India’s Swiggy Ltd on Thursday posted a narrower quarterly loss by 34%, buoyed by healthy demand for its food delivery and as its quick commerce arm hit a contribution break–even.
The Instamart-owner reported a consolidated net loss of 7.91 billion rupees ($82.67 million) for the April-June quarter, compared to a net loss of 11.97 billion rupees a year ago.
Analysts on average had expected a net loss of 7.2 billion rupees, according to LSEG data.
Indian food delivery sector has remained resilient despite a challenging consumer spending environment, with platforms like Swiggy benefiting from customers ordering more frequently and from an uptick in revenue generated through advertisements and platform fees.
For the June quarter, Instamart’s adjusted EBITDA margin improved to negative 9.8% from negative 10.9% in the previous quarter.
The Sriharsha Majety-led company reported a consolidated revenue of 68.12 billion rupees compared to analysts estimates of 65.21 billion rupees, with revenue from food delivery and quick commerce arm, Instamart, driving growth.
Reuters
