Brainbees Solutions Limited — Investor Presentation 2024

Nov 14, 2024

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FC/SE/2024-25/32 Date: November 14, 2024

National Stock Exchange of India Limited Exchange Plaza, C – 1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai-400051 Symbol: FIRSTCRY

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001 Scrip Code: 544226

Sub : Investor Presentation of Brainbees Solutions Limited (the ‘Company’)

Ref : Information under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”) and our earlier intimation through our letter dated November 08, 2024 bearing reference no. FC/SE/2024-25/29

Dear Sir/Ma’am,

In accordance with Regulation 30 read with Schedule III of the Listing Regulations, please find enclosed a copy of ‘Investor Presentation’ in connection with the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended on September 30, 2024.

The aforesaid information is being uploaded on the Company’s website (www.firstcry.com).

We request you to kindly take the aforesaid information on record.

Thanking you,

For Brainbees Solutions Limited

Digitally signed by NEELAM NEELAM SITALDAS SITALDAS JETHANI JETHANI Date: 2024.11.14 17:22:29 +05'30'

Neelam Jethani Company Secretary & Compliance Officer ICSI Membership No.: A35831

Encl.: a/a

Brainbees Solutions Limited CIN: L51100PN2010PLC136340 Corporate/Registered Office :- Rajashree Business Park, Plot No. 114, Survey No. 338, Tadiwala Road, Nr. Sohrab Hall, Pune – 411001 Contact: +91-8482989157 Email Id :legal@firstcry.com Website : www.firstcry.com

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Q2 and H1 FY25 Earnings Presentation

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NOVEMBER 14, 2024
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Disclaimer

By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by Brainbees Solutions Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and is not and nothing in it shall be construed as an invitation, offer, solicitation, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction or as an inducement to enter into investment activity and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This Presentation does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. This Presentation and its contents are confidential and proprietary to the Company and/or its affiliates and no part of it or its subject matter be used, reproduced, copied, distributed, shared, or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any manner whatsoever. The information contained in this Presentation is a general background information of the Company. We don’t assume responsibility to publicly amend, modify or revise any information contained in this Presentation on the basis of any subsequent development, information or events, or otherwise. This Presentation should not be considered as a recommendation to any investor to subscribe to any security. This Presentation includes certain statements that are, or may be deemed to be, “forward-looking statements” and relate to the Company and its financial position, business strategy, events and courses of action. Forward-looking statements and financial projections are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and financial projections. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts in the Presentation, if any, are correct or that any objectives specified herein will be achieved. We, or any of our affiliates, shareholders, directors, employees, or advisors, as such, make no representations or warranties, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use or reliance on this Presentation or its contents or otherwise arising in connection therewith. The information contained herein is subject to change without any obligation to notify any person of such revisions or change and past performance is not indicative of future results. It is clarified that this Presentation is not intended to be a document or advertisement offering for subscription or sale of any securities or inviting offers or invitations to offer or solicitation to offer from the public (including any section thereof) or any class of investors. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this Presentation.

A baby’s first cry is a special moment for parents

At FirstCry, we aim to make this and all such moments of the parenting journey filled with joy and happiness

Table of Contents

1. Q2FY25 Snapshot

2. Business Overview

3. Segmental Performance

4. Financial Summary

5. Supplementary Information

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Q2FY25 Snapshot

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• 3

Q2FY25 Snapshot Continued growth momentum with significant improvement in profitability

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9.9 MM INR 25,286 MM INR 19,049 MM
Annual Unique Transacting GMV [(2)] Revenue from Operations [(3)]
Customers [(1)]
+ 16.5% vs Sep 2023 + 21% vs Q2 FY24 + 26% vs Q2 FY24
INR 801 MM INR 1,104 MM INR 279 MM
Consolidated Adjusted India Multi-Channel Adjusted Cash Profit After Tax [(5)]
EBITDA [(4)]
EBITDA [(4)]
+ 66% vs Q2 FY24 + 38% vs Q2 FY24 + 209% vs Q2 FY24
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Notes:

1. Numbers represent consolidated metrics of India multi-channel and International business

2. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations and prior to product returns;

3. Numbers represent consolidated metrics of India multi-channel and International retail, GlobalBees, others and inter-company adjustments

