Growth Vs Profitability: Swiggy’s Tug-Of-War
Swiggy reported mixed Q2 results with consolidated net loss narrowing to ₹922 Cr from ₹1,092 Cr year-over-year, yet widening from the prior quarter. Revenue from operations grew 36.1% YoY to ₹7,571 Cr. Food delivery achieved record adjusted EBITDA with support from advertising and operational efficiencies, while Instamart's adjusted EBITDA loss widened to ₹895 Cr despite 13.4% sequential growth in net order value. The stock fell 15% to ₹179.90 on October 23, erasing ₹9,000 Cr in market value, and has lost over half its value since its November 2024 IPO.
Key points
- Food delivery margin improvement masked by Instamart's ₹895 Cr adjusted EBITDA loss
- Q2 revenue grew 36.1% YoY to ₹7,571 Cr; consolidated net loss narrowed annually but widened quarterly
- Stock dropped 15% post-results; investors questioning sustainability of Instamart investments
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