Food delivery platform Swiggy Ltd on February 5 reported that its net loss widened 39 percent to Rs 799 crore in the quarter ended December 31, 2024, regulatory filings showed. It reported a net loss of Rs 574 crore in the year-ago period.
Swiggy's revenue from operations rose 31 percent to Rs 3,993 crore in Q3FY25 as against Rs 3,049 crore in Q3FY24.
"The secular expansion in Food delivery margins and cash flow generation is balanced by growth investments being made in Quick-commerce including dark stores expansion and marketing, amidst high competitive intensity in the near-term," Sriharsha Majety, MD and Group CEO, Swiggy said in a prepared statement.
Swiggy’s results have come at a time when old rival Zomato also saw its profits decline 57 percent on a year-on-year (YoY) basis to Rs 59 crore in the Q3.
While the Gurugram-based company saw its revenue from operations rise 64 percent YoY to Rs 5,404 crore in Q3, up from Rs 3,288 crore a year ago. While it had reported a 64 percent YoY increase in revenue to Rs 5,404 crore in the previous quarter, Zomato had flagged concerns of a slowdown in the food delivery space.
Bengaluru-based Swiggy saw its gross order value (GOV) grow 38 percent YoY to Rs 12,165 crore, while its consolidated adjusted EBITDA loss reduced around 2 percent YoY to Rs 490 crore. However on a sequential basis, EBITDA loss was up slightly to Rs 149 crore, filings showed.
On February 5, Swiggy's shares on BSE closed trading 3.6% lower at Rs 418.6 apiece.
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