Swiggy's Q4 net loss nearly doubles to Rs 1,081 cr
Food delivery and quick commerce platform
Swiggy
on Friday reported widening of consolidated net loss during the March quarter to Rs 1,081.18 crore, due to significant investments in quick commerce. The company had reported a net loss of Rs 554.77 crore on a consolidated basis in the year-ago period.
Swiggy's revenue from operations rose to Rs 4,410 crore during the January-March period, as against Rs 3,045.5 crore a year earlier, a regulatory filing showed.
However, its total expenses shot up to Rs 5,609.6 crore during the quarter under review, as against Rs 3,668 crore in the corresponding period of the previous year.
In a statement, Swiggy said the gross order value (GOV) of its food delivery business continues to grow in line with guidance at a healthy 17.6 per cent year-on-year, to Rs 7,347 crore.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 15.4 per cent quarter-on-quarter and over five times year-on-year to Rs 212 crore, and strong efficiency and execution drove a margin expansion to 2.9 per cent of GOV, up from 0.5 per cent a year ago.
Swiggy Instamart average order value increased 13.3 per cent to Rs 527 during the quarter. Instamart added 316 new dark stores -- an increase of 45 per cent sequentially -- its highest-ever during a quarter.
Investments into customer acquisition amidst high competitive intensity saw monthly transacting users (MTUs) surge 40 per cent quarter-on-quarter to 9.8 million, the company said.
Swiggy MD & Group CEO Sriharsha Majety said, "Quick-commerce is in a phase of rapid expansion and heightened competitive intensity, for which we have ramped up investments aimed at market expansion (Megapods), reach (1,000+ stores across 124 cities) and differentiation (Maxxsaver). Our Out of Home Consumption business turned profitable in Q4, within just 2 years of its integration. Overall, we remain focused on growth, on the back of delivering unparalleled convenience to consumers."
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