4. Adjusted for share-based expenses. Additionally, GlobalBees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

5. Adjusted for non-cash expenses and exceptional items. Refer page 28 for details

Strong Revenue growth across all segments

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26% YoY Revenue growth for consolidated business [(1)] Q2FY25 vs Q2FY24
India Multi-Channel International
19% 12,804 25% 2,081
10,776 1,659
Q2FY24 Q2FY25 Q2FY24 Q2FY25
GlobalBees Others
44% 91
55% 4,326
63
2,798
Q2FY24 Q2FY25 Q2FY24 Q2FY25
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Note:

% YoY Growth All values in INR MM

1. Represents consolidated metric of India multi-channel, International, GlobalBees, Others and inter-company adjustments

Consolidated business update for Q2FY25

1

Strong performance continued across all businesses in Q2 FY25, with 26% revenue growth[(2)] YoY. Earnings compounded as Adjusted EBITDA[(1)] grew 66% YoY and Cash PAT[(3)] grew 209% YoY during the quarter

2

• India Multi-channel business delivered 38% YoY growth in Adjusted EBITDA[(1)] along with revenue growth of 19% YoY in Q2 FY25

3

• International business regained growth momentum in Q2 FY25 delivering 25% YoY revenue growth with continuous improvement in profitability as Adjusted EBITDA[(1)] margins improved by 390bps to (18.9%) in Q2 FY25 vs (22.8%) in Q2 FY24

4

• GlobalBees delivered a strong performance with 55% YoY Revenue growth in Q2 FY25 and continued improvement in profitability with 154% YoY growth in Adjusted EBITDA[(1)]

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5
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Significant improvement in consolidated profitability driven by gross margin expansion of ~101 Bps YoY in Q2 FY25 and operating leverage driving Adjusted EBITDA[(1)] margins to 4.2% in Q2 FY25 from 3.2% in Q2 FY24

Notes:

1. Adjusted for share-based expenses. Additionally, GlobalBees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103 2. Numbers represent consolidated metrics of India multi-channel and International retail, GlobalBees, others and inter-company adjustments 3. Adjusted for non-cash expenses and exceptional items. Refer page 28 for details

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Business Overview

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• 3

FirstCry Platform: Highly scalable core capabilities driving sustainable growth across all segments

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Full-Stack Full-Stack
Monetization Capabilities Parenting Needs Capabilities Monetization
Platform Platform
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We are the pioneers of multi-channel retailing for Mothers’, Babies’ and Kids’ products in India

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77% 23%
GMV [(1)] from online GMV [(1)] from offline
India multi-channel retail [(2)] India multi-channel retail [(2)]
9.4 MM 1,124
Annual Unique Modern Stores [(4) ]
Transacting Customer [(3)] incl. FOFO & COCO
Community 498
Emotional companion & social FirstCry & BabyHug
network of parents; in-built COCO stores [(4)]
within commerce app
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The multi-channel approach benefits customers who follow a “research online – purchase offline” shopping behavior

Notes:

1. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website (www.Firstcry.com), mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations and prior to product returns for quarter ended September 30, 2024

2. Excludes Education and GlobalBees segment

3. Annual unique transacting customers represents the unique transacting customers for trailing twelve months i.e. from October 1,2023 to September 30, 2024 4. As on September 30, 2024

Addressing Babies’ and Kids’ needs across age groups through a wide assortment of products

1.8 MM SKUs[(1)] offered from 7,906 brands[(1)] across our platforms

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Illustrative list of categories
offered for different age groups Trending fashion
Feeding Book & school
Toddler fashion Apparel supplies
Baby apparel
essentials Feeding Apparel Games
Diapers Cots & nursery Footwear Footwear
Maternity wear
Baby safety gear Toys Bath
Maternity care
Strollers & cradles
Baby health
Parenting books
Expecting mothers 0 - 6M 6M - 24M 2 - 4 Years 4 - 6 Years 6 - 12 Years
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Expecting mothers
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Note: 1. As on September 30, 2024

Created a robust portfolio of home brands across product categories

Our Key Home Brands

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Largest Mothers’, Babies’, and Kids’ products brand in the Asia Pacific region (exc. China) in terms of product assortment

India’s largest multi-category Mothers’, Babies’, and Kids’ products brand in terms of GMV[(1)]

Available on online platform, modern stores including 307 BabyHug COCO stores[(2) ] and general trade retail touchpoints

