Food and quick-commerce platform Swiggy Ltd on Tuesday announced its first quarterly results post listing. The company's consolidated loss during the July-September 2024 period (Q2 FY25) widened to Rs 625.53 crore sequentially as against Rs 611 crore in the previous quarter. However, Swiggy's net loss was at Rs 657 crore in Q2 FY24.
During the quarter under review, revenue from operations rose 11.77 per cent quarter-on-quarter (QoQ) to Rs 3,601.45 crore from Rs 3,222.22 crore in Q1 FY25. On a year-on-year (YoY) basis, revenue saw a 30.33 per cent jump.
Swiggy said its overall gross order value (GOV) grew 30 per cent YoY to reach Rs 11,306 crore, while the consolidated adjusted EBITDA loss of Rs 341 crore represented a reduction in the loss by 30 per cent YoY. Platform average monthly transacting users (MTU) grew 19.2 per cent YoY to 1.71 crore.
Sriharsha Majety, MD & Group CEO at Swiggy, said, “The remarkable performance of our food business operations comes on the back of strong innovation and execution. We are constantly trying to anticipate and improve the consumer's experience. The recent launch of Bolt- our 10-minute delivery service is an example of that. Similarly in quick commerce, we are anticipating and responding to consumer behaviour to bring more and more convenience to urban households. Instamart today is present in 54 cities and delivers more than 32000 unique items, within an average delivery time of 13 minutes."
Swiggy's food delivery business witnessed a near doubling of its profitability, with adjusted EBITDA clocking Rs 112 crore at a 1.6 per cent margin. GOV grew steadily by 5.6 per cent QoQ to Rs 7,191 crore. The company also said its recently launched 'Bolt', a 10-minute restaurant food delivery service, already accounts for 5 per cent of the overall food deliveries within eight weeks of launch.
Swiggy Instamart, the company's quick commerce platform, witnessed a significantly improved performance where its GOV growth accelerated to 24 per cent QoQ to reach Rs 3,382 crore. The overall orders grew by 21 per cent QoQ, with orders per dark store per day rising 10 per cent QoQ.
Earlier in the day, Swiggy shares surged 9.44 per cent to hit a record high of Rs 542.10. The stock eventually settled 1.20 per cent up at Rs 501.30.