Baby products retailer FirstCry’s quarterly loss narrowed from a year earlier thanks to strong demand, it said Friday in its first earnings report since going public earlier this month.
The company’s consolidated net loss narrowed to Rs 56.71 crore (about $7 million) in the quarter ended June 30, from Rs 90.13 crore a year ago.
The childcare market in the world’s most populous country is growing rapidly, which bodes well for FirstCry, analysts said.
He IPO FirstCry’s offering, which competes with online children’s store Hopscotch, Shoppers Stop and Flipkart-owned Myntra, was 12 times oversubscribed earlier this month.
FirstCry’s quarterly gross merchandise value, a key metric to track the monetary value of orders received, rose 17 per cent from a year ago to Rs 2,318 crore in the quarter.
Its operating income also rose 17 per cent to Rs 16.52 billion due to strong demand for its products, which include baby diapers, toys, apparel and footwear.
Expenses rose around 13 per cent to Rs 1,603 crore, due to a 10.5 per cent increase in raw material costs.
The company’s shares closed up about 2 percent before the results. They have fallen about 6 percent since listing.
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