Swiggy slashes annual losses by 30%; gross order value grows in Q1
BENGALURU: Food and grocery delivery platform Swiggy narrowed its adjusted EBITDA losses by 30% to $182 million in the 2024 calendar year from $261 million in the previous year, according to Dutch tech investor Prosus.
In its financial update, Prosus mentioned that Swiggy in Q1 25, delivered GOV (gross order value) growth of 40% y-o-y and quick commerce GOV growth of 101% y-o-y with 316 new dark stores added in the first quarter of this year.
Also, Prosus' Indian portfolio companies Swiggy and PayU India's IRR (internal rate of return) stood at 23% and 13% in FY25. Meesho's IRR stood at 20%.
Nico Marais, Prosus CFO, said in a statement that FY2025 marks the first year that Prosus is free cash flow positive, excluding the Tencent dividend, with a free cash flow improvement of $513 million.
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Indian Express
10 minutes ago
- Indian Express
India set to ramp up oil imports from Russia, Africa, US and Latin America
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Iran has in the past threatened to close the strait on multiple occasions, but has never actually done it. Even in the current scenario, industry experts also expect the possibility of an actual closure to be really low. Notwithstanding that, a heightened risk of the closure is bound to raise concerns globally, including in India, particularly with regard to oil and gas supply security, and could lead to a jump in energy prices. The Strait of Hormuz is a critical and narrow waterway between Iran and Oman, and connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The US Energy Information Administration (EIA) calls it the 'world's most important oil transit chokepoint', with around one-fifth of global liquid petroleum fuel consumption and global liquefied natural gas (LNG) trade transiting the strait. According to tanker data analysed by The Indian Express, over 45 per cent of crude oil imported by Indian refiners in May was likely to have been transported via the Strait of Hormuz. The importance of the chokepoint for India's energy supply and security cannot be understated because the country is the world's third-largest consumer of crude oil and depends on imports to meet over 85 per cent of its requirement. Risk-hedged posture in India's oil import strategy Tanker data sourced from commodity market analytics firm Kpler shows that so far in June, India has imported over 2.2 million barrels per day (bpd) of Russian oil, accounting for over 41 per cent of the country's oil imports. Crude oil imports from the US have also grown sequentially, while imports from West Asia – primarily Iraq, Saudi Arabia, UAE, and Kuwait – have largely remained stable. 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All this is already raising the delivered price of West Asian crude for Asian buyers, including India. According to refining sector officials, while elevated freight rates due to high risk premium for tankers passing through the strait would lead to higher landed price of oil and gas for them, it would still be significantly better than runaway oil prices due to any major supply disruption, which would be nearly certain if the Strait of Hormuz is shut for oil tankers. 'Indian refiners are closely monitoring the geopolitical landscape and are poised to make rapid adjustments to secure both supply stability and commercial resilience. The emphasis will remain on logistical diversification, margin preservation, and political neutrality in an increasingly polarized oil trade environment… The June 22 escalation has amplified India's energy security concerns. While supply chains remain intact, the cost of maintaining them is rising. Refiners must transition from hedging to active scenario planning, dynamic rerouting, and selective margin protection,' he said. So far, Iranian oil export infrastructure doesn't appear to have been majorly hit by Israel, which is a relief for the energy markets and countries like India, even though they do not buy oil from Iran. This is because some Chinese refiners buy the bulk of Iranian oil and if Iran's oil exports are majorly impaired, these buyers will be forced to scout for oil from other sources, which could lead to higher oil prices. In the event of any closure of the Strait of Hormuz, oil industry analysts expect international oil prices to enter triple-digit territory, possibly reaching $120-130 per barrel, from the current level of $77-78. Apart from supply disruption for India, the surge in international energy prices due to any such blockade would hit India due to its heavy reliance on imported oil. This makes India's economy vulnerable to global oil price fluctuations. It also has a bearing on the country's trade deficit, foreign exchange reserves, the rupee's exchange rate, and inflation rate, among others. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
Time of India
18 minutes ago
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Deccan Herald
18 minutes ago
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Iran-bound basmati rice exports hit a wall
The shipping disruption adds to the challenges facing Indian rice exporters, who have previously grappled with payment delays and currency issues in the Iranian market due to international sanctions.
