specified in the Act and SEBI Listing Regulations and are independent of the
management.
iv. Company's policy on directors' appointment and remuneration
including criteria for determining qualifications, positive attributes, independence of a
director and other matters
The Nomination and Remuneration Policy ("NRC Policy") has
been developed in accordance with Section 178 of the Act and Regulation 19 of the SEBI
Listing Regulations. It establishes a structured framework for the nomination, evaluation,
and remuneration of the Company's directors and senior management personnel of the
Company. The core objective of the NRC Policy is to attract, retain, and
reward most qualified and skilled talent capable of driving long-term
growth and success of the Company.
During the financial year under review, there were no changes made to
the NRC Policy. The NRC Policy can be accessed at https://b.zmtcdn.com/investor-
relations/6409f8fc614a9192103704b895f28e 1d_1744732783.pdf.
Information regarding the composition of the Board and its committees,
and other relevant disclosures is available in the Corporate Governance Report, which
forms a part of this Annual Report.
10. Number of meetings of Board
During the financial year under review, the Board met 7 (seven) times.
The maximum interval between any two meetings of the Board did not exceed 120 days.
Details of the meetings of the Board along with the attendance of the directors therein
have been disclosed in the Corporate Governance Report forming part of this Annual Report.
11. Performance evaluation of Board
In accordance with the provisions of the Act and the SEBI Listing
Regulations, the Company has implemented a formal, structured, and transparent process for
the annual evaluation of the performance of the Board as a whole, its various committees,
the chairperson of the Board, and individual directors, including independent directors.
The Nomination and Remuneration Committee ("NRC"), in
consultation with the Board, defined the evaluation framework and criteria, which focus on
both qualitative and quantitative aspects of governance. Key parameters used in the
evaluation included:
Composition and diversity of the Board and its committees;
Clarity of roles and responsibilities;
Quality, timeliness, and adequacy of information shared with the Board;
Effectiveness of the Board's decision-making processes and strategic
inputs;
Performance of the Chairperson in leading the Board;
Active participation and contribution of individual directors;
Functioning of committees in discharging their responsibilities
effectively; and
Compliance with applicable regulatory requirements.
In compliance with Section 149(8) of the Act read with Schedule IV and
Regulation 17 of the SEBI Listing Regulations, the performance evaluation of independent
directors was carried out. This evaluation was based on parameters laid out by the NRC in
line with the Company's policy for evaluation of the performance of the board of
directors, which is available on the Company's website and can be accessed at
https://b.zmtcdn.com/investor-relations/ 22fae3abe6bf19863f86c68fad637404_1749792720.pdf.
To ensure objectivity and independence in the evaluation process for
the financial year 2024-25, the Company engaged Nasdaq Corporate Solutions International
Limited ("Nasdaq"), a globally recognised and independent expert in Board
evaluation and governance advisory services.
Nasdaq adopted a two-phase methodology:
Survey-Based Assessment: All directors were requested to complete
comprehensive evaluation questionnaires tailored to assess the effectiveness of the Board,
committees, and individual performance including their self evaluation.
One-on-One Interviews: Nasdaq conducted in-depth, independent
interviews with each non-executive director, providing an additional layer of qualitative
insights and confidential feedback.
The evaluation provided a holistic view of the functioning of the Board
and its committees, delving into governance dynamics, strategic engagement, leadership
behaviour, culture, interpersonal effectiveness, and overall organisational vitality.
The findings and recommendations emerging from the evaluation were
consolidated by Nasdaq and presented to the Chairperson of the NRC. These findings were
then reviewed and discussed with the NRC and subsequently with the Board, ensuring a
transparent and constructive feedback loop. Based on these insights,
the Board identified areas of strength as well as opportunities for further enhancement of
its effectiveness.
12. Committees of the Board
As on the financial year ended March 31, 2025, the Board has five (5)
committees constituted in compliance with the applicable provisions of the Act and SEBI
Listing Regulations, as given below:
Audit Committee;
Nomination and Remuneration Committee;
Risk Management Committee;
Stakeholders' Relationship Committee; and Corporate Social
Responsibility Committee.
While the Company has constituted several internal committees to
facilitate effective management and operations. However, only such committees comprising
of members of the Board are included in this Annual Report for disclosure purposes, as
given below:
Investment Committee; and Fund Raising Committee.
A detailed note on the composition of the committees and other
mandatory details is provided in the Corporate Governance Report forming part of this
Annual Report.
13. Corporate Social Responsibility
("CSR") policy
The CSR Policy reflects its commitment to social welfare and
sustainable development. It outlines the guiding principles, responsibilities, and
structured approach for implementing meaningful initiatives that positively impact
communities, particularly in areas surrounding the Company's area of operations.
A summary of the CSR Policy, along with other mandatory disclosures, is
provided in Annexure - II.
14. Vigil mechanism and whistle blower policy
The Company is firmly committed to upholding the highest standards of
integrity, transparency, and ethical conduct in all its business practices.
