SUMMARY
- BlueStone has managed to reduce its annual loss by approximately 15% YoY to Rs 142.2 crore in FY24.
- Its operating revenue experienced a surge of over 64% YoY, reaching Rs 1,265.8 crore in FY24.
- Its expenses increased by over 51% to Rs 1,445.7 crore in FY24 from Rs 955.1 crore in FY23.
Omnichannel jewelry brand BlueStone has managed to reduce its annual loss by approximately 15% YoY to Rs 142.2 crore in FY24, while its operating revenue exceeded the Rs 1,000 crore mark.
In FY23, the startup reported a net loss of Rs 167.2 crore on an operating revenue of Rs 770.7 crore. Its operating revenue experienced a surge of over 64% YoY, reaching Rs 1,265.8 crore in FY24.
Established in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone generates revenue through both online sales and its retail stores. The brand has an extensive collection of over 8,000 designs, ranging from rings and pendants to earrings and more.
BlueStone owns a portion of its retail stores and operates the remainder through a franchise model, boasting a network of over 200 stores nationwide.
In FY22, BlueStone encountered a one-time non-operating expense of Rs 1,209 crore, which led to an increase in its net loss to Rs 1,268.4 crore. Excluding this one-time expense, the startup’s net loss saw an 183% YoY increase in FY23.
Including interest income, BlueStone recorded a total revenue of Rs 1,303.5 crore in FY24, growing from Rs 787.9 crore in FY23.
As sales continued to rise, so did the expenses of the brand, with costs increasing by over 51% to Rs 1,445.7 crore in FY24 from Rs 955.1 crore in FY23.
The cost of materials consumed accounted for 85% of the total expenditure of the jewelry brand in FY24. BlueStone spent Rs 1,234.7 crore on the procurement of raw materials in FY24, marking a 72% increase from Rs 717.6 crore in the fiscal year before.
The startup’s expenditure on employee benefit grew by 51.7% to Rs 138.4 crore in FY24 compared to Rs 91.2 crore in FY23. BlueStone spent Rs 95.6 crore on salaries and wages in FY24, indicating a growth of approximately 56% YoY. This suggests that the brand likely expanded its workforce during the fiscal year under review.
BlueStone’s expenditure on advertising and marketing escalated to Rs 124.2 crore in FY24, a substantial increase from Rs 84.1 crore in FY23.
Notably, the company appears to be shifting its focus towards enhancing both its top and bottom lines in preparation for its Initial Public Offering (IPO).
“Company has been successful in growing revenue in existing stores during the year which has resulted in improved margins. The company thus expects further improvement in its cash flow from operations through increase in revenue from its existing as well as new customers,” the company stated in its filing with the Ministry of Corporate Affairs (MCA).
