Tata’s omnichannel jewelry vertical CaratLane has posted Rs 754 crore in total revenue in Q1 FY25, 18% more than Rs 639 crore in Q1 FY24.
The parent company Titan has added that the total revenue does not include the bullion and digi-gold sales of Rs 139 crore and Rs 4 crore respectively in the quarter under review.
CaratLane’s EBITDA surged 8.5% YoY to Rs 38 crore from Rs 35 crore in the corresponding quarter last year. Its EBITDA margins improved 44 bps YoY to 5.5% in Q1 FY25.
The revenue from the studded category also grew 23% YoY with improved contributions by 3 percentage points to 78% in the same quarter.
The Chennai-based jewelry firm opened three new outlets in Q1 FY25 making its total store count 275 across 112 cities of India. It claims to have launched 412 new designs as well in the quarter under review to activate and retain customers.
The omnichannel jewelry manufacturing and selling company was founded in 2008 by Mithun Sacheti and Srinivasa Gopalan. Tata Group’s watch brand Titan acquired an additional 27.18% stake in the jewelry brand for Rs 4,621 crore at a Rs 17,000 crore valuation last year, taking its shareholding to over 99%. Later, it completely acquired CaratLane, buying the remaining 0.36% stake for Rs 60.08 crore. Q1 FY25 was its first quarter as a wholly-owned subsidiary of Titan.
In FY23, CaratLane had reported Rs 82 crore in profit, dropping 8% from Rs 89.2 core in FY22. Its revenue from operations jumped 73% YoY to Rs 2,169 crore in the same period.
Kalyan Jewellers, BlueStone, GIVA, and Malabar Gold are some of its prominent contenders.
