FirstCry CEO's monthly salary drops by 49% to ₹8.6 crore
Supam Maheshwari, the founder and CEO of FirstCry, has experienced a significant reduction in his monthly salary. His remuneration has been cut by 49% to ₹8.6 crore in the first three quarters of FY24, a sharp decrease from ₹16.7 crore during the same period in FY23. The IPO-bound company's revised draft red herring prospectus filed with the market regulator has revealed these figures.
Maheshwari's total remuneration includes short-term employment benefits and share-based payments
Maheshwari's total remuneration for the first three quarters of FY24 was ₹77.5 crore. In comparison, he took away ₹200.7 crore for entire FY23, as per the revised draft red herring prospectus. So, while his monthly salary has reduced, his total remuneration has seemingly increased based on quarterly figures. The reported figures include short-term employment benefits and share-based payments accrual but exclude provisions for gratuity, compensated absences, and other long-term employment benefits.
Maheshwari sells significant shareholding ahead of IPO
Before filing for an initial public offer (IPO) in December, Maheshwari sold a significant portion (6.2 million) of his shares in FirstCry. The shares were sold at the highest price for secondary share sale of ₹487.44 each, making the offloaded shareholding worth more than ₹300 crore. The CEO also identified himself as a selling shareholder in the public issue, reducing his stake from 7.46% to 5.95%.
FirstCry's other key managerial personnel's remuneration revealed
The revised IPO document has also disclosed the remuneration of other key managerial personnel at FirstCry. Sanket Hattimattur, co-founder and chief of staff, received total remuneration of ₹8.3 crore for FY24's first three quarters, down from ₹18.5 crore in entirety of FY23. Group CFO Gautam Sharma is third on the remuneration leaderboard with total compensation of ₹1.6 crore in FY24's first three quarters and ₹4.8 crore in FY23.
FirstCry's employee benefits and revenue details unveiled
FirstCry's employee benefits expenses in FY24's first nine months amounted to ₹370 crore, compared to ₹408 crore in FY23. Its share-based payment expenses were ₹134 crore in FY24's first nine months, down from ₹361 crore in FY23. The e-commerce giant generated revenue of ₹4,814 crore in the first three quarters of FY23 while registering a net loss of ₹278 crore during the same period. FirstCry is expected to price its IPO at a valuation of $3.5-3.75 billion.
