Food delivery company Swiggy on Wednesday released its fiscal third quarter earnings report wherein it recorded a widened loss of Rs 799.08 crore in comparison to a loss of Rs 574.38 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 3993.07 crore, up 30.98 per cent as against Rs 3048.69 crore reported during the third quarter of previous financial year. The company recorded EBITDA loss of Rs 725 crore vs loss of Rs 525 crore YoY.
This is the second earnings report by the food delivery major, after the company got listed on the exchanges on November 13. During the last quarter, which was its first ever earnings release of NSE and BSE, Swiggy had posted a loss of Rs 625.53 crore and the revenue for the quarter in review was at Rs 3601.45 crore.
Swiggy’s Gross Order Value (GOV) went up by 38 per cent YoY to Rs 12,165 crore, while the consolidated adjusted EBITDA loss reduced by approximately 2 per cent YoY to Rs 490 crore but rose Rs 149 crore QoQ. The platform’s Average MTU increased 25.3 per cent YoY to reach 17.8 million; with nearly a third of all users utilizing more than one service on the platform.
Shares of Swiggy were down by 3.59 per cent at 4:40 pm to a trading price of Rs 418.10.
Swiggy’s Q3 performance across business verticals
Swiggy’s food delivery business GOV went up by 19.2 per cent YoY to Rs 7,436 crore led by innovations like Bolt and improved execution driving user-additions. Adjusted EBITDA grew 63.7 per cent QoQ to Rs 184 crore, delivering a 2.5 per cent margin, up from 0.3 per cent a year ago. The segment also added 2.4 million MTUs over the past year, driven by multiple industry-leading innovations. Bolt, a 10-minute restaurant food delivery service launched in October 2024, already accounts for 9 per cent of overall food deliveries, Swiggy said.
Swiggy Instamart reported a GOV rise of 88 per cent YoY (15.5 per cent QoQ) to Rs 3,907 crore. Average order value, it said, increased by 14 per cent YoY to Rs 534 driven by greater selection and increased consumer salience. During the quarter, Instamart added 96 new active stores (+16 per cent QOQ); driving up active darkstore area to 2.45 million sqft (+25 per cent QoQ). In a statement, Swiggy said, “Growth investments in Quick-commerce led to a reduction in contribution margin from -1.9 per cent in Q2FY25 to -4.6 per cent in Q3FY25, as the company ramped up user activation and darkstore expansion across geographies.”
Swiggy has rolled out 96 new active darkstores in Q3, nearly double of Q2 and is on track to achieve 4 million sqft active Darkstore area by March 2025. Furthermore, it stated that Instamart is now available in 84 cities.
The Out of Home Consumption segment posted GOV growth of 68 per cent YoY, and the Dineout business reached break-even for the month of December-24.
Sriharsha Majety, MD & Group CEO, Swiggy, said, “We delivered higher YoY growth across all 3 of our primary businesses during Q3, which accelerated B2C GOV growth to 38 per cent YoY. The secular expansion in Food delivery margins and cash flow generation is balanced by growth investments being made in Quick-commerce including darkstores expansion and marketing, amidst high competitive intensity in the near term. With this thrust, Instamart added another 86 stores in January 2025, and has grown MTUs to 9 million (+2 million).”
“We continued our focus on creating segmented offerings for the consumer during the festive quarter, which we believe will open up more consumption occasions. In recent months, we’ve introduced Bolt and Snacc (10-minute food delivery), expanded into new categories within Quick-Commerce, and plan to offer an even greater assortment. We’ve also launched Swiggy Scenes focused on restaurant event reservations; and introduced One BLCK, the premium tier of our Swiggy One subscription program,” he added.