Swiggy Reports Record Net Sales Amid Ongoing Profit Declines in Q4 2024
Swiggy recently reported its financial results for the quarter ending December 2024, showcasing a significant increase in net sales at Rs 2,297.82 crore. However, the company faced challenges with a decline in profit before tax and profit after tax, alongside the lowest operating profit in five quarters.
Swiggy, a prominent player in the IT - Software sector, recently announced its financial results for the quarter ending December 2024. The report highlights a notable achievement in net sales, which reached Rs 2,297.82 crore, marking the highest figure in the last five quarters. This performance reflects a growth rate of 25.7% compared to the average net sales of Rs 1,827.55 crore from the previous four quarters, indicating a positive near-term sales trend.However, the financial results also reveal challenges for Swiggy. The profit before tax less other income (PBT) stood at Rs -792.14 crore, representing a decline of 27.3% from the average PBT of Rs -622.13 crore in the preceding four quarters. Similarly, the profit after tax (PAT) was recorded at Rs -631.36 crore, down 34.8% from the average PAT of Rs -468.36 crore. Additionally, the operating profit (PBDIT) reached its lowest point at Rs -763.29 crore in the last five quarters, indicating a negative trend in this area.
In light of these results, Swiggy has experienced adjustments in its evaluation, reflecting the mixed performance across various financial metrics.
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