Swiggy Q2 consolidated loss declines to Rs 625cr
Revenue from operations increased 30% to Rs 3,601 crore from Rs 2,763 crore reported in Q2FY24.
Swiggy reported a consolidated net loss of Rs 625 crore for the second quarter of 2024-25 compared to Rs 657 crore in the same period last year.
Revenue from operations increased 30 percent to Rs 3,601 crore from Rs 2,763 crore reported in Q2FY24, says an official release.
Gross order value (GOV) increased 30 percent YoY to Rs 11,306 crore while consolidated adjusted EBITDA loss of Rs 341 crore was down 30 percent YoY, the release added. "Platform average monthly transacting users (MTU) grew 19.2 percent YoY to 17.1 million."
Swiggy Instamart reported a 24 percent QoQ increase in GOV at Rs 3,382 crore, led by strong MTU growth (18 percent QoQ).
"Swiggy Instamart is at an inflection point," says Sriharsha Majety, Co-Founder, MD & Group CEO, Swiggy. "The quick-commerce category is expanding to more geographies, consumer shopping missions, and categories in retail. Over the past year, we have pivoted our network to larger and more optimised darkstores which now house nearly 3x the SKUs. We are increasing our store counts as well, and added 52 stores in Q2, taking our dark store footprint to ~2Mn sq ft (up 54 percent YoY). This has resulted in our national average delivery times reducing to 13 minutes in September 24 from 17 minutes a year ago.
"Our predictability metrics have improved as well, with availability of items and adherence to promised delivery times at industry best levels. As a result, our GOV growth has been accelerating since three quarters, and at over 24 percent QoQ it has been the fastest since Q1FY23."
Majety adds that Swiggy is "not just delivering food anymore; we're building an ecosystem. Groceries, pick-up and drop services, even toys, stationery and pet supplies – you name it, Swiggy delivers it. We're weaving ourselves into the fabric of Indian life, becoming as indispensable as chai and cricket."
Swiggy made its stock market debut on November 13, listing at ₹420, a 7.7 percent premium over its IPO price of Rs 390. The stock ended marginally lower at Rs 491on the NSE today.
