The company’s net loss widened to Rs 799 crore in the third quarter of the current fiscal (Q3FY25), compared to Rs 574.3 crore in Q3FY24
As growth investments in quick-commerce led to a reduction in margins, Swiggy, a food delivery platform has reported a 39 per cent year-on-year (YoY) rise in its consolidated net loss during the third quarter of the current financial year (Q3FY25). The company’s net loss widened to Rs 799 crore, compared to Rs 574.3 crore in Q3FY24.
The audited consolidated financial results of the company revealed a 31 per cent YoY increase in its revenue from operations which rose to Rs 3,993 crore during the recently concluded quarter, compared to Rs 3,048.6 crore during the corresponding period of the previous financial year. The total expenses of the company jumped to Rs 4,898.2 crore in Q3FY25 from Rs 3,700.1 crore in Q3FY24.
The company attributed its losses to investments in quick-commerce, dark store expansion, and marketing, amid intense competition.
“The secular expansion in food delivery margins and cash flow generation is balanced by growth investments being made in quick-commerce, including dark stores expansion and marketing, amidst high competitive intensity in the near term,” said Sriharsha Majety, Managing Director (MD) and Group CEO , Swiggy, in a statement.
Swiggy’s gross order value (GOV) grew 38 per cent YoY to Rs 12,165 crore, while its consolidated adjusted EBITDA loss reduced by two per cent YoY to Rs 490 crore. However, on a sequential basis, the EBITDA loss increased slightly to Rs 149 crore, filings showed.
Swiggy’s Food Delivery business Gross Order Value (GOV) grew 19.2 per cent YoY to Rs 7,436 crore in the quarter. Swiggy Instamart reported an 88 per cent YoY rise in GOV to Rs 3,907 crore. Average order value increased by 14 per cent YoY to Rs 534, driven by greater selection and increased consumer salience. Instamart added 96 new active stores during the quarter, driving up active darkstore area to 2.45 million square feet, as per the company’s statement.
On 5 February, Swiggy’s shares on BSE closed 3.6 per cent lower at Rs 418.6 apiece.
