Swiggy CEO Rohit Kapoor expressed confidence in the company's growth within the quick commerce market despite increasing competition. He emphasized that success in this sector requires more than just capital, citing Swiggy's deep understanding of the Indian consumer and agile approach as key advantages.
Emami Ltd. reported a 19% rise in net profit for Q2, reaching Rs 213 crore, fueled by margin improvements and steady domestic and international growth. Revenue increased by 3% to Rs 891 crore, despite inflationary pressures impacting consumer spending.
Spencer's Retail Ltd reported a widened consolidated net loss of Rs 87.18 crore in the second quarter, ending September 30, 2024. This is attributed to decreased consumer spending and the company's strategic reduction of operations in the NCR region and South Indian markets. Despite a 9.75% decline in revenue, reaching Rs 518.
Retail leasing in India's top eight cities dipped slightly in the third quarter of 2024, driven by strong demand on main streets and limited mall supply. While overall leasing edged down 1%, main streets accounted for 68% of activity, pushing rental rates up in several cities.
The action is related to the financial transactions being done by some of the "preferred" vendors and sellers who do business through Amazon and Flipkart like e-commerce platforms.
The Food Safety and Standards Authority of India (FSSAI) is convening a Central Advisory Committee (CAC) meeting on November 7-8. The meeting will address concerns regarding food safety on e-commerce platforms and strategize ways to enhance food product surveillance and testing across states.
India's fast-moving consumer goods market experienced growth in the third quarter. Rural areas drove this growth, surpassing urban areas in consumption. Small and medium FMCG companies rebounded, exceeding the growth of larger companies. The food segment played a significant role in this recovery. Volume growth showed improvement, particularly in essential food categories.
"During the quarter, the company maintained the growth momentum established in the first quarter. A strong performance across all major segments, supported by a robust order book, reflects increasing demand for its diverse product portfolio," said an earnings statement from Blue Star.
Raymond Lifestyle witnessed a significant 69.72% drop in its consolidated net profit for Q2 FY'25, reaching Rs 42.18 crore. This decline is attributed to subdued demand and inflationary pressures. Despite this, the company remains optimistic about the future, citing recent positive trends in the festive and wedding season and plans for retail expansion and new product launches.
SBI economists predict a dip in India's GDP growth to 6.5% for the September quarter, citing temporary pressures on the domestic economy. Despite this, they maintain an optimistic outlook, expecting a rebound in the following quarter fueled by rising rural demand and anticipate FY25 growth to approach 7%.
"The results for the quarter reflect continued momentum in the transformation journey, driven by strategic investments in product innovation, elevated customer experience, technology integration and brand premiumisation, positioning Bata strongly for future growth," it said.
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