Business

India’s Swiggy posts narrower loss as quick commerce arm hits contribution break-even

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July 30 : India’s Swiggy Ltd on Thursday posted a narrower quarterly loss by 34 per cent, buoyed by healthy demand for its food delivery and as its quick commerce arm hit a contribution break-even.

The Instamart-owner reported a consolidated net loss of 7.91 billion rupees ($82.67 million) for the April-June quarter, compared to a net loss of 11.97 billion rupees a year ago.

Analysts on average had expected a net loss of 7.2 billion rupees, according to LSEG data.

Indian food delivery sector has remained resilient despite a challenging consumer spending environment, with platforms like Swiggy benefiting from customers ordering more frequently and from an uptick in revenue generated through advertisements and platform fees.

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    For the June quarter, Instamart’s adjusted EBITDA margin improved to negative 9.8 per cent from negative 10.9 per cent in the previous quarter.

The Sriharsha Majety-led company reported a consolidated revenue of 68.12 billion rupees compared to analysts estimates of 65.21 billion rupees, with revenue from food delivery and quick commerce arm, Instamart, driving growth.

($1 = 95.6800 Indian rupees)

Source: Reuters

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