In pursuit of this commitment, a Vigil Mechanism and Whistle Blower
Policy ("the Policy") has been established in accordance with the Act and
Regulation 22 of the SEBI Listing Regulations. The Policy provides a secure and
confidential channel for employees, directors, and stakeholders to report any suspected
misconduct, unethical behavior, fraud, or violations of the Company's Code of Conduct for
employees without fear of retaliation. It also ensures direct access to the Chairperson of
the Audit Committee, reinforcing independence and oversight.
Employees and other stakeholders are encouraged to report actual or
suspected reportable matters as per the Policy. All reportable matters are objectively
reviewed and investigated by an independent investigation team. Outcomes and actions taken
are reported to the whistleblower committee and Audit Committee on a periodic basis.
The Company affirms that no individual has been denied access to the
Chairperson of the Audit Committee under this Policy. The Policy can be accessed at
https://b.zmtcdn.com/investor-re lations/1c3b5842815b3bbedbd30b3538126f bc_1744732585.pdf.
During the financial year under review, 109 reportable matters were
investigated and closed in a timely manner as per the Policy.
15. Risk management
i. Risk management policy:
The Board has constituted a Risk Management Committee ("
RMC") to design, implement, and monitor the Company's risk management strategies. The
RMC ensures that these procedures are effective and continuously reviewed.
The Company has a risk management framework that is embedded in it's
decision making process across the organization to proactively identify, access and
mitigate risks. The Company has a Risk Management Policy as part of the framework which
provides guidance on identifying strategic and operational risks, assigning ownership, and
implementing mitigation strategies. It also outlines the "Three Lines of
Defence" model-comprising risk owners, the risk management team, and internal
audit-for robust risk identification, evaluation, and independent
assurance. The policy was last revised in February, 2025 in line with
SEBI Listing Regulations.
The risk management policy can be accessed at
https://b.zmtcdn.com/investor-relations/0c43b655 a4f689f7e4b83b6259404afa_1746509347.pdf
The Governance, Risk & Compliance team is responsible for driving
the Company's risk management practices. Risks are evaluated based on impact and
likelihood, and the effectiveness of mitigants is assessed to ensure appropriate response
strategies. This structured approach promotes transparency, minimizes potential adverse
impacts on business objectives, and strengthens the Company's position by highlighting
risk trends, exposures and emerging threats at both the Company and business segment
levels.
ii. Risk and concerns:
In line with the ERM exercise which was conducted for Eternal at a
consolidated group level, below are the strategic risks which have been identified and may
impact Eternal in the long run. These risks have also been further mapped to the relevant
Environmental, Social, and Governance (ESG) pillars from a sustainability standpoint:
Customer Experience Governance
Eternal may face the risk of revenue loss and erosion of brand loyalty
if it fails to consistently deliver a superior customer experience. Key risk factors
include service unavailability, inconsistent service quality, and ineffective grievance
resolution-each of which can contribute to customer dissatisfaction and diminished trust.
Additionally, if Eternal fails to proactively adapt to evolving
customer preferences such as changing expectations around product assortment, enhanced
platform features and dynamic purchasing behaviors, it may negatively impact customer
engagement, reduce retention rates, and constrain long-term growth trajectory of the
Company.
To enhance customer experience and consistently deliver superior
service, Eternal conducts regular training programs and feedback session for its partners,
with focus on service quality and food handling. We work closely with all our partners
including restaurants, delivery partners, and sellers to help them
continuously improve their services. We have dedicated support team which ensures timely
grievance resolution of customers.
Eternal continuously adapts to evolving customer preferences and
purchasing behaviors. We continue to expand product categories and assortment on Blinkit,
introduce innovative features on Zomato like group ordering and food rescue, and develop
solutions like operating it's own processing facility in Hyperpure to help restaurant
partners scale efficiently. These strategic efforts aim to position Eternal as a one-stop
solution for diverse customer and partner needs while enhancing agility in a dynamic
market.
Driven by innovation and a customer-first mindset, Eternal is committed
to setting new benchmarks in service excellence, digital convenience, and longterm
customer satisfaction.
Technology Governance
As Eternal continues to scale and innovate in a rapidly evolving
digital landscape, it faces heightened exposure to cybersecurity threats. This can
compromise on data protection, disrupt services, and erode stakeholder trust leading to
significant financial losses, regulatory penalties, and reputational damage. Further,
extended app downtime and failure to adapt to emerging technologies may impact customer
trust, user experience and business continuity.
Eternal has established dedicated teams and a well- defined governance
framework for Cybersecurity, with focus on protecting data, ensuring platform resilience,
and maintaining stakeholder trust. We have implemented advanced cybersecurity tools and
adopted global best practices to strengthen and safeguard our technology infrastructure.
Regular testing, and proactive maintenance are carried out to identify
and address potential threats. Initiatives such as Bug Bounty programs are carried out at
regular intervals to highlight vulnerabilities and strengthen our security posture.
Information security controls are designed to prevent, detect, and remediate risks,
supported by continuous monitoring and periodic audits across our IT landscape.
Additionally, we conduct training and awareness programs to ensure all
employees and partners
remain vigilant and aligned with evolving security protocols. As part
of our broader digital strategy, we continuously assess and upgrade our systems to stay
ahead of emerging technologies, minimize downtime risk, and maintain business continuity
in an increasingly dynamic digital environment.
