FirstCry Q1: Loss Narrows 35% YoY To ₹44 Cr, Revenue Up 13%
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Kidswear brand FirstCry’s consolidated net loss narrowed 35% to ₹44 Cr in the June quarter from ₹66.5 Cr in the year-ago quarter. Sequentially, it declined about 9% from ₹48.2 Cr. Operating revenue for the quarter increased 13% YoY to ₹2,106.2 Cr. On a sequential basis, top line saw a 3% decrease from ₹2,162.7 Cr. Including other income of ₹48.9 Cr, total income for the quarter stood at ₹2,153.1 Cr. Meanwhile, total expenses, excluding depreciation and amortisation, increased 12% YoY to ₹2,046.6 Cr. Consolidated adjusted EBITDA stood to ₹89.3 Cr in the quarter under review. The company's India business grew 18% YoY to ₹1,456 Cr in revenue, while its international business’ revenue grew 12% YoY to ₹232.1 Cr with gross margins improving to 27.7% from 24.9%. FirstCry noted that it had seen its strongest revenue growth in the last five quarters on a consolidated level, while its India business had seen its best revenue growth in the last seven quarters. “With our current initiatives in our online and offline business, we believe that structurally the growth rate will remain elevated in subsequent quarters,” it further added. Its house of brands vertical, GlobalBees, drove an additional ₹424.3 Cr in revenue. While the revenue decreased slightly from ₹426.5 Cr in the year-ago period, focus on expanding margins more than quadrupled its adjusted EBITDA profits to ₹16.7 Cr. The company’s others segment saw its revenue grow 47% YoY to ₹19.3 Cr while adjusted EBITDA improved by 65% to ₹5 Cr. In terms of operational metrics, the platform delivered 12% YoY growth in terms of GMV, which surged to ₹2,807.2 Cr. FirstCry said it served 11.8 Mn customers in the quarter. Furthermore, it expanded its rapid-delivery service RocketBees to 72 cities while improving the turnaround time by 20%, and also increased the reach of its Qwik delivery service to 12 cities from 5 cities. Additionally, the company also overhauled its offline product portfolio to drive increased footfall and conversions. Shares of FirstCry ended the trading session 0.19% higher at ₹214.85 on the BSE.
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