Mumbai1 day ago
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Shares of online food delivery and quick commerce company Swiggy Limited saw a rise of more than 10% today. However, later it saw a slight decline and after the day’s trading it closed at the level of 539.45 with a rise of 4.18%. Earlier on Wednesday, the stock had closed at Rs 517.10 with a rise of 3.04%.
In fact, Swiggy’s loss has reduced by 4.72% in the second quarter of the financial year 2024-25. The company had released Q2FY25 results two days ago on December 3. Swiggy has suffered a loss of Rs 626 crore (consolidated net loss) in the July-September quarter. The company had suffered a loss of Rs 657 crore in the same quarter last year.
With this, revenue in the second quarter increased by 30.33% to Rs 3601 crore. The company had generated revenue of Rs 2763 crore in July-September 2023-24. Earnings from selling goods and services are called revenue. Swiggy was listed in the stock market on November 13, since then its shares have increased by more than 18%.
Swiggy’s revenue increased by 36% in FY 2024
Swiggy’s financial condition also improved in FY 2024. Swiggy’s revenue increased by 36% to Rs 11,247 crore in FY2024, from Rs 8,265 crore in its previous financial year.
During this period, the company also reduced its losses by 44% and in the financial year 2024 it stood at Rs 2,350 crore, which was Rs 4,179 crore in the previous year. The company has been helped in reducing losses by keeping its costs under control.
Although Swiggy’s performance is lower than that of Zomato, it has still narrowed the gap to its rival in FY24. Zomato recorded revenue of Rs 12,114 crore in FY 2024, while Swiggy’s revenue stood at Rs 11,247 crore. Similarly, Zomato made a profit of Rs 351 crore, while Swiggy had a loss of Rs 2,350 crore.
