Lenskart cuts loss by 84% in FY24, revenue up 43% to Rs 5,428 crore

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.

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.

In an interview with ET in October, Lenskart’s founder and chief executive officer Peyush Bansal had said the company is making a $200-million investment in its new manufacturing facility in southern India.

Its current manufacturing unit is in Rajasthan.

The new investment is coming at a time when the India market, which drives most of the company’s business, is profitable and the same is reflected in its overseas operations as well at a consolidated level, Bansal said. “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.