The stock of online food delivery and quick commerce company Swiggy Limited saw a rise of more than 10% today. However, later it saw a slight decline and after the day’s trading, it closed at Rs 539.45 with a gain of 4.18%. Earlier on Wednesday, the stock closed at Rs 517.10 with a gain of 3.04%. In fact, Swiggy’s loss has reduced by 4.72% in the second quarter of FY 2024-25. The company released the results of Q2FY25 on 3 December, 2 days ago. Swiggy has suffered a loss (consolidated net loss) of Rs 626 crore in the July-September quarter. In the same quarter last year, the company had suffered a loss of Rs 657 crore. Along with this, the revenue in the second quarter increased by 30.33% to Rs 3601 crore. In July-September 2023-24, the company generated a revenue of Rs 2763 crore. The income from selling goods and services is called revenue. Swiggy was listed on the stock market on November 13, since then its shares have increased by more than 18%. Swiggy’s revenue increased by 36% in FY 2024 Swiggy’s financial condition also improved in FY 2024. Swiggy’s revenue grew 36% to Rs 11,247 crore in FY2024 from Rs 8,265 crore in the previous financial year. At the same time, the company also reduced its losses by 44% during this period and in FY 2024 it stood at Rs 2,350 crore, which was Rs 4,179 crore in the previous year. The company has been helped in reducing losses by keeping its costs under control. Although Swiggy’s performance is lower than that of Zomato, it has still reduced the gap with its rival in FY24. Zomato reported a revenue of Rs 12,114 crore in FY24, while Swiggy’s revenue stood at Rs 11,247 crore. Similarly, Zomato made a profit of Rs 351 crore, while Swiggy’s loss was Rs 2,350 crore.
