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FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%

EntrackrEntrackr · 6m ago
FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%
Medial

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70% Brainbees Solutions, the parent company of kids-focused omnichannel retailer FirstCry, has released its Q3 FY25 today. The report highlights sound financial growth, with a 14.3% year-on-year growth in scale and controlled losses by 70%. FirstCry's revenue from operations grew to Rs 2,172 crore in Q3 FY25 from Rs 1,900 crore in Q3 FY24, its unaudited financial statements sourced from the National Stock Exchange (NSE) show. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for nearly 82% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 422 crore. The company also made Rs 44 crore from interest income which took its overall revenue to Rs 2,217 crore in Q3 FY25, compared to Rs 1,936 crore in Q3 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 66% of the overall expenditure which increased 17% year-on-year to Rs 1,451 crore in Q3 FY25 from Rs 1,239 crore in Q3 FY24. FirstCry’s employee benefits stood at Rs 177 crore in Q3 FY25 which includes Rs 28 crore as ESOP cost. The marketing, legal, rent, and technology were other overheads that pushed the overall expenditure to Rs 2,210 crore in Q3 FY25 from Rs 1,978 crore in Q3 FY24. The decent scale and controlled expenditure helped FirstCry to reduce its losses by 70% to Rs 15 crore in the last quarter. Notably, the company reported a positive EBITDA of Rs 152 crore. As of the last trading session, FirstCry’s share price stood at Rs 419 per share, with a total market capitalization of Rs 21,753.8 crore (approximately $2.5 billion).

MyGate announces ESOP buyback for over 50 employees

EntrackrEntrackr · 1y ago
MyGate announces ESOP buyback for over 50 employees
Medial

Community management app MyGate has announced employees stock buyback program for more than 50 employees. The buyback has come on the back of improved financial results for the Bengaluru-based company in the last and current fiscal year. MyGate has announced the buyback plan of 20% of vested shares for employees who have completed four years at the firm. “We are in the strongest financial position that we have ever been and well capitalised to fuel our growth and new initiatives,” said Abhishek Kumar, co-founder of MyGate. MyGate grew without raising venture capital money for nearly four years. The firm’s operating revenue jumped 77.3% to Rs 71.10 crore in FY23 from Rs 40.1 crore in FY22. During the period, it managed to cut losses to the tune of 35%. The company primarily generates income through subscription revenue from resident welfare associations and from brands promoting themselves on the MyGate app. The firm also said that it achieved zero cash burn in November 2023. MyGate raised $56 million in a Series B round in October 2019. Later, it raised strategic money worth $12 million from home service marketplace Urban Company and insurance provider Acko in November 2022. Entrackr exclusively reported the development. While the number of ESOP buybacks saw a downward trend in 2023, the amount of buyback and payout created a new record in the last year. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity in 2023 stood at nearly $802 million. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively. Last month, edtech company Classplus announced ESOP buyback for more than 150 employees.

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