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Eyewear retailer Lenskart made major strides towards profitability with its net loss narrowing to Rs 10 crore in fiscal 2024 from Rs 64 crore the year before, boosted by significant improvement in its operational performance. US Election 2024 US Election Result Live Updates Swing state results deciding who'll be new POTUS Trump vs Harris: Who’s winning which state? Full list Operating revenue for the year ended March 31 rose 43% from the prior year to Rs 5,428 crore, according to the Gurugram-based company’s financial statements sourced from business intelligence platform Tofler. The revenue growth, however, tempered from FY23 when Lenskart had more than doubled its revenue.
Earnings before interest, tax, depreciation and amortisation rose to Rs 856 crore from Rs 403 crore in FY23. For the ongoing financial year, Temasek and SoftBank-backed Lenskart has hit an annual revenue run rate of $1 billion (around Rs 8,400 crore), ET reported last month. Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Java 21 Essentials for Beginners: Build Strong Programming Foundations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Intermediate Java Mastery: Method, Collections, and Beyond By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Marketing Future of Marketing & Branding Masterclass By - Dr.
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“This gives us the confidence to further accelerate our growth,” he had said. The firm’s omnichannel strategy, with its online stores and 2,500 retail outlets, has been a key driver of its expansion. While its online channel has grown faster in the last two years than in the previous decade, Lenskart will continue to invest heavily in physical retail, with plans to add 400 stores this year.
Lenskart bagged the top honours at The Economic Times Startup Awards 2024 , winning the coveted Startup of the Year for its success in building a fast-growing, large-scale, omnichannel consumer retail venture while creating an entirely new category. In FY24, 58% of the company’s revenue from sale of goods came from India, while Japan was its second largest market with a 14% contribution, followed by Singapore, Taiwan, Thailand and other geographies. On the expense side – Lenskart saw its marketing spending in FY24 increase 20% year-on-year at Rs 352 crore.
Costs on employee benefits increased 51% to Rs 1,086 crore. On November 5, ET reported that a fund managed by US-based financial services major Fidelity marked up the valuation of Lenskart to $5.6 billion, reflecting a 12% increase in the company’s fair value in its books.
Lenskart competes with the likes of Tata Group’s Titan Eye, which reported 5.1% year-on-year revenue growth in FY24 at Rs 724 crore. In its annual report, Titan Company, which runs the Titan Eye retail chain, said while FY24 kicked off with robust performance with double-digit growth in the first half, unforeseen challenges emerged by September 2023.
“...
our distribution channel, catering to optical shops, faced notable setbacks, leading to an overall performance slightly below our initial projections,” Titan had said..
