- CaratLane's operating revenue rose 41% to INR 3,080 Cr in FY24, up from INR 2,168 Cr in FY23.
- CaratLane's net profit declined by nearly 5% to INR 78.59 Cr in FY24, primarily due to increased advertising and miscellaneous expenses.
CaratLane, the Tata-owned omnichannel jewelry startup, has reported a significant increase in revenue for the fiscal year 2023-24 (FY24). However, its net profit saw a slight decline due to increased advertising and miscellaneous expenses.
The company's operating revenue soared by 41% to INR 3,080 crore in FY24, surpassing the INR 3,000 crore mark. This growth was primarily driven by strong sales across its online and offline channels.
Despite the revenue surge, CaratLane's net profit declined by 5% to INR 78.59 crore compared to the previous fiscal year. The company attributed this decrease to higher advertising costs and other miscellaneous expenses.
CaratLane's total expenditure increased by over 44% to INR 2,992 crore in FY24. The major contributors to this rise were increased costs of materials consumed, purchases of stock-in-trade, and employee benefits.
In terms of competition, CaratLane faces stiff competition from both traditional jewelry brands like Kalyan Jewellers and Malabar Gold, as well as newer players like BlueStone and GIVA. Recently, Bluestone raised INR 900 crore in a pre-IPO round, indicating the growing interest in the jewelry market.
As CaratLane continues to expand its operations and strengthen its market position, it will be interesting to see how it navigates the competitive landscape and delivers future growth.
Edited by Harshajit Sarmah
