Swiggy Shares Surge 9% on Reduced Losses

5 Dec 2024 , 12:18 PM

As the food delivery behemoth saw its losses for the July-September quarter drop 5% to Rs 625.53 crore, from Rs 657 crore in the same period last year, newly listed Swiggy shares surged as much as 9.2% on Thursday to Rs 565.85 on the BSE, continuing a results-driven run into a second day.

Swiggy’s monthly transacting users climbed 19.2% YoY to 17.1 million, while the platform’s gross order value (GOV) rose 30% YoY to Rs 11,306 crore, demonstrating consistent user growth.

Swiggy shares have increased by almost 13% over the previous two trading days, driven by the company’s strong revenue growth and shrinking losses as shown in the financial results for the quarter that ended in September.

According to the corporation, its operating revenue increased from Rs 2,763.3 crore in Q2 FY24 to Rs 3,601.5 crore, a 30% YoY increase. Revenue increased 11.77% on a quarter-over-quarter (QoQ) basis.

Swiggy has successfully launched the Bolt service, allowing consumers to receive food in as little as ten minutes. Within eight weeks of debut, Bolt had already accounted for 5% of all orders, demonstrating enormous potential for growth.

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