People Management Social
Eternal's ability to attract, retain, and develop top talent across all
functions-along with challenges in building leadership pipeline and executing effective
succession planning-may impact the Company's long-term capabilities, hinder innovation,
and limit its ability to execute strategic priorities and drive sustainable growth.
Eternal offers competitive packages and employee benefits designed to
attract and retain top talent in a highly competitive market. We have an Equal
Opportunity, Diversity, and Inclusion policy to cultivate a culture of diversity, equity,
and inclusion, creating and sustaining an environment where everyone feels valued and
respected.
As part of these initiatives, the group provides equal parental leaves,
counseling services for employee wellness, period leaves and other benefits to support
well-being, reduce burnout, and improve retention. The Company also fosters a culture of
mentorship to develop high-performing employees for future leadership roles, promoting
both individual and organizational growth.
Eternal has a policy on Succession Planning for the Board and Senior
Management Personnel. Additionally, the Company has reward and recognition programs that
acknowledge and celebrate employee's achievements, motivating high performance employees.
By prioritizing succession planning, fostering diversity and inclusion,
and nurturing talent through mentorship and support programs, Eternal is committed to
building a strong, inclusive workforce capable of driving sustained success.
Business Strategy Governance
Eternal may face the risk of revenue stagnation and constrained growth
in the absence of well-defined strategy for product innovation, technological advancement,
and the effective management of store. This may lead to over-reliance on limited revenue
streams, challenges in retaining and
acquiring new customers, and missed opportunities to capture emerging
market trends and unlock new growth avenues.
Eternal is committed to enhancing stakeholder experience and driving
long-term engagement through innovation, new product development. As a group, we
continuously work on our stakeholder feedback to refine our offerings and ensure our
services and products are in line with their preference and technological trends. Every
new feature or product undergoes rigorous testing to ensure performance, quality, and
reliability before launch.
To mitigate over-reliance on any single revenue stream, Eternal has
strategically diversified its business across complementary verticalsincluding
restaurant supply via Hyperpure, event, dining and entertainment ticketing through
District, and a rapidly growing quick commerce segment via Blinkit.
By embedding innovation into our core strategy, expanding into new
markets, and scaling operations with agility, Eternal is well-positioned to capture growth
opportunities, adapt to changing market dynamics, and deliver long-term value to all
stakeholders.
Competition Governance
Eternal may face negative impact on business, revenue and growth due to
new entrants in the market or increased competition from existing competitors. This could
lead to pricing pressures, higher customer acquisition costs, and challenges in
maintaining product differentiation and customer loyalty.
We have a presence across high-growth business portfolios, which helps
reduce reliance on a single service line and strengthens our position in the broader
digital commerce ecosystem.
We consistently invest in research, technology, and data-driven
insights to innovate our product offerings based on emerging trends and customer feedback.
Eternal is deeply committed to providing exceptional customer service, fostering strong
stakeholder relationships, and promoting retention and repeat business. We keep harnessing
our execution capabilities through differentiated products, effective marketing and
promotional activities and improved operational efficiencies across our businesses.
In addition, we closely monitor evolving market dynamics to proactively
recalibrate our strategies in response to competitive shifts. We also prioritize the
development of high-performing talent and crossfunctional capabilities to strengthen our
competitive edge from within.
Eternal remains committed to long-term brand building through
responsible, customer-first marketing and educational campaignsdesigned to create
enduring value, reinforce brand trust, and deepen customer engagement in an increasingly
competitive landscape.
Stakeholder Management Governance
Eternal may face revenue loss, operational disruptions, and
reputational damage due to ineffective management of key stakeholders. Risks such as
delivery partner strikes, last-minute cancellations by artists or sponsors, supply chain
interruptions affecting stores and warehouses, unexpected departures of critical
third-party vendors, or service discrepancies could significantly impact customer
relationships, service continuity, and overall business performance.
Eternal has established dedicated support teams for each key
stakeholder group, ensuring proactive relationship management and swift resolution of
grievances. We continuously launch targeted initiatives to attract, retain, and empower
stakeholders across our platform, fostering longterm partnerships.
To safeguard operational continuity and ensure service excellence, we
actively forecast stakeholder needs and implement measures to secure their availability,
minimizing disruptions, ensure continuity of services during adverse conditions. We are
committed to the well-being of our stakeholders and take various initiatives such as
insurance coverage for delivery partners, regular training sessions for health and safety
of delivery partners and manpower engaged through third-party vendors.
At Eternal, we recognize that our stakeholders are the backbone of our
business across verticals. We remain dedicated to creating a supportive, rewarding, and
sustainable ecosystem that enables them to grow and succeed alongside us.
Macro economics Social & Governance
Eternal may face negative impact on its revenue and growth due to
fluctuations in global and local macroeconomic conditions and geopolitical volatility.
These factors can influence interest rates, inflation, and overall economic stability,
potentially eroding consumer confidence and shifting purchasing behaviors. This may lead
to decreased demand, increased operational costs, and heightened market uncertainty,
challenging company's ability to achieve sustained growth.
