return to news
  1. Swiggy share price spikes over 6% as Q2 net loss narrows to ₹626 crore

Market News

Swiggy share price spikes over 6% as Q2 net loss narrows to ₹626 crore

Upstox

2 min read | Updated on December 04, 2024, 09:59 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

Swiggy share price rose as much as 6.56% to ₹534.8 apiece on the NSE. At 9:30 a.m., shares were trading 2.87% higher at ₹516.25 a unit.

Stock list

swiggy-share-price-instamart-growth.webp

Swiggy's food delivery business clocked adjusted revenue of ₹1,808 crore in Q2.

Swiggy share price climbed over 6% on Wednesday after the online food and grocery delivery platform released its financial results for the second quarter of the current fiscal.

In the early trade, the stock rose as much as 6.56% to ₹534.8 apiece on the NSE. At 9:30 a.m., shares were trading 2.87% higher at ₹516.25 a unit.

The company's market capitalisation stands at ₹1,15,559.84 crore.

On the BSE, it was up 3.1% to ₹517.

Swiggy Q2 results

Swiggy narrowed its consolidated net loss to ₹625.53 crore in the quarter concluded on September 2023 due to growth in the food delivery business. It had posted a net loss of ₹657 crore a year back,

Revenue from operations climbed 30.3% to ₹3601.45 crore in Q2 FY25, compared to ₹2763.33 in the same period last fiscal.

In an exchange filing, Swiggy said it expects "positive adjusted EBITDA by the third quarter of FY26" at the consolidated group level.

The total expenses rose 22.8% to ₹4,309.54 crore in the latest September quarter, from ₹3,506.63 crore in the second quarter of FY24.

In a letter to shareholders, Swiggy co-founder and Group CEO Sriharsha Majety said that the food delivery segment continues to strengthen every quarter, and the gross order value (GOV) has risen 5.6% quarter-on-quarter (QoQ).

"The business has ramped up profitability significantly, with adjusted EBITDA margins improving by nearly 1,000 bps over the past 2.5 years, to 1.6% in Q2FY25," he added.

The food delivery business registered an adjusted revenue of ₹1,808 crore in the second quarter of FY25. The quick-commerce vertical, Instamart, clocked an adjusted revenue of ₹513 crore in Q2.

The out-of-home consumption segment, 'Swiggy Dineout', registered secular growth with improving margins. "We continue to take steps to unlock the growth potential of this category, through restaurant-based events and some innovations in the pipeline as well," he said.

This is a developing story.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story