External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.</li><li>Adj. EBITDA margin in FD improved ~90bps QoQ despite marginal decline in take rate driven by cost optimisation.</li><li>Pre-contribution expenses in FD were down 1.2% QoQ, which we believe implies 3-4% QoQ improvement in unit economics. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In FD, we estimate Swiggy to have gained market share of ~30bps on GOV basis and ~50bps on MTU basis. This is broadly in line with our survey findings.Adj. EBITDA margin in FD improved ~90bps QoQ despite marginal decline in take rate driven by cost optimisation.Pre-contribution expenses in FD were down 1.2% QoQ, which we believe implies 3-4% QoQ improvement in unit economics. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy - Gains Share in Food Delivery; QC Losses Grow Higher than Expected