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