For the March quarter, Swiggy reported a net loss of ₹800 crore, compared to a loss of ₹1,081 crore during the same quarter last year.
Revenue for the quarter increased by 44.7% on a year-on-year basis to ₹6,383 crore from ₹4,410 crore.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at a loss of ₹697 crore, narrower than the EBITDA loss of ₹962 crore last year.
Here’s how Swiggy’s various business segments fared during the quarter:
Revenue from the Food Delivery business increased to ₹2,075 crore from ₹1,629 crore last year. The management said that the food delivery business grew at the fastest pace in nearly four years and that it crossed annual adjusted EBITDA of ₹1,000 crore. EBIT for this segment increased to ₹306 crore from ₹220 crore last year.
Revenue for the Quick-commerce business increased to ₹1,057 crore from ₹689 crore last year. The segment reported an EBIT loss of ₹736 crore, nearly the same as the EBIT loss of ₹771 crore it reported last year.
In its investor presentation, Swiggy said that Instamart’s Gross Order Value (GOV) increased by 68.8% from last year to ₹7,881 crore. Network expansion remained selective with seven dark stores added, taking the total network to 1,143 stores across 129 cities, covering 4.8 million square feet in area.
Average order value also increased by 32.8% from last year to ₹700, driven by a sustained non-grocery mix and larger basket sizes.
Revenue for the supply chain and distribution business increased to ₹3,135 crore from ₹2,004 crore last year, with EBIT loss narrowing to ₹4 crore from ₹51 crore last year.
Shares of Swiggy ended 1.2% higher before the earnings announcement to ₹282.8. The stock trades well below its issue price of ₹390.
