Swiggy (SWIGGY) Q3 24/25 earnings summary

Executive summary

• Quick commerce and food delivery segments saw significant activity, with strong store expansion and innovation driving growth.

• Competitive intensity remained high, particularly in quick commerce, leading to elevated customer acquisition and marketing investments.

• Food delivery margins improved, supported by higher average order values (AOV) and operational efficiencies.

• Board approved unaudited standalone and consolidated results for the quarter and nine months ended December 31, 2024.

• Swiggy completed its IPO during the quarter, raising ₹43,589.82 million (net of issue expenses) and listed on NSE and BSE.

Financial highlights

• Average order value grew 14% year-over-year, supporting medium-term contribution margin guidance.

• Consolidated revenue from operations for Q3 FY25 was ₹39,930.69 million, up from ₹30,486.92 million in Q3 FY24.

• Consolidated net loss for Q3 FY25 was ₹7,990.80 million, compared to ₹5,743.80 million in Q3 FY24.

• Food delivery segment achieved 19.2% year-over-year growth in MTU, within the guided 18%-22% range.

• EBITDA margin in food delivery expanded by 90 basis points, with operating leverage contributing to profitability.

Outlook and guidance

• Guidance to double square footage coverage from 2 million to 4 million in H2 remains unchanged.

• Contribution margin for quick commerce expected to remain in a tight range, with break-even targeted by Q4.

• Corporate-level guidance for Adjusted EBITDA breakeven by Q4 is maintained, despite competitive pressures.

• Double-digit year-over-year growth is expected to continue, driven by store maturity and category expansion.

• No explicit forward-looking guidance provided, but segment expansion and platform innovation highlighted.