Source: RedSeer report titled “Childcare Market in India” dated July 11, 2024 Notes: 1. For FY24 2. As of September 30, 2024

Replicating our successful playbook in International markets

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India International Markets
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KSA UAE
Birth rate (per 000s for CY22) 16.3 17.0 9.9
Spend per child
on Childcare products 9,280 – 9,350 61,000 – 71,000 160,000 – 170,000
in FY24 (INR)
Childcare products
5,150 – 5,450 640 – 680 240 – 280
market size in FY29 (INR BN)
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FirstCry’s International segment AOV is 3.9 times[(1)] AOV of India business

Source: RedSeer report titled “Childcare Market in India” dated July 11, 2024 Note: 1. For quarter ending September 30, 2024

GlobalBees: Scaling D2C brands profitably

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Brainbees Solutions Ltd. owns 50.73% stake [(1)] in GlobalBees
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Select brands across categories

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Home Utilities Appliances
Fashion / lifestyle Home & Personal Care
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Note:

1. As on November 13, 2024; on fully diluted basis

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Segmental Performance

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• 3

India Multi-Channel Business Growing user base with increasing orders resulting in strong GMV growth at scale

Annual Unique Transacting Customers[(1)] (MM)

GMV[(3)] (INR MM)

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16%
9.4
8.1 19% 40,484
33,996
(2) (2)
Q2FY24 Q2FY25
Orders (MM) 21% 21,095
17,502
19% 18.5
15.5
19%
9.5
8.0
Q2FY24 Q2FY25 H1FY24 H1FY25
Q2FY24 Q2FY25 H1FY24 H1FY25
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Notes:

1. Numbers represented for India. India represents FirstCry Platform across the FirstCry website (www. firstcry.com), mobile application and FirstCry and BabyHug Modern stores, including those operated by Digital Age and franchisees.

% YoY Growth

1. Annual unique transacting customers reporting for three months ended September 30, 2024 represents the unique transacting customers for trailing twelve months i.e. from October 1,2023 to September 30, 2024 and for three months ended September 30, 2023 represents the unique transacting customers for trailing twelve months i.e., from October 1, 2022 to September 30, 2023

2. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website (www.firstcry.com), mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product returns

India Multi-Channel Business Delivering strong revenue growth with 38% YoY improvement in profitability in Q2FY25

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Revenue [(1)] (INR MM) Adjusted EBITDA [(2)] (INR MM)
7.4% 8.6% 7.6% 8.5%
18% 24,306
31% 2,058
20,676
1,568
38% 1,104
19% 12,804
802
10,776
Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25
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Notes:

% Adjusted EBITDA %

% YoY Growth

1. Numbers represent consolidated metrics of India Multi-channel business 2. Adjusted for share-based compensation expenses

International Business Witnessed strong growth in Q2FY25 across all key metrics

Annual Unique Transacting Customers (MM)

GMV (INR MM)

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25% 0.5
0.4
(2) (2)
Q2FY24 Q2FY25
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Orders (MM)

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6%
Business in Q1FY25 was 0.9
impacted for 10-12 0.9
days by flash floods
and rains in the UAE
and advancement of
seasonal spends
14% 0.5
0.4
Q2FY24 Q2FY25 H1FY24 H1FY25
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Notes:

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19% 7,984
6,719
25% 4,191
3,355
Q2FY24 Q2FY25 H1FY24 H1FY25
% YoY Growth
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1. Numbers represent consolidated metrics of International business comprising UAE and KSA

2. Annual unique transacting customers reporting for three months ended September 30, 2024 represents the unique transacting customers for trailing twelve months i.e. from October 1,2023 to September 30, 2024 and for three months ended September 30, 2023 represents the unique transacting customers for trailing twelve months i.e., from October 1,2022 to September 30, 2023 3. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry websites (www.Firstcry.ae and www.Firstcry.sa) and mobile application and prior to product returns

International Business Regains strong growth momentum with improving margin profile

Revenue[(1)] (INR MM)

Adjusted EBITDA[(2)] (INR MM)

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Business in Q1FY25 was
impacted for 10-12 16% 3,918
days by flash floods
and rains in the UAE
and advancement of
seasonal spends
3,382
25% 2,081
1,659
Q2FY24 Q2FY25 H1FY24 H1FY25
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(22.8%) (18.9%) (22.8%) (17.8%)
(770)
(698)
(394)
(378)
Q2FY24 Q2FY25 H1FY24 H1FY25
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Notes:

