Mumbai — Swiggy Limited reported a consolidated net loss of Rs 791 crore for the quarter ended June 30, narrowing from a loss of Rs 1,197 crore in the same period a year earlier.
The company’s net loss also improved slightly from Rs 800 crore in the preceding March quarter, according to a regulatory filing.
Consolidated revenue from operations rose 37% year-over-year to Rs 6,812 crore from Rs 4,961 crore. Revenue also increased from Rs 6,383 crore in the previous quarter, driven largely by continued growth in Swiggy’s quick-commerce business.
Adjusted earnings before interest, taxes, depreciation and amortization remained negative, but the loss narrowed to Rs 650 crore from Rs 945 crore in the year-ago period.
Swiggy Managing Director and Group CEO Sriharsha Majety said the economics of the company’s food delivery business continued to improve as it expanded affordability initiatives and consumer offerings.
“Food delivery economics continue to strengthen as we innovate across affordability and consumer propositions to broaden adoption and unlock the next 100 million users in the category,” Majety said.
He added that out-of-home consumption remained a profitable and rapidly growing part of the company’s business.
Swiggy’s average monthly transacting users increased 27.4% year-over-year to 27.5 million. The figure rose 9.2% from the previous quarter.
Gross order value in the food delivery business climbed 17.4% from a year earlier to Rs 9,490 crore.
The segment added about 900,000 monthly transacting users during the quarter, bringing the total to 19.2 million, an 18% increase from the previous year.
Adjusted EBITDA for the food delivery segment improved by Rs 100 crore year-over-year to Rs 292 crore, although it declined by Rs 5 crore from the preceding quarter.
The segment’s adjusted EBITDA margin expanded 70 basis points year-over-year to 3.1% of gross order value but declined 22 basis points sequentially. (Source: IANS)
