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Investing.com - Kotak has upgraded Swiggy Ltd (SWIGGY:IN) to Add from Reduce while raising its price target to IDR450.00 from IDR430.00, citing strong growth in the company’s Instamart business.
The upgrade follows Swiggy ’s food delivery gross order value (GOV) growth of 19% year-over-year, which exceeded analyst expectations, according to Kotak analyst Garima Mishra.
Swiggy’s Instamart business demonstrated particularly robust performance with GOV growth of 108% year-over-year and 24% quarter-over-quarter, driven by higher network utilization.
Kotak noted that Instamart’s contribution margin expanded 200 basis points quarter-over-quarter to approximately 2.6% and remains on track to achieve breakeven by the first quarter of fiscal year 2027.
The investment firm also highlighted Swiggy’s proposed IDR100 billion fundraising plan, which it believes will provide a buffer against competitive pressures, while its revised sum-of-the-parts valuation incorporates cash from the Rapido stake sale.
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