% Adjusted EBITDA %

YoY Growth

%

1. Numbers represent consolidated metrics of International business comprising UAE and KSA 2. Adjusted for share-based compensation expenses

GlobalBees Demonstrating strong growth momentum with high operational efficiency

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Revenue (INR MM) Adjusted EBITDA [(1)] (INR MM)
1.2% 2.0% 0.2% 1.7%
41% 7,570
14.4x 131
5,363
55% 4,326 2.5x 85
2,798
33
9
Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25
% Adjusted EBITDA % x YoY increase
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Note:

1. Adjusted for share-based compensation expenses. Additionally, GlobalBees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

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Financial Summary

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• 6

Combination of Scale, Growth and continuously improving Profitability

Consolidated Revenue[(1)] (INR MM)

Consolidated Adjusted EBITDA[(2)] (INR MM)

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36.3% 37.3% 36.0% 37.5%
22% 35,570
29,138
26% 19,049
15,069
Q2FY24 Q2FY25 H1FY24 H1FY25
% Gross Margin % % YoY Growth
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3.2% 4.2% 2.9% 4.3%
83% 1,545
843
66% 801
482
Q2FY24 Q2FY25 H1FY24 H1FY25
% Adjusted EBITDA %
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Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, GlobalBees, Others and inter-company adjustments

2. Adjusted for share-based compensation expenses. Additionally, GlobalBees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

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Supplementary Information

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Summary Consolidated Profit & Loss Statement

INR Million(1) FY23(3) FY24 Revenue from Operations 52,622 64,809 Material Costs 35,297 41,632 Gross Profit 17,325 23,177 Gross Profit Margin % 32.9% 35.8% Direct Costs 4,911 5,879 Contribution Margin % 23.6% 26.7% Advertising and sales promotion expenses (% of Revenue) 7.9% 7.4% Indirect Expense (% of Revenue) 7.0% 7.6% Adjusted EBITDA(2) 772 2,744 Adjusted EBITDA Margin % 1.5% 4.2% Profit/(Loss) before Tax (5,303) (3,215) Profit/(Loss) after Tax (4,864) (3,215)	H1 FY24 H1 FY25 29,138 35,570 18,641 22,230 10,497 13,340 36.0% 37.5% 2,782 3,269 26.5% 28.3% 8.0% 8.7% 7.8% 7.6% 843 1,545 2.9% 4.3% (2,271) (1,213)	Q2 FY24 Q2 FY25
		15,069 19,049
		9,597 11,939
		5,472 7,110
		36.3% 37.3%
		1,424 1,753
		26.9% 28.1%
		8.2% 9.1%
		7.6% 7.3%
		482 801
		3.2% 4.2%
		(1,121) (516)
	(2,298) (1,385)	(1,194) (629)

Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, GlobalBees, Others and inter-company adjustment;

2. Adjusted for share-based compensation expenses. Additionally, GlobalBees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

3. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

Summary Segment Disclosures

ummary Segment Disclosures
INR Million FY23(3) FY24	H1 FY24 H1 FY25	Q2 FY24 Q2 FY25
India Multi-Channel
Revenue from Operations 39,105 45,795 Adjusted EBITDA(1) 2,435 4,040 Adjusted EBITDA margin(%) 6.2% 8.8% Segment Results 742 1,666 Segment margin(%) (2) 1.9% 3.6%	20,676 24,306 1,568 2,058 7.6% 8.5% 504 791 2.4% 3.3%	10,776 12,804
		802 1,104
		7.4% 8.6%
		243 461
		2.3% 3.6%
International
Revenue from Operations 4,875 7,537 Adjusted EBITDA(1) (1,201) (1,396) Adjusted EBITDA margin(%) (25%) (19%) Segment Results (1,329) (1,554) Segment margin(%) (2) (27%) (21%)	3,382 3,918 (770) (698) (23%) (18%) (841) (786) (25%) (20%)	1,659 2,081
		(378) (394)
		(23%) (19%)
		(414) (439)
		(25%) (21%)
GlobalBees
Revenue from Operations 8,972 12,093 Adjusted EBITDA(1) (447) 23 Adjusted EBITDA margin(%) (5%) 0% Segment Results (1,407) (964) Segment margin(%) (2) (16%) (8%)	5,363 7,570 9 131 0% 2% (485) (356) (9%) (5%)	2,798 4,326
		33 85
		1% 2%
		(212) (160)
		(8%) (4%)
Others
Revenue from Operations 230 334 Adjusted EBITDA(1) (31) 58 Adjusted EBITDA margin(%) (13%) 18% Segment Results (42) 47 Segment margin (%) (2) (18%) 14%	155 211 24 49 15% 23% 18 44 12% 21%	63 91
		13 19
		20% 21%
		10 16
		16% 18%

