Swiggy Q1 net loss narrows to Rs 791 crore as revenue rises 37%
AI Market Summary
Swiggy reported stronger Q1 fundamentals, with revenue up 37% YoY and net losses narrowing, alongside solid GOV and user growth and improved EBITDA metrics. Management highlighted improving unit economics and quick-commerce progress, while a new Instamart CEO signals a push to sharpen execution amid intensifying competition. The stock rose 3% on the results, offering a modest positive read-through for India consumer internet equities.
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Swiggy reported Q1 FY2024 revenue of Rs 6812 crore, up 37% year on year, while net loss narrowed to Rs 791 crore. Food delivery Gross Order Value (GOV) rose to Rs 9,490 crore and monthly transacting users (MTUs) climbed to 19.2 million, both up about 17.5% from a year earlier. Management said the food delivery economics continue to strengthen. Swiggy shares rose 3% after the results.
