Swiggy Ltd. reported a higher quarterly net loss than last year, even as revenue surged. Consolidated net loss stood at Rs 1,065 crore in the October-December quarter, compared to a loss of Rs 799 crore in the corresponding period last year, according to results announced on Thursday. Analysts’ consensus estimates compiled by Bloomberg projected a loss of Rs 1,000 crore.
Revenue surged 54% to Rs 6,148 crore from Rs 3,993 crore. The estimate was Rs 5,922 crore.
The company remained in an operational loss, as per projections. Adjusted Ebitda loss rose to Rs 908 crore, led by continued investments into marketing (both performance and brand), but operating leverage drove adjusted Ebitda margins to -11.4% (+65 bps QoQ), the company said.
Swiggy’s food delivery business Gross Order Value (GOV) growth accelerated to 20.5% to Rs 8,959 crore. The growth rate was highest across the last three years.
Quick service segment Instamart’s GOV grew by 103% to Rs 7,938 crore. During the quarter, 34 darkstores were added selectively to take the overall network to 1,136 darkstores, covering 4.8 mn sq ft across 131 cities.
“In quick commerce, where we believe we are only a quarter of the way through the opportunity, we are deepening wallet penetration and expanding differentiated assortment across categories to strengthen engagement and order value,” said Sriharsha Majety, MD and Group CEO.
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