Swiggy's Instamart to prioritise growth over margins; Nomura retains Buy, cuts target price

Swiggy's Instamart to prioritise growth over margins.

Instamart was up 40% year-on-year, with contribution margin improving 160 basis points.

Swiggy's delivery business margin slipped 20 basis points sequentially to 7.6%.

Nomura reduced its sum-of-the-parts-based target price on Swiggy.

Nomura retained its 'Buy' rating on Swiggy.