Swiggy Q2 Results: Net loss of ₹625.5 crore; Instamart revenue doubles – haroonabadvital.com

Food delivery company Swiggy Ltd. announced. It reported a net loss of Rs 625.5 crore during the September quarter, in what was the company’s first quarterly report since it became a public company last month.

The company reported a net loss of Rs 657 crore during the same quarter last year and a loss of Rs 611 crore during the June quarter.

Swiggy reported revenue of INR 3,601 crore in the September quarter, compared to INR 2,763 crore last year and INR 3,222 crore during the June quarter.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter remained at a loss of ₹555 crore, which is almost equal to the EBITDA loss of ₹544 crore during the June quarter, and slightly lower than the loss of ₹624 crore that was seen during the same. quarter of last year.

As for Swiggy’s various businesses, the food delivery business registered revenue growth of 22% year-on-year and 4% sequentially to Rs 1,577 crore.

Food segment’s EBIT was profitable at Rs 122 crore compared to EBIT loss of Rs 44 crore last year and profitable Rs 67 lakh crore in the June quarter.

Swiggy’s Instamart, or express commerce business, posted a 136% revenue growth over last year to Rs 490 crore, while its EBITDA remained at a loss of Rs 317 crore from a loss of Rs 320 crore last year and Rs 280 Crore rupees during the last year. June quarter.

Swiggy’s total order value rose 30% year-on-year to Rs 11,306 crore, while Instamart’s government value increased 24% sequentially, with contribution margins improving by 124 basis points as of June.

Instamart has also added 52 new stores in 12 cities and aims to double its annual active dark store area to 4 million square feet by March 2025.

“Similarly, in express commerce, we anticipate and respond to consumer behavior to provide more and more convenience to urban households. Today Instamart is present in 54 cities and offers more than 32,000 unique items, within an average delivery time of 13 minutes,” said Group CEO Sriharsha. Majity.

Swiggy shares, which at one point rose 9%, pared all gains after the earnings announcement to end 0.5% lower at Rs 491.