FirstCry narrows losses by 31.4% in Q1, makes additional investment in UAE unit
FirstCry has been focusing on its global expansion. The omnichannel retailer raised public funds for investment in its house of brands entity and set up infrastructure across India and Saudi Arabia.
Brainbees Solution, the parent company of FirstCry, narrowed its losses by 31.4% year-on-year to Rs 75.6 crore in the first quarter of FY25, according to regulatory filings made with BSE.
The baby and mothercare products retailer posted a 17% rise in its operating revenue—from Rs 1,407 crore in Q1 FY24 to Rs 1,652 crore in the three months ended June 30, 2024. It clocked a 17% quarter-on-quarter rise in its GMV to Rs 2,318.3 crore, according to an investor presentation.
The company also announced an investment of AED 50 million in its UAE-based subsidiaries under its global expansion plan. The investment is expected to be completed in the next 7 months.
“It will enable the growth of the business in UAE and KSA regions.” said the company in a filing.
Its Indian operations continue to be its biggest segment, clocking a growth of 16% YoY while its international segment grew by 6.5% during the first quarter of FY25.
Globalbees, FirstCry's house of brands entity, posted a 26% YoY rise in operating revenue to Rs 324.5 crore.
The Supam Maheswari-led company’s total expenses jumped 12.6% during the period, mainly driven by employee benefit expenses, cost of materials, and purchase of stock-in-trade.
FirstCry listed on domestic bourses with a robust debut after its IPO was oversubscribed 12.2 times on day 3 of bidding, mainly pulled by bids from qualified institutional investors.
Shares of the company closed 1.86% higher at Rs 640 apiece on NSE.
Edited by Kanishk Singh