Eternal has strategically diversified its business across multiple
verticals, catering to wide spectrum of customer needs, price points, and spending
capacities. This diversification helps mitigate the impact of macroeconomic fluctuations
by reducing dependency on a single customer segment.
The Company also deals in essential goods and services through its
Quick Commerce business, which helps maintain steady demand even during periods of
economic downturn. Additionally, Eternal continuously monitors both short-term and
long-term macroeconomic trends and adapts its strategy accordingly. This includes
launching or modifying products based on economic forecasts and reallocating resources
efficiently to meet evolving customer needs during periods of volatility.
Through diversification, continuous market analysis, and strategic
agility, Eternal strengthens its resilience against macroeconomic and geopolitical
uncertainties, supporting sustained growth even in challenging environments.
16. Auditors and auditors' reports
i. Statutory auditors
M/s. Deloitte Haskins & Sells, Chartered Accountants, (FRN:
015125N), were appointed as Statutory Auditors of the Company for a term of 5 (five)
consecutive years starting from the conclusion of the 10th AGM till the
conclusion of the 15th AGM. Further, they have confirmed that:
a. their appointment is within the limit prescribed under the Section
141 of the Act;
b. they are not disqualified from continuing as Statutory Auditors
under the Section 141 of the Act; and
c. they hold a valid certificate issued by the peer review board of the
Institute of Chartered Accountants of India.
M/s. Deloitte Haskins & Sells have given unmodified opinion and
have not given any qualification or reservation or adverse remark or disclaimer in their
audit report on the audited financial statements (standalone and consolidated) of the
Company for the financial year ended on March 31, 2025.
The Board recommends to re-appoint M/s. Deloitte Haskins & Sells,
Chartered Accountants, (FRN: 015125N), as Statutory Auditors of the Company for the second
term of 5 (five) consecutive years starting from the conclusion of the 15th AGM
till the conclusion of the 20th AGM, subject to the shareholders' approval at
the ensuing 15th AGM.
ii. Secretarial auditors
M/s. Chandrasekaran Associates, Company Secretaries, (FRN:
P1988DE002500) were appointed as Secretarial Auditors of the Company for the financial
year ended on March 31, 2025. The secretarial audit report does not contain any
qualification or reservation or observation or adverse remark and is annexed as Annexure -
III A.
Further, M/s. Chandrasekaran Associates, Company Secretaries, (FRN:
P1988DE002500), also acted as Secretarial Auditors for Zomato Hyperpure Private Limited
(" ZHPL"), and Blink Commerce Private Limited ("BCPL") material
unlisted subsidiaries of the Company for the financial year ended on March 31, 2025. The
secretarial audit reports of ZHPL and BCPL are also annexed as Annexure - III B and
Annexure - III C, respectively.
The Company has submitted the annual secretarial compliance report with
BSE and NSE in compliance of Regulation 24A of the SEBI Listing Regulations and the same
can be accessed at https://b-zmtcdn.com/ investor-relations/7d5ca9c149918266e34fac2e3292
5eab_1748590074.pdf.
The Board recommends to appoint M/s. Chandrasekaran Associates, Company
Secretaries, (FRN: P1988DE002500), a peer-reviewed firm as Secretarial Auditors of the
Company for a term of 5 (five) consecutive years starting from April 1,
2025 and ending on March 31, 2030, subject to the shareholders' approval at the ensuing 15th
AGM.
iii. Internal auditor
Deepak Ahluwalia, Chartered Accountant and Head of Governance, Risk
& Compliance for the Company, continues to serve as the Internal Auditor in compliance
with Section 138 of the Act.
In this role, he is entrusted with overseeing the internal audit
function across business processes, IT infrastructure, and information security management
systems, with a focus on strengthening internal controls and driving continuous
improvement in the Company's systems and processes.
In discharge of his duties, he is supported by reputed firms of
Chartered Accountants, providing independent assurance on the effectiveness of internal
controls and procedures including compliance processes.
Additionally, audit findings and the results of management testing of
internal financial controls are reported to the Audit Committee on a quarterly basis.
17. Internal financial controls and their adequacy
Internal financial controls are an integral part of the Company's risk
and governance framework, addressing financial and operational risks to ensure the orderly
and efficient conduct of its business.
This includes adherence to Company policies, safeguarding of assets,
prevention and detection of fraud and errors, accuracy and completeness of accounting
records, and the timely preparation of reliable financial information.
The Company has implemented an adequate internal financial control
system over financial reporting. This system ensures that all transactions are authorized,
recorded and reported correctly in a timely manner, providing reliable financial
information and complying with applicable accounting standards, commensurate with the size
and volume of the Company's business.
Key internal financial controls have been documented, automated
wherever possible and embedded in respective business processes. Assurance to the
Board on the effectiveness of internal financial controls is obtained
through three lines of defense:
(a) Management reviews and self-assessments;
(b) Continuous controls monitoring by the Governance, Risk and
Compliance Function; and
(c) Independent design and operational testing by the Statutory and
Secretarial Auditors.
