As per the unaudited consolidated financial results of the company, its net loss narrowed to Rs 625.5 crore in the second quarter of current fiscal (Q2FY25), compared to Rs 657 crore in Q2FY24
Registering an improvement in its financial performance, the food and grocery delivery firm Swiggy has managed to narrow its consolidated net loss to Rs 625.5 crore in the second quarter of the current financial year. The company’s unaudited consolidated financial results revealed that it reduced from Rs 657 crore net loss during same period in previous fiscal (Q2FY24).
However, the net loss increased during the quarter when compared with Rs 611 crore net loss in the first quarter of the current fiscal. The company witnessed an increase in its revenue from operations which went up 30 per cent YoY. It was Rs 3,601 crore in Q2FY25, as compared to Rs 2,763 crore during the corresponding period last financial year. The company’s total income also increased to Rs 3,686 crore in Q2FY25 from Rs 2,850 crore in Q2FY24.
The total expenses also marked an increase as they rose to Rs 4,309 crore during the quarter as compared to Rs 3,506 crore in the same period last year. As per the results, the company’s B2C gross order value (GOV) rose to Rs 11,306 crore in the second quarter of the current fiscal from Rs 8,703 crore in Q2FY24.
The consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss of the company stood at Rs 341 crore in the second quarter of the current fiscal. The same loss was Rs 489 crore in Q2FY24.
“Swiggy’s Food delivery business continues to gain strength every quarter and our GOV has grown 5.6 per cent QoQ in Q2FY25. The business has ramped up profitability significantly, with Adjusted EBITDA margins improving by nearly 1,000 bps over the past 2.5 years, to 1.6 per cent in Q2FY25. This has been the result of consistent growth in users and their spends, a leap in restaurant advertising, concerted efforts on efficiency in fixed costs, substantial improvement in on-ground execution (especially in Tier-2 cities), and cost-efficient interventions into improving the customer experience,” stated Sriharsha Majety Co-founder, Managing Director and Group Chief Executive Officer, Swiggy
As per the company, its average monthly transacting users (MTU) increased from 14.4 million in Q2FY24 to 17.1 million in Q2FY25. The B2C total orders were 230 million in Q2FY25, an increase from 192 million in Q2FY24.
