Food delivery platform Swiggy posted a net loss of Rs 625.5 crore for the September quarter, its first financial report since going public last month. This is a slight improvement from the Rs 657 crore loss in the same quarter last year but higher than the Rs 611 crore loss in the June quarter.
Swiggy’s total revenue for the quarter stood at Rs 3,602 crore, up from Rs 2,763 crore a year ago and Rs 3,222 crore in the previous quarter. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) remained a loss at Rs 555 crore, marginally higher than Rs 544 crore in June but an improvement from Rs 624 crore last year.
The core Food Delivery business reported a 22 per cent year-on-year revenue growth, reaching Rs 1,577 crore. Its EBIT was Rs 122 crore, a turnaround from a Rs 44 crore loss last year and higher than Rs 67 crore in the previous quarter. Gross Order Value (GOV) rose 30 per cent year-on-year to Rs 11,306 crore.
Swiggy’s Food delivery business witnessed a near doubling of its protability, with Adjusted EBITDA clocking Rs 112 crore at a 1.6 per cent margin. GOV grew steadily by 5.6 per cent QoQ to Rs 7191 crore. The company recently launched ‘Bolt’, a 10-minute restaurant food delivery service, which already accounts for 5 per cent of the overall food deliveries within 8 weeks of launch.s
Sriharsha Majety, MD and Group CEO, Swiggy said, “The remarkable performance of our food business operations comes on the back of strong innovation and execution. We are constantly trying to anticipate and improve the consumer's experience. The recent launch of Bolt- our 10-minute delivery service is an example of that. Similarly in quick commerce, we are anticipating and responding to consumer behaviour to bring more and more convenience to urban households. Instamart today is present in 54 cities and delivers more than 32,000 unique items, within an average delivery time of 13 minutes.”
Swiggy’s Instamart, its quick-commerce unit, saw revenue jump 136 per cent year-on-year to Rs 490 crore. However, it remained loss-making with an EBIT loss of Rs 317 crore, slightly better than the Rs 320 crore loss a year ago but higher than Rs 280 crore in the previous quarter. Instamart’s GOV grew 24 per cent sequentially, and its contribution margins improved by 124 basis points.
The unit added 52 new stores across 12 cities and aims to double its active dark store area to 4 million square feet by March 2025.
“Instamart today is present in 54 cities and delivers more than 32,000 unique items within an average delivery time of 13 minutes,” said MD and Group CEO Sriharsha Majety.