The Company is of the opinion that the internal financial controls were
adequate and operating effectively during the financial year under review. Furthermore,
these internal financial controls were tested by the Statutory Auditors, who reported no
material weaknesses or significant deficiencies in their design or operation.
18. Human resources
As on the financial year ended on March 31, 2025, the permanent
employees on the rolls of the Company were 6,903 (on standalone basis) and 16,375 (on
consolidated basis).
The Company's employees continue to be among one of its most valued
stakeholders. We remain committed to attracting, developing, and retaining top talent. Our
efforts are focused on fostering a collaborative, transparent, and participative
organizational culture, while recognizing and rewarding merit and consistent high
performance. We believe that empowering our people is critical to driving long-term
success and organizational resilience.
The details with respect to the remuneration of directors and employees
as required under Section 197 of the Act and Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure - IV.
In terms of Section 136 of the Act, Annual Report and financial
statements of the Company are being sent to the shareholders excluding information on
details of employee remuneration as required under provisions of Section 197 of the Act
and Rule 5(2) & 5(3) of Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014. If any shareholder is interested in obtaining a copy of the
aforesaid information, such shareholder may send an email to the Company Secretary and
Compliance Officer of the Company at companysecretary@eternal.com in this regard.
19. Disclosure regarding employee stock options
plans
At Eternal, we view our Employee Stock Option Plan ("ESOP")
as a strategic instrument to cultivate a culture of ownership, long-term thinking, and
innovation among our team members. The ESOPs are designed to align our people with the
Company's growth and success. We aim to reward merit and encourage an entrepreneurial
mindset. This approach not only aids in attracting and retaining top talent but also
fosters a sense of accountability and shared purpose, driving our collective journey
towards enduring success.
During the financial year under review, the Company formulated ESOP
2024 pursuant to the resolution passed by the shareholders on June 29, 2024 through postal
ballot. Further, during the financial year under review, the Company has also changed the
mode of implementation and administration of ESOP 2018, ESOP 2021, ESOP 2022 and ESOP 2024
from direct route to trust route pursuant to the resolution passed by the shareholders on
November 22, 2024 through postal ballot. As on financial year ended on March 31, 2025, the
Company has five employees stock option plans ("ESOP Schemes") namely:
i) Foodie Bay Employee Stock Option Plan 2014 ("ESOP 2014");
ii) Zomato Employee Stock Option Plan 2018;
iii) Zomato Employee Stock Option Plan 2021;
iv) Zomato Employee Stock Option Plan 2022; and
v) Zomato Employee Stock Option Plan 2024.
Further, the shareholders vide special resolution dated November 22,
2024 approved providing interest free loan to Trust for implementation of ESOP 2018, ESOP
2021, ESOP 2022 and ESOP 2024 through Trust. Accordingly, during the year under review,
the Company has provided interest free loan to the Trust for the aforesaid purpose.
In accordance with the terms of ESOP Schemes, options may be granted to
employees of the Company and its subsidiaries which gives them rights to receive equity
shares of the Company having face value of INR 1/- (Indian rupee one) each upon exercise.
The Company confirms that the ESOP Schemes are in compliance with the
Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021 ("SEBI ESOP
Regulations").The Company has also obtained certificates from the
Secretarial Auditors confirming that ESOP 2014, ESOP 2018, ESOP 2021, ESOP 2022 and ESOP
2024 have been implemented in accordance with the SEBI ESOP Regulations and the
resolutions passed by the shareholders of the Company. The said certificates will be made
available for inspection by the members electronically during the AGM of the Company.
Further, the details as required to be disclosed under Regulation 14 of
the SEBI ESOP Regulations can be accessed at https://b.zmtcdn.com/investor-
relations/esopdisclosurefy2025.pdf.
20. Disclosure under the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has a zero-tolerance on sexual harassment and is committed
to fostering a safe, respectful, and inclusive workplace for all. In alignment with the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
and its associated Rules, the Company has adopted a comprehensive Prevention of sexual
harassment ("POSH") Policy.
POSH policy is inclusive and gender neutral, detailing the governance
mechanisms for prevention of sexual harassment issues relating to employees across genders
including employees who identify themselves with LGBTQI+ community.
The Company has structured framework in place for employees to report
cases of sexual harassment while ensuring complete confidentiality. The POSH policy can be
accessed at https://b.zmtcdn.com/investor-relations/
de2ae4fa2e3a77106b3a201c354ac9fe_1744732203.pdf
To implement and uphold POSH policy, the Company has constituted an
Internal Complaints Committee ("ICC") in accordance under the Sexual Harassment
of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The ICC comprises of diverse members with relevant experience,
dedicated to thoroughly investigate each case and make informed decision fairly and
impartially. Beyond grievance redressal, the ICC also drives proactive
initiativesincluding
awareness campaigns, training sessions, and regular communications-to
prevent harassment and promote a culture of dignity and inclusion.
Wherever violations have been identified, the Company has taken prompt
and appropriate disciplinary action, reinforcing its unwavering commitment to a
harassment-free workplace.
