Synopsis
Swiggy has reported a widening net loss of Rs 799.08 crore in Q3 FY25, reflecting a 39% increase compared to the previous quarter. Despite losses, revenue grew by 10.9%, driven by food delivery services and Instamart.Key Takeaways
- Net loss increased to Rs 799.08 crore.
- Revenue rose by 10.9% to Rs 3,993.07 crore.
- Operating loss reached Rs 725.66 crore.
- Gross order value grew by 38%.
- Zomato reported a 57% decline in profits.
New Delhi, Feb 5 (NationPress) In a recent announcement, Swiggy, a major competitor of Zomato, disclosed a net loss of Rs 799.08 crore for the October-December period (Q3 FY25), up from a loss of Rs 625.53 crore in the previous quarter.
When compared year-over-year, Swiggy’s net loss expanded by 39 percent, rising from Rs 574 crore reported during the same period last year.
The company's operating loss, prior to accounting for interest, tax, depreciation, and amortization, amounted to Rs 725.66 crore, an increase from Rs 554.17 crore recorded in Q2.
Despite the losses, Swiggy’s revenue saw a growth of 10.9 percent from the previous quarter, totaling Rs 3,993.07 crore, as per its filing with the stock exchange.
This increase was largely driven by the food delivery segment, which generated Rs 1,636.88 crore in revenue.
Additionally, Swiggy Instamart, the company’s quick commerce division, experienced a 17.7 percent sequential revenue growth, reaching Rs 576.5 crore.
According to Sriharsha Majety, MD and Group CEO of Swiggy, "The consistent growth in food delivery margins and cash flow generation is counterbalanced by ongoing investments in Quick-commerce, including the expansion of dark stores and marketing initiatives, amidst heightened competitive pressures in the near future."
Prior to the Q3 report, Swiggy’s shares concluded at 3.69 percent lower, valued at Rs 418.05 each on the NSE. Since its listing in November, the stock has decreased by 8.32 percent.
Swiggy's gross order value (GOV) saw a remarkable 38 percent growth, reaching Rs 12,165 crore, while its consolidated adjusted EBITDA loss decreased by approximately 2 percent year-over-year to Rs 490 crore.
However, the EBITDA loss showed a slight uptick on a sequential basis, rising to Rs 149 crore, according to the filings.
In a related note, Zomato also reported a 57 percent decline in profits year-over-year, totaling Rs 59 crore in Q3.
