Swiggy Limited’s shares surged by over 5% today, following a positive outlook from the brokerage firm CLSA.
The firm has given a “buy” rating and predicts that Swiggy’s shares will exceed Rs 700 in the near future.
Impressive Share Performance
Swiggy’s shares opened with a strong gain today, reaching Rs 567.80 on the Bombay Stock Exchange (BSE), just shy of the company’s 52-week high of Rs 576.95.
Over the past two weeks, Swiggy’s share price has increased by more than 20%.
CLSA’s Target Price and Analyst Recommendations
CLSA has set a target price of Rs 708 for Swiggy’s shares, which is 31% higher than Monday’s closing price.
Among eight brokerage firms covering Swiggy’s stock, three recommend buying, three suggest selling, and two advise holding the shares.
Swiggy’s Financial Performance Improves
Swiggy has demonstrated notable improvements in its financial results.
For the July-September 2024 quarter, the company reported a loss of Rs 625.50 crore, a reduction from Rs 657 crore in the same period last year.
Revenue Growth in the September Quarter
The company’s revenue for the September quarter grew by 30% year-on-year, reaching Rs 3601.45 crore compared to Rs 2763.33 crore in the same quarter last year.
This growth highlights Swiggy’s improving business performance and operational efficiency.
Reduced Losses and Increased Revenue
Swiggy has reported progress in its financial performance for the July-September 2024 period.
The company’s loss has reduced to Rs 625.50 crore, compared to Rs 657 crore in the same quarter last year.
Swiggy’s revenue has also increased by 30%, reaching Rs 3601.45 crore from Rs 2763.33 crore in the same quarter last year.
