 "Swiggy Q2 results: Loss narrows to Rs 626 cr, revenue up 30% at Rs 3,601 cr")
Food and grocery delivery firm Swiggy has marginally narrowed its consolidated net loss in the second quarter of financial year 2025 (Q2FY25) to Rs 625.5 crore from Rs 657 crore a year ago. But sequentially, the loss was up as the firm had reported a consolidated loss of Rs 611 crore in the first quarter of FY25.
Swiggy, which made its trading debut on November 13 -- over three years after its nearest rival Zomato got listed -- saw robust growth in its food delivery as well as quick commerce verticals during the quarter under review. But it is still way behind its rival Zomato, which recently reported a sharp 389 per cent jump in consolidated net profit to Rs 176 crore in Q2FY25.
Swiggy’s revenue from operations soared 30 per cent to Rs 3,601 crore during Q2FY25.
And its overall gross order value (GOV) too grew by 30 per cent year-on-year (Y-o-Y) to reach Rs 11,306 crore during Q2FY25, the company said.
The consolidated adjusted EBITDA loss of Rs 341 crore represented a reduction in the loss by 30 per cent Y-o-Y, according to the financials posted on BSE.
Platform average monthly transacting users (MTU) grew 19.2 per cent Y-o-Y to 17.1 million.
More From This Section
“The remarkable performance of our food business operations comes on the back of strong innovation and execution,” said Sriharsha Majety, MD and Group CEO, Swiggy.
“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,” Majety said.
Swiggy’s food delivery business saw a near doubling of its profitability, with adjusted EBITDA clocking Rs 112 crore at a 1.6 per cent margin. GOV grew by 5.6 per cent quarter-over-quarter to Rs 7191 crore. The company recently launched ‘Bolt’, a 10-minute restaurant food delivery service, which already accounts for 5 per cent of the overall food deliveries within eight weeks of launch.
While Swiggy Instamart, the company’s quick commerce platform, witnessed a significantly improved performance where its GOV growth accelerated to 24 per cent quarter-on-quarter (Q-o-Q) to reach Rs 3,382 crore. The overall orders grew by 21 per cent Q-o-Q, with orders per dark store per day rising 10 per cent Q-o-Q.
Instamart added 12 cities and 52 stores during the quarter and improved its contribution margin by 124 bps Q-o-Q. Swiggy Instamart plans to double its dark store count by March 25 (vs 523 on March 24), while increasing the average size of stores by 30-35 per cent. As a result, the active dark store area will grow to over 2.5 times Y-o-Y to reach 4 million square feet by March 25.
The Swiggy numbers were announced just when the market was about to close, and shares fell about 3 per cent to Rs 491 apiece. On its plate
> Swiggy’s food delivery segment delivers 5.6% Q-o-Q GOV growth. For Zomato, it was 4.6%
> Bolt, 10-minute delivery service, accounts for 5% of food deliveries
> Swiggy added over 1 million monthly users at 17.1 million, up 7% Q-o-Q
> Instamart’s GOV growth accelerated to 24%