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Mumbai, December 3: The food and grocery delivery giant Swiggy (NSE: Swiggy) reported revenue of INR 2,146.1 crore for the July-September period, marking a 39% year-on-year increase from INR 1,547.7 crore in the same quarter last year.
According to the company's regulatory filings, the surge in revenue was driven by a higher number of transacting users on the platform. Swiggy (NSE: Swiggy) also saw a reduction in its losses, which narrowed by 17% to INR 490.9 crore, compared to INR 590.
8 crore in the corresponding quarter of the previous year. In comparison, Swiggy's competitor, Zomato, posted a much higher revenue of INR 4,799 crore and reported a profit after tax of INR 272 crore for the same period. Swiggy's latest results mark the company's first financial disclosure since it went public last month.
Swiggy Share Price Today, December 3: Swiggy Shares Rise Over 9% to Touch All-Time High Ahead of Q2 FY25 Results . Swiggy Results for Q2: Company Reports 39% Revenue Growth, Losses Narrow Swiggy's monthly transacting users (MTUs) grew by one million in Q2FY25, bringing its total user base to 17.1 million.
This marks a 7% quarter-on-quarter (QoQ) increase and a 19% year-on-year (YoY) growth, the company revealed. In addition, Swiggy’s 10-minute food delivery service, Bolt, has gained significant traction, now accounting for 5% of the company's total food orders. Swiggy IPO: Prosus and Tencent Earn Billions in Food Delivery Giant’s Initial Public Offering .
“The remarkable performance of our food business operations comes on the back of strong innovation and execution. We are constantly trying to anticipate and improve the consumer's experience. The recent launch of Bolt- our 10-minute delivery service is an example of that.
Similarly in quick commerce, we are anticipating and responding to consumer behaviour to bring more and more convenience to urban households. Instamart today is present in 54 cities and delivers more than 32000 unique items, within an average delivery time of 13 minutes," Swiggy MD and Group CEO Sriharsha Majety was quoted as saying by Moneycontrol. (The above story first appeared on LatestLY on Dec 03, 2024 04:06 PM IST.
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