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Swiggy Q2 Results: Stock rises after reporting 30% YoY increase in gross order value

Swiggy Ltd’s first post-IPO results show 30% YoY GOV growth to ₹11,306 crore, 30% EBITDA loss reduction, and strong expansion in food delivery and Instamart, showcasing innovation-driven growth.
Swiggy’s post-IPO results highlight 30% GOV growth, reduced losses, and strong expansion in food delivery and Instamart.
Swiggy’s post-IPO results highlight 30% GOV growth, reduced losses, and strong expansion in food delivery and Instamart.

Introduction:

Swiggy Ltd, in its first post-IPO results, reported a 30% YoY rise in Gross Order Value (GOV) to ₹11,306 crore and a 30% reduction in consolidated adjusted EBITDA loss. Strong growth in food delivery and Instamart highlighted the company’s focus on innovation and expansion.

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Share price movement of Swiggy Ltd:

On December 3, 2024, Swiggy Ltd (NSE: SWIGGY) opened at ₹505.00, hitting an intraday high of ₹541.95 and a low of ₹486.05. The stock closed positively at ₹501.85, up 2.2% from the previous close, with a market cap of ₹1,09,907.76 crore.

Swiggy Ltd Q2 Results:

Swiggy Ltd, in its first results post-IPO for the quarter and half-year ended September 30, 2024, reported a 30% YoY growth in Gross Order Value (GOV) to ₹11,306 crore. Consolidated adjusted EBITDA loss reduced by 30% YoY to ₹341 crore.

Swiggy’s food delivery business saw significant growth, with GOV rising 5.6% QoQ to ₹7,191 crore and adjusted EBITDA nearly doubling to ₹112 crore. The newly launched 10-minute delivery service, Bolt, already accounts for 5% of food deliveries within eight weeks.

Instamart, Swiggy’s quick commerce platform, grew its GOV by 24% QoQ to ₹3,382 crore, with a 21% increase in orders. Instamart plans to double its dark store area YoY to 4 million sq. ft. by March 2025, enhancing quick commerce operations.

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Recent news About Swiggy Ltd:

On November 13, 2024, Swiggy debuted on the stock exchanges, listing at ₹420 per share, approximately an 8% premium over its issue price of ₹390. This initial public offering (IPO) raised $1.35 billion, marking it as India’s second-largest stock offering of the year.

Ace investor holding of Swiggy Ltd:

Sri Harsha Majety holds a 4.93% stake in Swiggy Ltd, amounting to 11,02,57,587 shares. At a current per-share value of ₹491.00, the total value of his holdings is approximately ₹5,413.65 Crores.

Stock performance of Swiggy Ltd for Period of 1 week, 6 months and 1 year:

Swiggy Ltd has shown impressive stock performance across different timeframes. Over the past week, the stock delivered a return of 8.65%. 

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Shareholding pattern of Swiggy Ltd:

SummaryNov 12, 2024
Promoter 0%
FII5.20%
DII 8.10%
Public86.70%
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About Swiggy Ltd:

Swiggy Ltd is a leading online food delivery platform in India, connecting customers with restaurants through its robust app. It offers seamless food ordering, grocery delivery, and quick services, revolutionizing convenience for millions of users nationwide.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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