Details of complaints received and resolved during the financial year
under review by the ICC are given below:
Number of complaints filed during
the financial year |
19 |
Number of complaints disposed
of during the financial year |
19 |
Number of cases pending for
more than ninety days during the financial year |
0 |
Number of complaints pending
as at the end of the financial year |
0 |
21. Disclosure with respect to the compliance of the provisions
relating to the Maternity Benefit Act, 1961
The Company has an Equal Parental Leave Policy extended to both male
and female employees which is in compliance to the Maternity Benefit Act 1961. This policy
reflects our belief in shared parenting and our commitment to creating an inclusive
workplace. Beyond leave, we support employees through access to mental wellness programs,
professional counseling, and structured return-to-work programs that ease the transition
back to their roles with confidence. To further assist working parents, we offer creche
facilities or tie ups with day care facilities at our offices, ensuring peace of mind and
a better work-life balance.
22. Conservation of energy, technology absorption, and foreign exchange
earnings and outgo
The particulars relating to conservation of energy, technology
absorption, and foreign exchange earnings and outgo are given hereunder:
i. Conservation of energy
The Company is committed towards conservation of energy and climate,
which is reaffirmed in our actions and our environmental policy which is also available
on the website of the Company. Eternal continuously strives to reduce
the environmental impact of its operations and lower its carbon footprint. It focuses on
improving energy efficiency and improving waste management to reduce the overall
environment footprint.
During the financial year under review, various initiatives / steps
were taken to improve energy conservation and reduce carbon targets such as:
We have taken significant steps towards sustainable operations within
our Hyperpure business by initiating transitioning to solar power. In one of our Gurgaon
warehouse, we have commissioned a 300KW solar project for generation of clean energy.
We are helping our delivery partners in adoption or shifting to EV
vehicles by connecting them with the EV rental agencies through the 'Rent an EV' feature
on their app and provides them the option to deduct the rental amount from their payout.
Between Zomato and Blinkit, there were more than ~ 52k EV based active delivery partners
in March 2025. This further supports our target to move towards 100% EV based deliveries
by 2030.
We are dedicated to the rationalization and optimal utilization of
electrical equipment usage, including air-conditioning systems, office illumination, and
beverage dispensers. This ensures we minimize energy waste and maximize efficiency in our
operations.
We continue to prioritize the use of LED lights and LED monitors in our
corporate offices, stores / warehouses. This initiative not only reduces energy
consumption but also underscores our dedication to energy-efficient infrastructure.
To promote a culture of energy consciousness, we regularly share
awareness and educational content with our employees through our internal communication
channels. These initiatives encourage simple yet impactful actions, such as switching off
lights when leaving meeting rooms and unplugging devices once they are fully charged.
Through these impactful initiatives, we are making substantial strides
in energy conservation and carbon reduction, setting a benchmark for sustainability and
environmental responsibility.
The details as required under Section 134 of the Act are given
hereunder:
S.
No. |
Particulars |
Details |
(i) |
the steps taken or impact on
conservation of energy |
As mentioned above |
(ii) |
the steps taken by the
Company for utilising alternate sources of energy |
As mentioned above |
(iii) |
the capital investment on
energy conservation equipments |
- |
ii. Technology absorption
Eternal is a technology-first organization, harnessing the power of
artificial intelligence, machine learning, and advanced data science to continuously drive
innovation for our key stakeholders. We are committed to using technology to transform
every aspect of our business, ensuring a seamless and exceptional experience for all
stakeholders.
Eternal introduced Nugget, an AI-native customer support platform that
handles over 15 million monthly interactions across Zomato, Blinkit, and Hyperpure,
resolving up to 80% of customer grievances autonomously. This has resulted in faster query
resolution, personalized support, improved customer satisfaction, and significant cost
savings. Nugget is now also available to external businesses, enabling them to enhance
their customer support operations effortlessly.
Zomato introduced the Food Rescue feature, aimed at reducing food
wastage from order cancellations and promoting a more sustainable food delivery
ecosystem. When an order is canceled and the meal is still fresh, it is
instantly offered at a discounted price to nearby customers in its original, untampered
packaging. Through seamless tech integration, these orders are shown in real time to
active users within the delivery partner's proximity, enabling quick acceptance and rapid
delivery. This initiative helps minimize food waste and contributes to more responsible
operations.
Zomato launched the web-based Restaurant Services Hub to simplify the
process of setting up and running a restaurant. The platform supports restaurant partners
with essential services such as FSSAI registration, hygiene audits, and staffing, through
a trusted network of vendors. Having served over 6,000 restaurants, it ensures
convenience, quality, and cost-efficiency-allowing partners to focus on growing their
business without operational burdens. The service is available to all restaurants across
India, regardless of their partnership with Zomato.
Blinkit launched the Seller Hub, a self-serve portal that simplifies
the onboarding process for sellers looking to list their products on the Blinkit platform.
The portal minimizes the need for human support by enabling sellers to register, and
complete onboarding requirements independently. It also assists sellers in listing their
products, giving them access to millions of customers through Blinkit's wide network of
dark stores. This allows sellers to tap into India's rapidly growing quick commerce market
and unlock significant growth opportunities.
