A giant food tech and grocery delivery company Swiggy Ltd. reported a revenue of Rs 3,602 Crore in the September Quarter, recording a 30% revenue growth from Rs 2,763.3 Crore during the same period last year. This is the first quarterly report of the company after becoming a public company last month.
The company also saw its losses narrow 5 percent from Rs 657 crore to Rs 625.5 Crore during the same period last year. And a loss of Rs 611 Crore during the June quarter. Swiggy had reported Rs 3,222 Crore revenue and its losses stood at Rs 611 Crore during the last quarter Q1 FY25.
Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) for this quarter remained at a loss of Rs 555 Crore, which stands the same as the EBITDA loss of Rs 544 Crore during the June Quarter. The EBITDA loss for this quarter is slightly lower than the loss of Rs 624 Crore, which was seen during the same quarter last year.
Zomato, Swiggy’s direct rival, had reported a revenue of Rs 4,799 Crore and had Profit After Tax (PAT) of Rs 272 Crore during the September quarter. This amazing performance of Swiggy’s old rival is a challenge in itself.
Swiggy saw a Monthly Transacting Users (MTU) increase by one million in the second quarter of the Financial year 2024-25. The company now has a total user base of 17.1 million, a growth of 7 percent quarter on quarter (QOQ) and 19% Year on Year (YOY).
Swiggy’s Instamart, or the Quick Commerce Business, doubled its revenue, It posted revenue growth of 136% from last year to Rs 490 Crore, while its EBIT loss remained at Rs 317 crore from the loss of Rs 320 crore during the same quarter last year and Rs 280 crore during the June quarter.
Swiggy’s Gross Order Value (GOV) has grown by 30% from the last year to Rs 11,306 crore, while the GOV for Instamart increased by 24% sequentially. Instamart also added 52 new dark stores across the 12 cities and aims to add more than double the active dark stores area year-on-year to 4 million square feet by March 2025.
Sriharsha Majety, MD & Group CEO of Swiggy, said, “The remarkable performance of our food delivery business operations comes because of innovation and execution. We are constantly trying to anticipate and improve the customer’s experience.
Bolt, Swiggy’s 10-minute food delivery platform, now accounts for almost 5 percent of all the food orders, the company said.
“The recent launch of the Bolt-our 10-minute food delivery platform is the best example of this. Similarly in the Quick commerce space, we are anticipating and responding to the consumer’s behavior to bring more and more convenience in the urban household. Currently, Instamart is present in 54 cities and delivers more than 32,000 unique items, within an average delivery time of 13 minutes, “MD & Group CEO of Swiggy, Sriharshan Majety said.
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