Jefferies on Swiggy ; Buy, TP cut to Rs 330

Swiggy’s FD reported an in-line qtr on both topline & EBITDA. Q/C NOV QoQ growth was in D/D, although YoY moderated. Q/C adj. EBITDA losses swelled to a three-qtr high of cRs9bn - this remains a key issue for stock, with current price not even factoring in the value of Food Delivery & current cash. Performance also appears lackluster compared with the market leader, Eternal Believe a reduction in Q/C losses is essential for true value discovery.

SWIGGY LIMITED

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