Eternal (ETERNAL) Q4 20/21 earnings summary

Executive summary

• FY21 consolidated revenue from operations was INR 19,937.89 million; net loss narrowed to INR 8,164.28 million from INR 23,856.01 million YoY.

• Delivery activity recovered to pre-COVID levels, with signs of recovery in dining-out revenue in Q3 and Q4; COVID-related uncertainty remained.

Financial highlights

• Consolidated total income was INR 21,184.24 million vs INR 27,427.39 million in FY20; total expenses fell to INR 26,087.82 million from INR 50,063.11 million.

• Loss before exceptional items and tax was INR 4,903.58 million; exceptional items of INR 3,247.66 million brought loss before tax to INR 8,151.24 million.

• Consolidated net loss was INR 8,164.28 million vs INR 23,856.01 million in FY20; basic and diluted EPS were both INR (1.51) vs INR (5.42).

• Cash and cash equivalents were INR 3,065.46 million and current liquid mutual fund investments were INR 22,052.48 million at Mar. 31, 2021.

Outlook and guidance

• Management reported food-delivery GOV back at pre-COVID levels and healthy recovery signs in dining-out revenue during Q3 and Q4 FY21.

• Carrying values of goodwill and intangible assets were assessed using internal and external information; management expected recoverability under current economic indicators.