Swiggy Shares Jump 7% During Intraday

Shares of foodtech major Swiggy jumped nearly 7% to touch INR 370.90 during the intraday trading sessions on the BSE today (February 19). 

The spike in its share price coincided with the surge in the broader market. While Sensex is 0.068 % up at 76,018.91, Nifty is volatile and trading 0.020% down at 22,940.65 at 11:11 AM. 

With the jump in Swiggy’s share price, its market capitalisation zoomed to INR 83,576 Cr at the time of writing with more than 1 Cr traded hands by then. 

The stock has ended in green in three out of the last five sessions. Swiggy closed the previous trading session (February 18) at INR 347.90 apiece on the BSE. 

Last week, brokerage firm Citi initiated coverage on Swiggy with a ‘Buy’ rating and set the price target at INR 480 as it sees growth potential in the longer run in both food delivery and quick commerce. 

However, the firm also said that Zomato-owned Blinkit and Zepto have captured a larger market share in the rapid delivery space, leaving behind Swiggy Instamart. Citi said that its market share in the quick commerce space is estimated at 23%.

In the third quarter of the current fiscal year (Q3 FY25), Swiggy’s consolidated net loss zoomed over 39% to INR 799 Cr  from INR 574.4 Cr in the year-ago quarter. 

The biggest contributor to Swiggy’s net loss this quarter was its quick commerce arm, Instamart. In Q3 FY25, the company’s quick commerce arm raked in a loss of INR 527.68 Cr, up 70% YoY from INR 310.36 Cr. 

However, the company’s operating revenue increased nearly 31% to INR 3,993.1 Cr during the quarter under review from INR 3,048.6 Cr in Q3 FY24. On a quarter-on-quarter (QoQ) basis, it rose 10.9% from INR 3,601.4 Cr.