Swiggy’s net loss widens 74% to Rs 1,092 crore

Swiggy’s July-September quarter numbers paint a familiar picture of high growth shadowed by widening losses. The food and grocery delivery major reported a net loss of Rs 1,092 crore during the period, 74.4% higher year-on-year from Rs 626 crore, even as revenue surged 54% to Rs 5,561 crore. The company managed to narrow its loss sequentially by nearly 9% from the previous quarter’s Rs 1,197 crore, but Instamart’s expansion weighs heavily on margins. The net loss was higher than Bloomberg consensus estimate of Rs 917 crore.