Swiggy Limited has announced its financial results for the financial year 2024, showcasing a notable improvement in its financial and operational performance. The company's revenue from operations saw a robust growth of 36%, increasing to Rs. 11,247 crore in FY24, compared to Rs. 8,264 crore in FY23. This significant increase in revenue reflects Swiggy's strong market presence and its ability to meet the rising demand for online food delivery and related services.

On the expenditure side, the company’s total expenses grew by 8%, reaching Rs. 13,947 crore in FY24, as opposed to Rs. 12,884 crore in FY23. Despite this rise in expenses, Swiggy managed to reduce its overall losses through improved cost management strategies. This includes optimizing employee benefits and materials consumed, contributing to greater operational efficiency.

Swiggy's Loss Before Tax reduced by an impressive 44%, narrowing to Rs. 2,350 crore in FY24, from Rs. 4,179 crore in FY23. The company's loss for the year also decreased by 44%, aligning with the reduced loss before tax, signaling improved financial health. Additionally, the loss per equity share improved, dropping to Rs. 10.70 in FY24, from Rs. 19.33 in FY23, a clear indication of the company's progress in reducing its losses.

The company's balance sheet saw a slight contraction, with total assets declining to Rs. 10,529 crore in FY24, compared to Rs. 11,280 crore in FY23. Similarly, total equity and liabilities decreased to Rs. 10,529 crore from Rs. 11,280 crore in the previous year. Despite this, Swiggy has demonstrated a significant improvement in its cash flows.

Swiggy generated a net cash flow from operating activities of Rs. 1,312 crore in FY24, compared to a net outflow of Rs. 4,059 crore in FY23. This turnaround underscores the company’s ability to generate cash from its core operations. Additionally, the net cash flow used in investing activities decreased to Rs. 1,458 crore in FY24, compared to Rs. 3,967 crore in FY23, indicating a more prudent approach to investments.

The net cash outflow from financing activities also reduced slightly to Rs. 122 crore in FY24, as against Rs. 171 crore in the previous year.

About Swiggy Limited  

Swiggy is one of India's largest online food delivery platforms, offering a wide range of services including food delivery, grocery delivery, and convenience services through its expansive partner network. Founded in 2014, Swiggy has revolutionized the food delivery industry in India by leveraging technology to create a seamless experience for both customers and restaurant partners. The company continues to innovate and expand its services, making it a leader in the rapidly growing on-demand delivery sector.