New Delhi: Shares of food and grocery delivery platform Swiggy on Wednesday jumped nearly 7 per cent after the firm reported a narrowing of consolidated net loss at Rs 625.53 crore for the second quarter ended September 30 on the back of continued growth of the food delivery business.
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The stock surged 6.69 per cent to Rs 534.85 on the BSE. At the NSE, the stock soared 6.56 per cent to Rs 534.80. The company, which declared its quarterly results to stock exchanges for the first time since it went public last month, had posted a net loss of Rs 657 crore in the year-ago period. In a regulatory filing on Tuesday, Swiggy said at the consolidated group level, it expects to achieve "positive adjusted EBITDA by the third quarter of FY26."
Swiggy's revenue from operations increased to Rs 3,601.45 crore in the September quarter from Rs 2,763.33 crore in the corresponding period last year. Meanwhile, total expenses also grew to Rs 4,309.54 crore during the quarter under review, from Rs 3,506.63 crore in the corresponding period last fiscal. The company also said its board approved an investment of up to Rs 1,600 crore in the equity shares of its wholly-owned subsidiary Scootsy Logistics Pvt Ltd, in one or more tranches, via subscription to the rights issue. Scootsy is engaged in the supply chain services and distribution business.
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