Notes:

1. Adjusted EBITDA is calculated as the restated profit for the period or year plus tax expense, finance cost, depreciation and amortization expenses less other income, exceptional items income(net), plus employee share-based payment expenses, deal related cost, salaries, wages, bonus and other allowances accounted as per para B55 of Ind AS 103 2. Segment Margin is calculated by dividing segment results with segment revenue from operations

2. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

Adjusted EBITDA to Profit / Loss after Tax Reconciliation

INR Million(1) FY23(4) FY24 Loss after Tax (4,864) (3,215) Add : Tax Expenses (440) 0 Add : Finance Costs 721 1,154 Add : Depreciation and Amortisation Expense 2,963 3,709 Less : Other Income (988) (942) Add : Employee share based payment expense 3,614 1,781 Add : Exceptional items(2) (net) (544) - Add : Deal related cost 45 - Add : Employment cost on account of business combination(3) 263 259 Adjusted EBITDA 772 2,744	H1 FY24 H1 FY25	Q2 FY24 Q2 FY25
	(2,298) (1,385)	(1,194) (629)
	27 172	73 113
	742 785	385 405
	1,724 1,935	888 980
	(407) (577)	(208) (309)
	926 436	473 208
	- 133	- 10
	129 46	65 23
	843 1,545	482 801

Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, GlobalBees and Others

2. Exceptional items include inventory loss on account of fire in warehouses of the group

3. Adjusted for GlobalBees salaries and wages accounted as per Para B55 of Ind-AS 103

4. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

Reconciliation of Profit / Loss after Tax to Cash Profit after Tax

INR Million FY24 Loss after Tax (3,215) Deferred Tax expense 438 Loss before Deferred Tax Expense (3,653) Ind AS 116 Cost (Rent amortisation and finance cost)(2) 2,201 Brand Amortisation(3) 1,087 ESOP Cost(3) 1,781 Depreciation on PPE(3) 1,169 Exceptional Item(4) - Employment cost on account of business combination(3)(5) 259 Interest on contractual Obligation(6) - Cash outflow for lease rentals (1,776) Cash Profit after Tax(1) 1,068	H1 FY24 H1 FY25 (2,298) (1,385) 115 53 (2,414) (1,439) 1,112 1,190 532 520 926 436 520 575 - 133 129 46 223 - (880) (1,006) 149 456	Q2 FY24 Q2 FY25 (1,194) (629) 30 34 (1,224) (663) 633 655 259 257 473 208 279 296 - 10 65 23 112 - (507) (507) 90 279

Notes:

1. Cash Profits After Tax is calculated as the restated profit for the period or year plus deferred tax expense, rent amortization and finance cost as per IND AS 116, brand amortization, ESOP Costs, Depreciation on PPE, exceptional items, Employment cost on account of business combination, interest on contractual obligations and less cash outflow for lease rentals

2. The Indian Accounting Standard 116, “Leases”, notified under Section 133 of the Companies Act 2013 read with Companies (Indian Accounting Standards) Rules, 2015 defines difference between amortizing rent recognized in books and actual cash rent paid

3. Brand Amortization, ESOP Costs and Depreciation on PPE are Non-cash expenses and hence reduced to arrive at Cash Profit after Tax

4. Exceptional items include inventory loss on account of fire in warehouses of the group

5. Adjusted for GlobalBees salaries and wages accounted as per Para B55 of Ind-AS 103

6. Interest on contractual obligation pertains to interest expenses recognized on the liability related to amount payable to selling shareholders for the remaining stake in subsidiaries

Other Operating Metrics (1/2)

