Swiggy reported a revenue of Rs 2,146.1 crore for the July-September period
As per report swiggy, the food tech and grocery delivery giant, reported a revenue of Rs 2,146.1 crore for the July-September period, reflecting a 39% growth from Rs 1,547.7 crore in the same quarter last year. The surge in revenue was driven by a rise in the number of transacting users on its platform. Additionally, the company reduced its losses by 17%, narrowing them from Rs 590.8 crore to Rs 490.9 crore during the period. In comparison, swiggy had posted a revenue of Rs 1,952.9 crore and losses of Rs 497.5 crore in Q1FY25.Meanwhile Swiggy’s competitor, Zomato, reported a revenue of Rs 4,799 crore and a profit after tax of Rs 272 crore for the same period. This marks Swiggy’s first earnings report since its public listing last month. For Q2FY25, swiggy saw a notable increase in its monthly transacting users (MTU), adding a million to reach a total of 17.1 million. This represents a 7% quarter-on-quarter (QoQ) growth and a 19% year-on-year (YoY) increase.Moreover Swiggy’s Instamart, or the Quick-Commerce business, reported a revenue growth of 136% from last year to Rs 490 crore, while its EBIT remained at a loss of Rs 317 crore from a loss of Rs 320 crore last year and Rs 280 crore during the june quarter. Shares of swiggy, which had gained as much as 9% in early trade on Tuesday, have pared their gains and are now at the flat line at Rs 495.