According to a senior company official, it is likely to double its profits for FY22, which will be reflected in the draft red herring prospectus, which the company is looking to file by the June quarter this year.
This comes a year after SoftBank-backed Unicorn reported a loss of Rs 190.8 crore for FY20. The startup entered the unicorn club in February 2020 with a $296 million Series E check from investors led by SoftBank. The company is now preparing for an initial public offering and has mandated investment banks Kotak Mahindra Capital Company and Morgan Stanley to manage the issue.
“It is probably the only company after Nayaka to have carved a niche in a category and turned profit. There is a lot of interest from investors,” said an investment banker.
The document shows that the Pune-based company’s consolidated revenue grew by over 140% from Rs 897 crore in FY20 to Rs 1,740 crore in FY21.
Started in September 2010, the decade old company has grown into a leading player in the Omnichannel Baby & Mother Care products segment. It acquired Mahindra Retail-owned BabyOA brand in 2015 in an all-stock deal for Rs 362 crore ($50 million). In the same year, cofounders Supam Maheshwari and Amitabh Saha spun off their logistics division, ExpressBiz, into a separate company.
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Today, Firstcry has close to 600 retail stores and has expanded to the UAE as well.
“Business in UAE has picked up and this will increase the profit numbers for FY22,” the official said.
The company’s expenses stood at Rs 1,645.3 crore in FY2011, as against Rs 1,088.1 crore in FY10. Its earnings before interest, taxes, depreciation and amortization or Ebitda margin stood at 10.5%.
Omnichannel players have seen their sales boom due to pandemic-induced online shopping among Indian consumers.
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