Swiggy (SWIGGY) Q2 24/25 earnings summary

Executive summary

• Achieved 11% sequential and 30% year-over-year B2C GOV growth, with strong momentum in food delivery and quick commerce segments.

• Board approved unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2024.

• Completed IPO of 290.5 million shares, listed on NSE and BSE on November 13, 2024.

• Bolt rapid food delivery scaled to 5% of platform order volume within eight weeks and expanded to 400+ cities.

• Approved investment of up to Rs 1,600 crore in Scootsy Logistics Private Limited for Instamart expansion and working capital.

Financial highlights

• Consolidated revenue from operations for Q2 FY25 was Rs 36,014.5 million, up from Rs 27,633.3 million in Q2 FY24.

• Food delivery GOV grew 5.6% sequentially; margins improved to 1.6% with adjusted EBITDA doubling quarter-on-quarter.

• Quick commerce GOV rose 24% sequentially, driven by 21% volume growth and 10% increase in orders per day per store.

• Consolidated net loss for Q2 FY25 was Rs 6,255.3 million, compared to Rs 6,570.1 million in Q2 FY24.

• Contribution margin in quick commerce improved from -3.2% to -1.9% quarter-on-quarter.

Outlook and guidance

• IPO proceeds to be deployed towards Instamart expansion and working capital for Scootsy.

• Targeting category-beating growth in food delivery and quick commerce, with aggressive dark store expansion and increased store size by 30%.

• Guidance for Instamart to reach contribution margin break-even by December 2025, factoring in competitive intensity and infrastructure expansion.

• Expecting take rates in quick commerce to reach 20-22% through advertising, delivery fee optimization, and expanded business services.

• Continued focus on expanding quick commerce and supply chain services.