Now Reading: Swiggy Q2 loss narrows to ₹922 crore as revenue jumps 36%
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Swiggy Q2 loss narrows to ₹922 crore as revenue jumps 36%
The Story in Brief
Swiggy reported a consolidated net loss of ₹922 crore for the September quarter, narrowing 16% from ₹1,092 crore a year ago but missing analyst estimates of ₹792 crore, according to LSEG data cited by the Hindu Businessline. Revenue from operations rose 36% year-on-year to ₹7,571 crore, beating the forecast of ₹7,281 crore. ET reports revenue at ₹7,571 crore, while CNBCTV18 puts the figure at ₹5,561 crore, the discrepancy is unresolved across the sources.
The food delivery business posted a record adjusted EBITDA of ₹341 crore, up 42%. Quick-commerce unit Instamart saw adjusted EBITDA loss widen to ₹895 crore from ₹849 crore, as the company added 69 dark stores, taking its network to 1,240 across 133 cities. Its contribution margin deteriorated to negative 1% of gross order value. Management expects Instamart losses to have peaked in Q2 and projects double-digit sequential growth in net order value for the December quarter. Swiggy also agreed to sell its Lynks Logistics business to Udaan's parent for ₹500 crore, taking a 3.2% stake in Udaan.
Indian Opinion Analysis
The sources agree on the headline figures: Swiggy's Q2 loss narrowed to ₹922 crore from ₹1,092 crore a year ago. The Hindubusinessline frames the result as a miss, leading with a 'bigger-than-expected' loss against analyst estimates of ₹792 crore, and foregrounds Instamart's widening losses. Business Standard's pre-results story instead focused on the stock hitting a record low and FPI selling, while CNBCTV18 and the ET both framed the quarter as a narrowing loss with strong revenue growth. Only the ET and Hindubusinessline report an adjusted EBITDA loss widening to ₹760 crore (ET) or ₹895 crore at Instamart (both). The coverage is uniformly factual, with outlets differing only in what they emphasise. The Hindubusinessline's analyst-benchmark framing stands alone, the others lead on operational growth but also note Instamart losses. The next concrete item named is management's expectation of double-digit sequential Instamart growth in the December quarter, with losses peaking in Q2.
Coverage: 4 sources, 4 neutral
Sources (4): business-standard.com (neutral report), cnbctv18.com (neutral report), economictimes.indiatimes.com (neutral report), thehindubusinessline.com (neutral report)
This brief was synthesised by AI from the 4 sources linked above, so one read covers every framing they carry. Methodology and corrections.