The details as required under Section 134 of the Act are given
hereunder:
Sr. No. |
Particulars |
Category |
i. |
The efforts made towards
technology absorption |
As mentioned above |
ii. |
The benefits derived like
product improvement, cost reduction, product development or import substitution |
As mentioned above |
iii. |
In case of imported
technology (imported during the last three years reckoned from the beginning of the
financial year)- |
|
|
a) the details of technology
imported |
NIL |
|
b) the year of import |
NIL |
|
c) Whether imported
technology fully absorbed |
NIL |
|
d) If not fully absorbed, areas
where absorption has not taken place, and the reasons thereof |
NIL |
iv. |
The expenditure incurred on
research and development |
NIL |
iii. Foreign exchange earnings and outgo
The details of foreign exchange earnings and outgo as required under
Section 134 of the Act are given hereunder:
(INR crore)
Particulars |
Amount |
Foreign exchange earned |
46 |
Foreign exchange outgo |
118 |
Foreign exchange earnings and outgo are on an accrual basis.
23. Statutory disclosures
i. Details in respect of frauds reported by auditors
During the financial year under review, pursuant to Section 143(12) of
the Act, M/s. Deloitte Haskins & Sells, Chartered Accountants, Statutory Auditors and
M/s. Chandrasekaran Associates, Company Secretaries, Secretarial Auditors have not
reported any instance of fraud committed in the Company by its officers or employees to
the audit committee.
ii. Requirements for maintenance of cost records
During the financial year under review, requirement for maintenance of
cost records as specified by Central Government under Section 148 of the Act is not
applicable on the Company.
iii. Annual return
The annual return of the Company as on the financial year ended on
March 31, 2025 in terms of Section 92 and Section 134 of the Act is available on the
website of the Company at www.eternal.com.
iv. Material changes and commitments, if any, affecting the financial
position of the Company which have occurred between the end of the financial year of the
Company to which the financial statements relate and the date of the report
No material changes and commitments affecting the financial position of
the Company have occurred between the end of March 31, 2025, to which the financial
statements relate and the date of the report.
v. Details of significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Company's operations in
future
No significant and material orders have been passed by the regulators
or courts or tribunals impacting the going concern status and Company's operations in
future.
vi. Management discussion and analysis report
In terms of the provisions of Regulation 34 of the SEBI Listing
Regulations, management discussion and analysis report is set out as a separate section
under this Annual Report.
vii. Business Responsibility and Sustainability Report
(BRSR)
For the financial year 2024-25, the Company continues its commitment to
sustainability reporting by aligning with the BRSR framework. The BRSR maps the Company's
sustainability performance against the principles of the National Guidelines on
Responsible Business Conduct ("NGRBC").
In line with regulatory requirements outlined by the Securities and
Exchange Board of India ("SEBI"), the Company has adhered to the evolving BRSR
framework as prescribed in the following circulars:
SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023, which defined
the BRSR Core framework and mandated reasonable assurance on select ESG indicators;
SEBI Press Release PR No.36/2024 dated December 18, 2024, Public
announcement aligning with BRSR Core rollout
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177 dated December 20, 2024, which set
out uniform industry standards for BRSR Core reporting
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/42 dated March 28, 2025, which
introduced relaxations for value chain disclosures and clarified implementation timelines.
The revised BRSR format includes a core set of Key Performance
Indicators (KPIs) across nine ESG attributes, which are subject to mandatory reasonable
assurance by an independent assurance provider. In compliance with this requirement, the
Company has appointed Deloitte Haskins & Sells LLP to provide assurance on these core
KPIs and select non-core KPIs.
Additionally, while ESG disclosures related to value chain partners
remain voluntary for the financial year under review, the Company has proactively included
select ESG indicators for its value chain partners in the BRSR. The BRSR is presented as a
separate section in this Annual Report in accordance with the above regulatory guidance.
viii. Corporate governance report
The Company has complied with all applicable corporate governance
requirements as prescribed under the Act and SEBI Listing Regulations. Report on corporate
governance is set out as a separate section under this Annual Report.
ix. Transactions with related parties
During the financial year under review, the Company has not entered
into any materially significant related party transaction. Related party transactions
entered into were approved by the audit committee and the Board, from time to time and are
disclosed in the notes to accounts of the financial statements forming part of this Annual
Report.
The policy on materiality of related party transactions and dealing
with related party transactions (RPT Policy") formulated by the Board can be
accessed at https://b.zmtcdn.com/investor-relations/8ba6c21fa
54726568a4571a5a78dcbed_1744732656.pdf
All transactions with related parties are in accordance with the RPT
Policy. Further, during the financial year under review, in terms of Section 188 of the
Act, all transactions entered into by the Company with its related parties were on arm's
length basis and ordinary course of business. Hence, disclosure under the prescribed form
AOC-2 in terms of Section 134 of the Act is not required.
x. Deposits
The Company has not accepted any deposits from the public and no amount
on account of principal or interest on deposits from the public was outstanding as on
March 31,2025. Accordingly, disclosures related to deposits as required to be made under
the Act are not applicable to the Company.
xi. Particulars of loan and advances, guarantees
and investments
Details of loans and advances given, investments made or guarantees
given or security provided as per the provisions of Section 186 of the Act and Regulation
34 read with Schedule V of the SEBI Listing Regulations are given in the notes forming
part of the financial statements provided in this Annual Report.
