Swiggy Q3 Results: Net loss above ₹1,000 crore for second straight quarter, topline up 54%

Swiggy Ltd. the food delivery and quick commerce aggregator, reported a net loss for the December quarter on Thursday, January 29, that was wider than the same period last year.Net loss for the quarter widened to ₹1,065 crore compared to a loss of ₹800 crore during the same quarter last year. Swiggy had reported a ₹1,092 crore net loss in the September quarter.
Revenue for the period grew by 54% from the year-ago period to ₹6,148 crore from ₹3,993 crore.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter also was a loss of ₹782 crore, compared to an EBITDA loss of ₹725 crore.Swiggy’s Food delivery business reported revenue of ₹2,041 crore, higher than the ₹1,637 crore that it had reported during the same quarter last year. Gross Order Value for the Food Delivery business increased by 20.5% from last year, while its EBITDA on an Adjusted basis is up 1.5x to ₹272 crore.

Quick Commerce revenue at the end of the December quarter grew by 76% to ₹1,016 crore from ₹577 crore last year. On a sequential basis, the quick commerce topline is nearly flat. EBIT loss for the Quick Commerce business stood at ₹791 crore, wider than the EBIT loss of ₹528 crore last year.GOV for Instamart doubled in value, rising 103% from last year, led by a 40% jump in the Average Order Value. Contribution margins improved by 9 basis points sequentially. Adjusted EBITDA loss stood at ₹908 crore.

Instamart added 37 dark stores during the quarter, taking the total dark store network to 1,136 across 131 cities and 4.8 million square feet.

Revenue from the supply chain and distribution business stood at ₹2,981 crore from ₹1,693 crore last year.

Shares of Swiggy gave up all the gains of the day in the final few minutes of Thursday’s trading session ahead of the earnings announcement to end little changed at ₹323.85. The stock is down 17% from its IPO price of ₹390.

This is breaking news. To be updated with more.