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Baby and mother care retailer FirstCry announced that its company secretary and compliance officer, Neelam Jethani, has resigned.
Brainbees Solution, the parent company of FirstCry, informed the Indian stock exchanges that Jethani is leaving to explore new professional opportunities. Her resignation will be effective after business hours on March 15.
Jethani has been with the company for over two years. Before joining FirstCry, she was a deputy manager at Schaeffler and worked for more than five years as an assistant manager at Persistent Systems.
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Neelam Jethani’s resignation comes as FirstCry’s shares are on a decline. On February 19, the company’s shares hit an all-time low of INR 374.40.
The drop in shares followed the company’s announcement of its financial performance for the third quarter of the fiscal year 2024-25 (Q3 FY25). FirstCry reduced its consolidated net loss by 69.5%, down to INR 14.78 Cr from INR 48.41 Cr in the same quarter last year.
At the same time, its revenue increased by 14.3%, reaching INR 2,172.30 Cr in Q3 FY25, up from INR 1,900.19 Cr in Q3 FY24.
For the first time, FirstCry, 38 company-owned, shut down stores due to poor performance.
"We have a certain expectation at a multi-channel level, the wallet share of the customer, as well as the footfall. We had reasons and data to believe that in those 38 stores, we were not to the level that we would have wished," FirstCry Co-founder and CEO Maheshwari said in the post-earnings call.
About FirstCry
Founded in 2010 by Supam Maheshwari and Amitava Saha, The FirstCry app is a one-stop shop for baby, children's, and maternity products. It also offers expert advice and tips on parenting, child development, pregnancy and more.
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