xii. Downstream investment
During the financial year under review, the Company has complied with
the provisions of the Foreign Exchange Management Act, 1999 ("FEMA") read with
the Foreign Exchange Management (Nondebt Instruments) Rules, 2019 ("NDI Rules")
for the downstream investment made in other Indian entities during the financial year
ended under review. The Company has also obtained a certificate, confirming compliance
with FEMA read with the NDI Rules from M/s. Deloitte Haskins & Sells, Chartered
Accountants, (FRN: 015125N), Statutory Auditors of the Company in respect of the
downstream investment made by the Company.
xiii. Details of application made or any
proceeding pending under the Insolvency and Bankruptcy Code, 2016
On October 08, 2024, Nona Lifestyle Private Limited ("Operational
Creditor") filed a petition bearing C.P. (IB) - 670/2024 to initiate corporate
insolvency resolution process under Section 9 of the Insolvency and Bankruptcy Code, 2016
read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority)
Rules, 2016 (" Original Petition") against the Company ("Corporate
Debtor") before National Company Law Tribunal, Delhi, Bench - II ("NCLT").
The Operational Creditor has alleged non-payment of approximately
INR 1.64 crore for orders placed by Corporate Debtor pertaining to
customised uniforms and promotional apparel. Vide Order dated November 25, 2024, the
Original Petition was dismissed for want of prosecution without issuance of notice to the
Corporate Debtor.
On December 24, 2024, the Operational Creditor filed a restoration
application bearing Rst. A (IBC) - 152/2024 ("Restoration Application") for
restoration of the Original Petition. As the financial year ended on March 31, 2025, the
Restoration Application was pending adjudication. Subsequently, vide Order dated April 03,
2025, NCLT was pleased to reject the Restoration Application and resultant, the Original
Petition was also not restored.
xiv. Compliance with Secretarial Standards
During the financial year under review, the Company has complied with
the applicable provisions of the Secretarial Standard-1 and Secretarial Standard-2 issued
by the Institute of Company Secretaries of India and notified by the Ministry of Corporate
Affairs ("MCA").
xv. Revision of financial statements and Board
Report
During the financial year under review, there were no revisions in the
financial statements and Board Report of the Company.
xvi. Utilisation of proceeds of QIP
The Company has issued 33,64,73,755 Equity Shares at an issue price of
INR 252.62 per Equity Share, aggregating to INR 8,500 crore through QIP.
Details of utilisation of proceeds of QIP for the financial year under
review, are given herein below:
Item head |
''Amount as proposed in the
offer document (INR crore) |
1 Amount utilized (INR
crore) |
Total unutilized amount (INR
crore) |
Deviation(s) or variation(s) in
the use of proceeds of issue, if any |
Expenditure towards setting up
and running operations of Dark Stores and warehouses |
2,137.00 |
180.86 |
1956.14 |
No deviation - or variation
in the use of proceeds of QIP |
Advertising, marketing and
branding initiatives across business offerings |
2,492.00 |
133.97 |
2,358.03 |
|
Investment in technology
infrastructure and capabilities, including cloud infrastructure and software and towards
development of technological capabilities |
1,769.00 |
111.10 |
1,657.90 |
|
General corporate purposes |
2,038.12 |
380.83 |
1,657.29 |
|
Total |
8,436.12 |
806.76 |
7,629.36 |
|
1
Amount does not include the offer related expenses of approx.
INR 63.88 crore in relation to the QIP issue.
xvii. Valuation done at the time of one time
settlement
During the financial year under review, disclosure w.r.t. details of
difference between amount of the valuation done at the time of one time settlement and the
valuation done while taking loan from the banks or financial institutions along with the
reasons thereof, is not applicable.
xviii. Other disclosures
During the financial year under review, the Company changed its name
from "Zomato Limited" to "Eternal Limited" with effect from March 20,
2025.
24. Directors responsibility statement
In accordance with the provisions of Section 134 of the Act, directors
to the best of their knowledge and belief confirm and state that:
a) In the preparation of the annual accounts for the financial year
ended on March 31, 2025, the applicable accounting standards have been followed along with
proper explanation relating to material departures;
b) The directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at the end of the
financial year March 31, 2025 and of the profit of the Company for that period;
c) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) The directors have prepared the annual accounts on a going concern
basis;
e) The directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and were
operating effectively; and
f) The directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
Acknowledgments
The Board would also like to thank all stakeholders including but not
limited to shareholders, customers, delivery partners, restaurant partners and all other
business associates for their continuous support to the Company and their confidence in
its management.
We look forward to their continuous support in the future.
|
For and on behalf of the Board
Eternal Limited
(Formerly known as Zomato Limited) |
Sd/- |
Sd/- |
Deepinder Goyal |
Kaushik Dutta |
Managing Director & Chief
Executive Officer |
Chairman & Independent
Director |
DIN:02613583 |
DIN:03328890 |
Date: July 21, 2025 |
Date: July 21, 2025 |
Place: Gurugram |
Place: Gurugram |