Swiggy Q2 Results: Losses widen but earnings jump sharply, revenue rises by Rs 1,960 crore

News Topical, Digital Desk : Swiggy Q2 Results: Food delivery and quick commerce platform Swiggy has released its September quarter (Q2) results. The company's consolidated loss widened year-on-year to ₹1,092 crore, compared to ₹626 crore in the same quarter last year.

However, despite the increase in losses, the company's total revenue saw a tremendous jump. In the September quarter, Swiggy's revenue increased from ₹3,601 crore to ₹5,561 crore, a year-on-year growth of about 54%.

The company incurred a loss at the EBITDA (earnings before interest, tax, depreciation and amortization) level. This loss increased from ₹553 crore to ₹798 crore. Segment-wise performance The company has informed in the filing that when it comes to segment-wise performance, Swiggy's quick commerce segment (through platforms like Instamart) performed well. The revenue of this segment doubled from ₹490 crore to ₹980 crore. Meanwhile, the company's revenue from its food delivery business increased from ₹1,577 crore to ₹1,923 crore, reflecting a steady increase in the number of users and orders. Analysts believe that Swiggy is investing heavily in its quick commerce business, which has increased its operating costs and impacted losses. However, the company's strong revenue growth indicates that both user engagement and market share are increasing on its platform. According to industry experts, Swiggy is working towards improving its unit economics and achieving profitability at the EBITDA level in the coming quarters.

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