Swiggy Q1 Results: Revenue Rises 13%, Edges Ahead Of Estimates
Swiggy has provided guidance for high single-digit growth for the full financial year, with most business segments expected to deliver strong performances.
Swiggy Ltd. on Thursday posted a 13% sequential rise in its consolidated revenue during the quarter ended June, thereby pushing the topline ahead of estimates.
The food delivery major logged a revenue of Rs 4,961 crore in the first quarter, as compared to Rs 4,410 crore in the preceding quarter. The topline has exceeded the estimate of Rs 4,877 crore of the analysts tracked by Bloomberg.
The company's loss in the first quarter came in at Rs 1,197 crore in comparison to a loss of Rs 1,081 crore in the preceding quarter.
Operating loss or earnings before interest, taxes, depreciation, and amortisation narrowed sequentially to Rs 954 crore.
Swiggy Q1 Highlights (Consolidated, QoQ)
Revenue up 12.5% at Rs 4,961 crore versus Rs 4,410 crore (Estimate: Rs 4,877.56 crore).
Net loss at Rs 1,197 crore versus Rs 1,081 crore (Estimate: Loss of Rs 931.85 crore).
Ebitda loss narrows to Rs 954 crore versus Rs 962 crore (Estimate: Ebitda loss of Rs 804.39 crore).
Swiggy has provided guidance for high single-digit growth for the full financial year, with most business segments expected to deliver strong performances. Excluding beverages, which are forecast to grow in single digits, all other verticals are anticipated to clock double-digit growth.
The company is also optimistic about broad-based demand, expecting growth from both urban and rural markets.
Swiggy’s food delivery business maintained its positive trajectory, posting an 18% year-on-year growth and 10% quarter-on-quarter rise, supported by improved demand and higher order frequency.
However, the standout performer remains its quick commerce arm, which registered a staggering 114% year-on-year growth and 17% quarter-on-quarter increase, indicating strong traction in its express grocery and essentials delivery model.
Another bright spot for Swiggy was its supply chain and distribution operations, which soared 75% year-on-year and 13% quarter-on-quarter, reflecting the company’s continued efforts to expand its backend infrastructure and delivery capabilities.
The quarterly earnings were shared after market hours. The stock settled 0.66% higher at Rs 403.75 apiece on the NSE, compared to a 0.35% decline in the benchmark Nifty 50. Swiggy's shares have fallen 25.36% year-to-date and 11.46% since its listing in November.
Out of 25 analysts tracking the company, 19 maintain a 'buy' rating, three recommend a 'hold' and as many suggest 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 430 implies an upside of 6.5%.
