Brainbees Solutions (FIRSTCRY) Q1 24/25 earnings summary

Executive summary

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

• Annual unique transacting customers grew 15% year-on-year to 9.5 million, reflecting strong user base expansion.

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

• Cash profit after tax rose 200% year-on-year to INR 177 million.

• 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

• Consolidated GMV for the quarter was INR 2,318 crore, up 17% year-on-year.

• Gross margin improved to 37.7% in Q1 FY25 from 35.7% in Q1 FY24.

• Adjusted EBITDA margin rose to 4.5% from 2.6% year-on-year.

• Profit after tax loss narrowed to INR 756.86 million from 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%.

Outlook and guidance

• Management expects continued improvement in both top-line and bottom-line performance, with ongoing focus on profitability, cash generation, and investments in offline expansion and digital capabilities.

• International segment losses are expected to decline further as scale increases and operational disruptions subside.

• Store expansion plans include adding 350 COCO stores in India and 12 stores in Saudi Arabia over the next 2–2.5 years.

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