FirstCry arm GlobalBees logs 55% jump in FY24 revenue; adjusted Ebitda zooms 154%
GlobalBees, the house of brands subsidiary of baby and mother care products retailer FirstCry, has reported a 55% revenue growth of Rs 432.5 crore in the fiscal year ending March 2024, outperforming similar brands that have seen slower growth amid a consumption downturn.
The adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for GlobalBees also surged by 154% year-on-year (YoY).
While this growth aligns with the overall business expansion of the Pune-based company, which operates in India and Saudi Arabia, the management noted that increased seasonal sales significantly boosted this subsidiary's growth.
“One of the important reasons for this growth in Globalbees is also the advancement of some seasonal sales by the platforms on which Globalbees sell their products,” Gautam Sharma, chief financial officer of the company said on the earnings call on Thursday.
Supam Maheshwari, cofounder and CEO of FirstCry, attributed the growth to an increase in demand for direct-to-consumer (D2C) products. He noted that the company expects this category to grow at a compound annual growth rate (CAGR) of over 13%, in line with industry trends.
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