Swiggy's Q3 results: Losses surge 39% YoY to ₹799 crore
What's the story
Leading food delivery platform Swiggy has seen its consolidated losses jump significantly for the third quarter ended December 31, 2024.
The company's losses increased to ₹799 crore, up from ₹574 crore in the same quarter last year.
The financial slump comes despite a whopping 31% year-on-year (YoY) increase in operational revenue for Q3 FY25, which amounted to ₹3,993 crore.
Financial overview
Swiggy's losses and revenue growth: A closer look
Swiggy's losses also widened sequentially, as the company had earlier reported a consolidated loss of ₹626 crore in Q2 FY25.
However, the firm's top line grew by 11% from ₹3,601 crore reported in the current fiscal's July-September quarter.
The main culprit behind these widening losses is a 32% YoY jump in Swiggy's Q3 FY25 expenses, which stood at ₹4,898 crore.
Business performance
Food delivery business and user growth
Swiggy's food delivery business saw a 19.2% YoY growth in Gross Order Value (GOV) to ₹7,436 crore.
The segment also added 2.4 million Monthly Transactional Users (MTUs) in the last year, thanks to a number of industry-leading innovations.
'Bolt,' a rapid food delivery service launched in October 2024, already contributes to 9% of total food deliveries according to the company's filing.
Financial growth
EBITDA and overall GOV growth
Swiggy's adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) jumped 63.7% QoQ to ₹184 crore in Q3 FY25.
This translated to a margin of 2.5%, compared to just 0.3% a year ago.
The company's overall GOV also witnessed strong growth, rising 38% YoY to ₹12,165 crore during the period.
User expansion
User base and future plans
Swiggy also noted that its average MTU grew by 25.3% YoY to 17.8 million, with almost a third of all users using more than one service on the platform.
Sriharsha Majety, the MD and Group CEO of Swiggy, spoke about the company's Q3 performance and future plans.
He highlighted Swiggy's continued focus on building segmented offerings in the festive quarter to unlock more consumption opportunities.
Strategic moves
New initiatives and growth across businesses
Majety emphasized recent initiatives such as Bolt and Snacc (10-minute food delivery), and expansion into new categories in quick commerce.
He also spoke about the launch of Swiggy Scenes for event reservations, and launch of One BLCK, the premium tier of their Swiggy One subscription program.
"We delivered higher YoY growth across all three of our primary businesses during Q3," Majety said.