Swiggy Q2 results: Loss narrows to ₹625 crore, revenue jumps 30%

Food delivery major Swiggy has reported a 5 per cent decrease in net loss to ₹625.53 crore in the July-September 2024 quarter compared to ₹657 crore last year.

On a sequential basis, the loss increased by 2.32 per cent from ₹611 crore.

The operating revenue increased by 30 per cent to ₹3,601 crore during the same period, compared to ₹2,763.33 crore in the year-ago period. On a sequential basis, it was up by 12 per cent from ₹3,222.21 crore.

Swiggy’s consolidated adjusted EBITDA loss declined 30 per cent year-on-year (y-o-y) to ₹341 crore in Q2FY25. Overall gross order value (GOV) grew by 30 per cent y-o-y to ₹11,306 crore during the quarter under review.

In Q2FY25, Swiggy saw its monthly transacting users (MTU) increase to 17.1 million, up by 19 per cent y-o-y.

• Swiggy Q2 Results & Share Price Highlights

The company is declaring its results for the first time since it went public last month. In its shareholder letter, Swiggy said, “At the consolidated group level, we expect to achieve positive Adjusted EBITDA by Q3FY26 (Oct-Dec 2025).”

The company said that its food delivery business is already adjusted EBITDA-profitable and is seeing improvement in margins every quarter.

The food delivery business reported revenue growth of ₹1,577 crore, with adjusted EBITDA at ₹112 crore. The gross order value grew steadily by 5.6 per cent q-o-q to ₹7,191 crore.

The company recently launched ‘Bolt’, a 10-minute restaurant food delivery service that already accounts for 5 per cent of the overall food deliveries within eight weeks of its launch.

Sriharsha Majety, MD & 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.”

Swiggy Instamart, the company’s quick commerce segment, has more than doubled its operating revenue to ₹490 crore from ₹208 crore in the corresponding quarter last year. Its GOV grew by 24 per cent q-o-q to reach ₹3,382 crore. Overall orders grew by 21 per cent q-o-q, with orders per dark store per day rising 10 per cent q-o-q.

Instamart added 12 cities and 52 stores during the quarter and improved its contribution margin by 124 bps q-o-q to -1.9 per cent.

Swiggy Instamart plans to double its dark store count by March 2025 compared to 523 on March 2024, while increasing the average size of stores by 30-35 per cent.

“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,” Majety added.

The company’s board of directors on Tuesday also approved an investment of up to ₹1,600 crore in the equity shares of Scootsy Logistics Private Limited, a wholly-owned subsidiary. The investment is expected to be made in one or more tranches, by way of a subscription to a rights issue.

“In the last ten years, we have reached 118 million users and processed nearly 3.5 billion orders by offering a wide range of urban convenience opportunities. At the platform level, we’ve seen one of our best quarters so far with strong growth in GOV, while consistently reducing the losses. With well-spread-out businesses in different stages of profitability, we’re excited by the value Swiggy will be able to bring to consumers, our ecosystem and shareholders,” said the company in its filing.

The board of directors also approved the formation of a wholly-owned subsidiary to engage in sports team ownership, management, talent development, event organisation, and facility operation, among other activities.

The foodtech major made its debut on the bourses on November 13, listing at ₹412 on the BSE. The company’s shares closed at ₹501.30, up 1.2 per cent on the BSE.