Brainbees Solutions (FIRSTCRY) Q1 24/25 earnings summary

Executive summary

• Achieved 17% year-on-year consolidated revenue growth to INR 16,521 million in Q1 FY25, with significant improvements in profitability and scale.

• Annual unique transacting customers grew 15% year-on-year to 9.5 million across India and International segments.

• Adjusted EBITDA more than doubled year-on-year to INR 743 million, with margin rising to 4.5% from 2.6% in Q1 FY24.

• Cash profit after tax reached INR 177 million, up 200% year-on-year.

• Board approved unaudited standalone and consolidated financial results for Q1 FY25, following IPO and listing on NSE and BSE on August 13, 2024.

Financial highlights

• Gross margin improved by 199 basis points year-on-year to 37.7% in Q1 FY25.

• Consolidated net loss for Q1 FY25 was INR 756.86 million, compared to INR 1,104.26 million in Q1 FY24.

• India Multi-Channel segment revenue grew 16% year-on-year to INR 11,501 million, with adjusted EBITDA margin at 8.3%.

• International segment revenue grew 7% year-on-year to INR 1,837 million, with adjusted EBITDA loss margin improving to -16.6% from -22.7%.

• GlobalBees segment revenue up 26% year-on-year to INR 3,245 million, with adjusted EBITDA margin improving to 1.4%.

Outlook and guidance

• Management expects continued improvement in both top-line and bottom-line performance, with positive cash profits already achieved.

• International segment losses are expected to keep declining as the business scales and operational disruptions subside.

• Store expansion plans include adding 350 stores in India (COCO and FOFO) over 2–2.5 years and 12 stores in Saudi Arabia over 24–30 months.

• Further investment in UAE and KSA subsidiaries aims to support business growth and working capital needs in these regions.