Other Operating Metrics (1/2)
Particulars(#s as of end of the period) FY23 FY24 Number of brands(1) 7,035 7,580 Number of SKUs (MM)(2) 1.29 1.65 Number of warehouses and stockists(3) 79 80 Modern Stores 904 1,063 FOFO Stores 618 628 BabyHug COCO Stores 224 284 FirstCry and other COCO Stores 62 151 Net Working Capital Days (4) 50 53 Inventory Days(5) 83 92	Q2 FY24 Q2 FY25
	7,450 7,906
	1.48 1.82
	81 80
	971 1,124
	620 626
	251 307
	100 191
	49 56
	90 94

Notes:

1. Number of active brands as on the date of respective period end listed across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age

2. Number of SKUs as on the date of respective period end across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age 3. Number of warehouses and stockists where our Company stores its inventory

3. Working Capital Days = (Inventories + Trade Receivables – Trade Payables) divided by revenue from operations*365, shown on annualised basis for quarterly figures

4. Inventory days is closing inventory as at the end of the respective period /Revenue from operations for the respective period X 365 on an annualised basis for quarterly figures

Other Operating Metrics (2/2)

Particulars FY23 FY24 GMV(1) from Online (INR MM) 58,126 73,700 GMV(1) from Offline (INR MM) 14,450 17,511 GMV(1) from Existing Customers (INR MM) 52,963 65,878 GMV(1) from New Customers (INR MM) 19,613 25,333 Average Order Value(2) – Consolidated (INR) 2,342 2,544 Average Order Value(2) – India Multi-Channel (INR) 2,156 2,226 Average Order Value(2) – International (INR) 6,350 8,582	Q2 FY24 Q2 FY25
	16,615 20,486
	4,242 4,800
	16,897 20,805
	3,960 4,480
	2,484 2,530
	2,194 2,217
	7,993 8,737

Notes:

1. GMV refers to the monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product returns 2. Average Order Value refers to GMV generated across the FirstCry website, mobile application, FirstCry and BabyHug modern stores divided by Orders considered for such GMV

Summary estimate of share based compensation expense

Expected ESOP Charges

INR MM	Q1	Q2	Q3	Q4	Total
FY 2025	228	208	449	617	1,502
FY 2026	426	426	426	426	1,704
FY 2027	190	190	190	190	760

Fully Diluted Share Capitalisation

Particulars	(in MM)	% of Shares Outstanding On a Fully Diluted Basis (1)
Basic Shares Outstanding as of 30 Sep, 2024	519.2	97.5%
ESOPs of which
Time-based ESOPs (2)	3.4	0.6 %
Performance-based ESOPs (3)	9.9	1.8 %

Commentary

• The table illustrates expected ESOP cost for granted options[(4)]

• Actual charges might be different based on incremental issuances as well as lapses. For any lapses of unvested ESOPs, normally on attrition, the cost of unvested ESOP recorded so far is reversed in that quarter

• For new ESOP grants, the total estimated charge would be the number of options granted times the fair value per share computed basis the fair value of the option, as per the valuation report. The charge is front-ended with approximately 52% in Year 1, 27% Year 2, 15% in Year 3 and 6% in Year 4

• Movements of share price after the date of the grant do not affect the ESOP charge for already granted ESOPs

Estimated Fully Diluted Share 532.5 Capitalisation

Notes:

1. Including all outstanding ESOPs

2. Vesting period ranges from one to four years

3. Vesting of these ESOPs are linked to market capitalization

4. Includes all options granted till November 14, 2024

Glossary

Term	Definition
FirstCry Modern Stores	Includes FirstCry-owned multi-brand stores, franchisee stores, and exclusive home brand stores
	Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile
Gross Merchandise Value (GMV)	application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product
	returns
	Unique customers identified by their email-id or mobile number who have placed at least one Order on the FirstCry
Annual Unique Transacting Customers (AUTC)	website, mobile application or FirstCry and BabyHug modern stores during the last 12 months ended as on
	measurement date
Orders	All orders placed on the FirstCry website, mobile application and modern stores, net of cancellations and prior to any returns.
Average Order Value (AOV)	GMV generated across the FirstCry website, mobile application and modern stores during a period divided by Orders underlying such GMV
	Adjusted Earnings before interest, tax, depreciation and amortization is calculated as the restated profit for the period
Adjusted EBITDA	or year plus tax expense, finance cost, depreciation and amortization expenses less other income, exceptional items income (net), Share of profit of an associate (net of income tax), plus Employee Share-Based Payment Expenses, Deal
	related cost, Salaries, wages, bonus and other allowances accounted as per para B55 of Ind AS 103