Online food delivery platform Swiggy in the second quarter of FY 2024-25 at Rs. 626 crore (consolidated net loss) has been faced. In the same quarter last year, the company earned Rs. 657 crore was lost. The company's losses fell by 4.72% year-on-year.
Revenue rose 30.33% in the July-September quarter to Rs. 3601 crore has been done. The company in July-September 2023-24 Rs. 2763 crores in revenue. Earnings from the sale of goods and services is called revenue. Since Swiggy was listed on the stock market on November 13, its stock has gained 14.18%.
36% increase in Swiggy's revenue in FY2024
Swiggy's financial position also improved in FY2024. Swiggy's revenue to grow 36% in FY2024 to Rs. 11,247 crore, which in the previous financial year was Rs. 8,265 crores.
During this period, the company also reduced its losses by 44% and in FY 2024 it will be Rs. 2,350 crore, which in the previous year was Rs. 4,179 crores. The company has been helped to reduce losses by controlling its costs.
Although Swiggy has underperformed Zomato, it has narrowed the gap to its rival in FY24. Zomato plans to spend Rs. 12,114 crore in revenue, while Swiggy's revenue was Rs. 11,247 crores. Similarly Zomato Rs. 351 crore in profit, while Swiggy made Rs. 2,350 crore was lost.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
