Lenskart reports Rs 5,427 Cr revenue and Rs 10 Cr loss in FY24

Omnichannel eyewear retailer Lenskart sustained its growth trajectory in the fiscal year ending March 2024, though at a slower pace compared to the substantial 2.5X year-on-year increase observed in FY23.

Lenskart’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23, according to its financial statements. The company makes money by selling eyewear frames, lenses, goggles and other ancillary services including eye checkups.

Lenskart's revenue from the sale of products increased 43.1% to Rs 5,166.2 crore in FY24 from Rs 3,609.8 crore in FY23. This stream formed 95.18% of the firm’s total collection in the said fiscal year. Income from the sale of services increased 26.4% to Rs 104.5 crore while collection from other operating sources accounted for Rs 157 crore in FY24.

The Delhi-based firm also earned Rs 182.17 crore from non-operating activities which took its total collection to Rs 5,609.87 crore. Notably, the firm made Rs 3,154.5 crore or 58% of its revenue from India.

Lenskart claims to operate more than 2,500 stores, with around 2,000 located in India. The firm appears to be a leading Indian consumer internet company globally, as 42% of its income (Rs 2,273 crore) came from overseas markets. In which Japan, Singapore,Taiwan province of China and Thailand were major market.

The Peyush Bansal-led company’s cost on materials consumed spiked 29.8% to Rs 1,776 crore from Rs. 1,368 crores in FY23. Employee benefits expenses went up by 51.4% to Rs 1,086.49 crore during the last fiscal year while depreciation and amortization costs also increased 61% to Rs 672.24 crore in FY24.

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Other expenses including finance cost and information technology pushed Lenskart’s total expense by 37.9% to Rs 5,549.59 crore in FY24.

Due to cost effective management, Lenskart controlled its losses by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. Its ROCE and EBITDA margin stood at 2.28% and 15.25%, respectively. On a unit basis, the company spent Rs 1.02 to earn a rupee of operating revenue in FY24.

In June, Lenskart raised $200 million in secondary funding, followed by a $20 million investment, in which founder Peyush Bansal also participated. It has attracted nearly $1 billion in capital over the last 18 months and was valued at $5 billion during the secondary transaction. Recently, Lenskart’s early backer Fidelity increased the valuation of the eyewear retailer to $5.6 billion.