Module requires 3 power cycles to initialize FDS Manager.

Question

Hardware Description: 
 MKBN02A00 module based on nRF52832 SOC 
 Software Description 
 nRF SDK 15.2.0 , SoftDevice S112 
 Observation: 
 When power_manager_init() is called before fds_manager_init(). It requires 3 power cycles to initialize FDS module. For the first 2 power cycle applications stays in wait_for_fds_ready() loop. 
 When power_manager_init() is called after fds_manager_init(), FDS module initializes on 1st power cycle without any problem. 
 Question: 
 What could be the possible reason for such behavior? Does power_management (sleep mode) affects the "fds module initialization" status events being generated/captured for 
 
 fds_evt_handler. And if so why it works fine on the 3rd power cycle. Or if there is any other problem? 
 
 Application Code: 
 Below is the sequence of initialization in the main function. 
 APP_SCHED_INIT(SCHED_MAX_EVENT_DATA_SIZE, SCHED_QUEUE_SIZE);
 
 // power_management_init();
 ble_stack_init();
 timers_init();
 buttons_leds_init();
 rtc_start();
 
 fds_manager_init();
 load_device_config();
 power_management_init(); 
 fds_manager_init(void) function 
 void fds_manager_init(void)
{
 ret_code_t ret;

 ret = fds_register(fds_evt_handler);
 if (ret != FDS_SUCCESS)
 {
 // Registering of the FDS event handler has failed.
 }
 
 ret = fds_init();
 if (ret != FDS_SUCCESS)
 {
 // Handle error.
 }

 wait_for_fds_ready();

 fds_stat_t stat = {0};

 ret = fds_stat(&stat);
 APP_ERROR_CHECK(ret);

 fds_gc();
} 
 wait_for_fds_ready() function 
 static void wait_for_fds_ready(void)
{
 while (!m_fds_initialized)
 {
 (void) sd_app_evt_wait();
 }
} 
 power_management_init() calls nrf_pwr_mgmt_int() 
 ret_code_t nrf_pwr_mgmt_init(void)
{
 m_shutdown_started = false;
 nrf_mtx_init(&m_sysoff_mtx);
 nrf_section_iter_init(&m_handlers_iter, &pwr_mgmt_data);

 PWR_MGMT_SLEEP_INIT();
 PWR_MGMT_DEBUG_PINS_INIT();
 PWR_MGMT_STANDBY_TIMEOUT_INIT();
 PWR_MGMT_CPU_USAGE_MONITOR_INIT();

 return PWR_MGMT_TIMER_CREATE();
}