FirstCry company secretary Neelam Jethani resigns
Neelam Jethani's resignation comes just days after Brainbees Solutions, the parent company of FirstCry, saw its shares touch a 52-week low after its Q3 FY25 earnings announcement.
Baby and mother care retailer FirstCry said on Thursday that its company secretary and compliance officer, Neelam Jethani, has resigned.
Brainbees Solution, the parent company of FirstCry, notified the Indian stock exchanges in a filing that Jethani is resigning to pursue new avenues for professional growth. Her resignation will be effective from the close of business on March 15, the filing read.
Jethani has spent over two years at the omnichannel retailer. Before that, she was a deputy manager at Schaeffler and also spent over half a decade at Persistent Systems as an assistant manager.
On Friday, FirstCry shares opened 2.85% lower trading at Rs 405.15 apiece on the NSE.
This development follows a week after the company posted its third-quarter financial results. The Supam Maheshwari-led company posted Rs 2,172 crore in revenue from operations for Q3 FY25—a 14.3% increase from the previous year. It also pared down its losses by nearly 69% to Rs 14.7 crore in Q3 FY25.
However, for the first time, FirstCry closed down 38 company-owned, company-operated stores owing to their lacklustre performance. This news sent the company's stock into a downward spiral, where on February 18, the stock touched its 52-week low to trade at Rs 373.35 apiece—much lower than its IPO price of Rs 465 per share.
"We have a certain expectation at a multi-channel level, the wallet share of the customer, as well as the footfall. We had reasons and data to believe that in those 38 stores, we were not to the level that we would have wished," FirstCry Co-founder and CEO Maheshwari said in the post-earnings call.
Edited by Suman Singh