Swiggy’s 1st Post-Listing Results: 30% GOV Growth and Bold Plans

Swiggy Ltd (NSE: SWIGGY) released its first financial results after going public, reporting strong performance for the quarter and half-year ending September 30, 2024. The company highlighted significant growth in Gross Order Value (GOV) and a notable reduction in losses.

Robust Growth in Gross Order Value

Swiggy’s overall Gross Order Value (GOV) grew by 30% year-on-year (YoY) to reach ₹11,306 crore. The food delivery giant also reduced its consolidated adjusted EBITDA loss by 30% YoY to ₹341 crore, showing progress toward profitability.

Increase in Active Users

The platform’s Average Monthly Transacting Users (MTU) rose by 19.2% YoY, reaching 17.1 million. This reflects Swiggy’s growing popularity among urban consumers.

Food Delivery Business Gains

Swiggy’s core food delivery service saw a near doubling of profitability. The business achieved an adjusted EBITDA of ₹112 crore, representing a 1.6% margin. GOV for food delivery grew by 5.6% quarter-on-quarter (QoQ) to ₹7,191 crore.

Launch of ‘Bolt’ Service

Swiggy introduced a new 10-minute restaurant food delivery service called ‘Bolt’, which contributed 5% of overall food deliveries within eight weeks of its launch.

Swiggy Instamart’s Rapid Growth

Swiggy Instamart, the company’s quick commerce platform, delivered impressive results:

• GOV grew by 24% QoQ to ₹3,382 crore.
• Overall orders increased by 21% QoQ.
• Orders per dark store rose by 10% QoQ.
• Contribution margin improved by 124 basis points QoQ to -1.9%.

Expansion Plans

Instamart expanded to 12 new cities and added 52 stores in the quarter. It plans to double its dark store count by March 2025, increasing the active dark store area to over 4 million square feet, a 2.5x increase YoY.

About Swiggy

Swiggy, founded in 2014, is India’s leading on-demand convenience platform. It connects consumers with over 2 lakh restaurants in 680+ cities for food delivery and operates Swiggy Instamart in 50+ cities for grocery and essentials delivery.

Innovation and Services

The company offers services like Swiggy Dineout and Swiggy Genie and provides an integrated membership program, Swiggy One, which offers benefits across multiple services. With over 5 lakh delivery partners, Swiggy is committed to enhancing urban lifestyles through technology-driven solutions and unmatched convenience.

Swiggy share price is currently trading at ₹517.25, reflecting an increase of ₹15.40 or 3.07% as of December 4, 9:43 AM. The stock opened at ₹510.00 and reached a high of ₹534.80 during the session.

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