Standards regulator BIS seizes FirstCry products worth Rs 90 lakh

The Bureau of Indian Standards (BIS) carried out a search and seizure operation on Monday at a Bengaluru warehouse of FirstCry father or mother Brainbees Solutions, confiscating items price Rs 90 lakh for additional investigation, the corporate stated in an trade submitting on Tuesday.

The motion didn’t impression the corporate’s operations, they usually proceed as ordinary, omnichannel baby care retailer FirstCry stated in its submitting.

The requirements regulator has alleged that FirstCry is in contravention of Part 14(6) of BIS Act, 2016 relating to a number of merchandise. The availability prohibits unauthorised institutions from assigning the Commonplace Mark or the ISI Mark to items. The mark signifies a product meets the required quality standards.

“The corporate has taken word of the observations made by the BIS and is acquiring applicable authorized recommendation. Additional, the corporate has no causes to consider that the merchandise seized by BIS are non-compliant of BIS Act, 2016,” the corporate stated.

On Monday, Brainbees Options reported a subdued performance for the March quarter, with its consolidated internet loss widening 2.5 instances year-on-year (YoY) to Rs 111.5 crore, in comparison with Rs 43 crore in the identical interval final 12 months.

The drop in bottomline got here regardless of a 16% YoY rise in working income to Rs 1,930.3 crore in the course of the quarter. Together with income progress throughout enterprise segments, the FirstCry father or mother noticed consolidated bills improve to Rs 1,914 crore, up from Rs 1,634 crore within the earlier quarter.