Shares of Brainbees Solutions, the operator of FirstCry, rose by 5.15% to ₹545.80 on the NSE on November 18, following robust Q2 FY2024 results. The company narrowed its net loss and reported a significant jump in revenue, signaling progress in its journey toward profitability.
Q2 FY2024 Financial Highlights:
- Revenue Growth:
- Operating revenue surged 26.4% YoY to ₹1,904.91 crore compared to ₹1,506.88 crore in Q2 FY2023.
- Sequentially, revenue rose 15% QoQ from ₹1,652.07 crore.
- Gross Merchandise Value (GMV) grew 21% YoY to ₹2,528.6 crore.
- Net Loss Narrowing:
- Consolidated net loss reduced by 47% YoY to ₹50 crore, compared to ₹101 crore in the same period last year.
- Sequentially, the loss also improved from ₹57 crore in Q1 FY2024.
- Domestic and International Gains:
- Domestic multi-channel business posted a 19% YoY revenue increase, with adjusted EBITDA growing 38% YoY.
- International operations showed a 25% YoY revenue rise, with EBITDA margins improving by 390 basis points.
- GlobalBees Performance:
- The subsidiary, which manages multiple brands, recorded a 55% YoY revenue growth, benefiting from seasonal sales and improved operational efficiency.
CEO Commentary:
Supam Maheshwari, Co-founder and CEO, highlighted the company’s strategic focus:
“We aim to grow both the topline and bottomline by optimizing spending and improving contribution margins after marketing.”
With strong revenue growth and narrowing losses, Brainbees Solutions is on track to achieve its profitability goals. The domestic and international businesses, combined with the stellar performance of GlobalBees, signal positive momentum heading into the next quarter.
Disclaimer: The information provided is for informational purposes only and should not be considered financial advice. Always consult a financial advisor before making investment decisions.