Mumbai, Oct. 17 -- Quick-commerce company Blinkit helped parent firm Eternal to almost triple revenue from operations for the September quarter. However, a look under the hood shows Eternal's earnings still don't come from operations. So where does the profit come from? And why are investors not pleased with Eternal's performance? Mint explains.

Consolidated revenue for Eternal Ltd, the parent company of food delivery firm Zomato and quick commerce service Blinkit, increased almost 3x year on year to Rs.13,590 crore in the September quarter. Yet, profit after tax dropped to Rs.65 crore-just over a third of the figure a year earlier.

This is because Blinkit has changed the way it buys goods. It has transitioned about 80% of its net order...