SUMMARY
- Lenskart’s operating revenue rose by 43% to Rs 5,427.7 crore in FY24.
- Lenskart’s total expense went up by 37.9% to Rs 5,549.59 crore in FY24.
- The brand was able to reduce its losses by 84% to Rs 10 crore in FY24.
Lenskart‘s operating revenue rose by 43% to Rs 5,427.7 crore in FY24, up from Rs 3,788 crore in FY23, as per its financial statements. The company’s primary revenue stream is the sale of eyewear products such as frames, lenses, and goggles, as well as ancillary services like eye examinations.
The omnichannel eyewear retailer’s revenue from product sales increased by 43.1% to Rs 5,166.2 crore in FY24, up from Rs 3,609.8 crore in FY23. This segment accounted for 95.18% of the company’s total collection in the said fiscal year. Meanwhile, income from service offerings grew by 26.4% to Rs 104.5 crore, and revenue from other operating sources stood at Rs 157 crore in FY24.
In addition to its operating income, the brand also earned Rs 182.17 crore from non-operating activities, bringing its total collection to Rs 5,609.87 crore. The company generated 58% (Rs 3,154.5 crore) of its revenue from the Indian market.
The Delhi-based company claims to operate more than 2,500 stores, with around 2,000 located in India. The firm is a leading Indian consumer internet company globally, as 42% of its income (Rs 2,273 crore) was derived from overseas markets, with Japan, Singapore, Taiwan, and Thailand being the major contributors.
The company saw a significant increase in its material costs, which rose 29.8% to Rs 1,776 crore from Rs. 1,368 crores in FY23. Employee benefit expenses also rose sharply by 51.4% to Rs 1,086.49 crore in FY24, while depreciation and amortization costs increased by 61% to Rs 672.24 crore in FY24.
Additionally, other expenses, including finance cost and information technology, pushed Lenskart’s total expense up by 37.9% to Rs 5,549.59 crore in FY24.
Lenskart was able to effectively manage its losses, reducing them by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. The company’s ROCE and EBITDA margin stood at 2.28% and 15.25%, respectively. On a unit basis, Lenskart spent Rs 1.02 to earn a rupee of operating revenue in FY24.
In June, the Peyush Bansal-led company raised $200 million in secondary funding, followed by a $20 million investment, in which founder Peyush Bansal also participated. Over the last 18 months, Lenskart has attracted nearly $1 billion in capital and was valued at $5 billion during the secondary transaction. Lenskart’s early backer Fidelity increased the valuation of the company to $5.6 billion recently.
