Swiggy share price declines nearly 6% as Q3 net loss widens to ₹799 crore

Swiggy share price: Shares of food and grocery delivery giant Swiggy were trading in the negative territory on Thursday after the company released its financial results for the third quarter of the current fiscal year.

The stock was down 5.82% to ₹393.70 apiece on the National Stock Exchange (NSE) at 12:48 pm.

Swiggy Q3 results

Revenue from operations increased 30.97% to ₹3,993.06 crore in Q3 FY24 from Rs 3,048.69 crore in the October-December quarter of FY24. Total expenses climbed to ₹4,898.27 crore from ₹3,700 crore in the corresponding period last fiscal.

On the earnings, Sriharsha Majety, MD and Group CEO of Swiggy said, "We continued our focus on creating segmented offerings for the consumer during the festive quarter, which we believe will open up more consumption occasions."

"The secular expansion in Food delivery margins and cashow generation is balanced by growth investments being made in Quick-commerce including darkstores expansion and marketing, amidst high competitive intensity in the near term," he added.

The GOV of Swiggy's food delivery business advanced 19.2% YoY to ₹7,436 crore, while Instamart reported 88% YoY increase in GOV to ₹3,907 crore.

In the quarter, Instamart opened 96 new active stores, taking the active dark store area to 2.45 million square feet.

Instamart is now available in 84 cities and is on track to have a four-million-square-foot active dark store area by March 2025.

"Growth investments in quick-commerce led to a reduction in contribution margin from -1.9% in Q2 FY25 to -4.6% in Q3 FY25, as the company ramped up user activation and dark store expansion across geographies," the company said in an exchange filing.