Food delivery platform Swiggy saw its losses widening to ₹799 crore for the third quarter ended December 31 as expenses climbed.

The company had posted a loss of ₹574.38 crore in the year-ago period. It had recorded a loss of ₹625.53 crore in the preceding three months.

These losses came as total expenses jumped to ₹4,898.27 crore from ₹3,700.17 crore in the corresponding period of the previous year. Revenues rose to ₹3,993.07 crore from ₹3,048.69 crore in the year-ago quarter.

“We continued our focus on creating segmented offerings for the consumer during the festive quarter, which we believe will open up more consumption occasions. The secular expansion in food delivery margins and cash flow generation is balanced by growth investments being made in quick-commerce, including dark stores expansion and marketing, amidst high competitive intensity in the near term,’’ Sriharsha Majety, MD and group CEO, Swiggy, said.

Swiggy said that its gross order value grew 38 per cent during the quarter to ₹12,165 crore, while the consolidated adjusted EBITDA (earnings before interest, taxes, depreciation & amortisation) loss reduced by 2 per cent over the previous year period to ₹490 crore.

Info Edge

Info Edge (India) has announced a stock split in the ratio of 1:5. The news led to its share rising by 3.10 per cent to ₹7,943.20 on the BSE.

At its board meeting on Wednesday, the directors gave the approval for the sub-division of its shares having face value of ₹10 into five equity shares having face value of ₹2.

During the quarter ended December 31, the company reported a net profit of ₹200.19 crore against ₹213.53 crore in the year-ago period.