Swiggy Q3 Results: Net loss widens to ₹1,065 crore, revenue surges 54%

Swiggy, the leading food delivery and quick commerce platform, announced its financial performance for the October–December period on Thursday after market hours, reporting a net loss of ₹1,065 crore compared with a net loss of ₹800 crore in the same period last year.

Losses widened even as the company’s consolidated revenue from operations surged 54% year-on-year (YoY) to ₹6,148 crore during the quarter under review, supported by strong growth in the quick-commerce segment, which continued to drive top-line performance.

Although losses widened on a year-on-year basis, they narrowed compared with the ₹1,092 crore reported in the September quarter. The weak bottom-line performance was impacted by a sharp surge in operating expenses, which jumped 49% YoY to ₹7,298 crore.

In the same period last year, the company had reported revenue of ₹3,993 crore. On a sequential basis, revenue improved 10.55%, compared with ₹5,561 crore posted in the September quarter. While the adjusted EBITDA loss widened to ₹712 crore from ₹490 crore on a YoY basis.

Quick commerce GOV doubles to ₹7,938 crore

Swiggy’s quick-commerce business continued to outpace its core food delivery segment during the quarter, with gross order value (GOV) surging 103.2% year-on-year and 13% quarter-on-quarter to ₹7,938 crore, marking the fourth consecutive quarter of over 100% YoY growth.

The company added 0.8 million monthly transacting users during the period and expanded its darkstore network by 34 stores to 136 across 31 cities, while also increasing the average size of its darkstores, taking total active darkstore area to 4.8 million square feet.

Average order value rose around 40% YoY to ₹746, driven by the continued expansion of non-grocery offerings and larger basket sizes. Contribution margin improved by 9 basis points sequentially and 208 basis points YoY to -2.5%, while the adjusted EBITDA margin improved by 65 basis points QoQ to -11.4%, though losses widened by ₹59 crore sequentially to ₹908 crore.

Food delivery segment delivered steady performance

Meanwhile, the food delivery business delivered steady growth, with GOV rising 20.5% year-on-year to ₹8,959 crore, the highest growth rate seen in the past three years. Monthly transacting users grew 22% YoY to 18.1 million, supported by accelerating user additions during the quarter.

Adjusted EBITDA for the segment improved 13.1% sequentially to ₹272 crore, with the adjusted EBITDA margin expanding to 3% of GOV, marking its highest level in the past two years.

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