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CaratLane crosses Rs 3,000 Cr revenue in FY24; remains profitable

EntrackrEntrackr · 10m ago
CaratLane crosses Rs 3,000 Cr revenue in FY24; remains profitable
Medial

Titan-owned CaratLane has continued its growth trajectory as its revenue grew 42% in the fiscal year ending March 2024. The company’s profit dipped marginally due to aggressive expansion, though. CaratLane’s revenue from operations grew to Rs 3,081 crore in FY24 from Rs 2,169 crore in FY23, its consolidated annual statements sourced from the Registrar of Companies (RoC) show. CaratLane sells gold, silver, and diamond jewelry for both men and women through its website and network of offline stores. As per its website, the firm operates over 262 stores across 105 cities. The sale of the jewelry was the sole source of revenue for CaratLane in FY24. The company also earned Rs 25 crore from other financial activities, taking the overall revenue to Rs 3,106 crore in the said fiscal. For the jewelry maker, the cost of procurement of material/stones was naturally the largest cost center forming 69% of the total expenditure. To the tune of scale, this cost grew 48% to Rs 2077 crore in FY24. Employee benefits, advertisement cum promotion, legal, technical, and transportation are some major overheads that pushed the total cost to Rs 2,992 crore in FY24 from Rs 2,069 crore in FY23. See TheKredible for the detailed cost breakup. Despite an impressive scale, the company reported a flat profit which stood at Rs 79 crore in FY24 as compared to Rs 82 crore in FY23. The expansion of stores appears to be the reason for the marginal dip in PAT. Its ROCE and EBITDA margin stood at 34.88% and 8.98%, respectively. On a unit level, it spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 9.64% 8.98% Expense/₹ of Op Revenue ₹0.95 ₹0.97 ROCE 38.19% 34.88% CaratLane also disclosed its financials for the first quarter of FY25. The company’s total income surged 18% year-on-year to Rs 754 crore in Q1 FY25 while its EBITDA saw an 8% increase to Rs 38 crore during the same period. In February, Tata Group firm Titan Company acquired the remaining 0.36% stake of CaratLane for Rs 60.08 crore. Following the deal, CaratLane transitioned into a wholly-owned subsidiary of Titan Company. CaratLane directly competes with Bluestone which recorded Rs 788 crore in operating revenue for FY23 and reportedly raised Rs 900 crore ($107 million) in pre IPO round. Among the venture funded startups, Melorra and Giva are other notable competitors.

CaratLane posts Rs 1,117 Cr revenue in Q3 FY25, EBITDA tops Rs 130 Cr

EntrackrEntrackr · 5m ago
CaratLane posts Rs 1,117 Cr revenue in Q3 FY25, EBITDA tops Rs 130 Cr
Medial

Omnichannel jewellery brand CaratLane has recorded 27% year-on-year growth during the third quarter of the ongoing fiscal year. Moreover, its EBITDA crossed Rs 130 crore in the same period. CaratLane's total income (excluding bullion and Digi Gold sales) surged to Rs 1,117 crore in Q3 FY25, up from Rs 879 crore in Q3 FY24, reflecting 27% year-on-year growth. The figures were reported in Titan’s quarterly results sourced from the National Stock Exchange (NSE). According to the company's press release, CaratLane has added 19 new stores in India, bringing the total to 305 stores across 128 cities. During the quarter ending December 2024, CaratLane also opened its first international store in New Jersey, United States of America. With the 22% growth in brand searches, EBITDA for CaratLane stood at Rs 131 crore during Q3 FY25, with a margin of 11.7%. Notably, Titan's total jewelry business, including Tanishq and Mia grew by 26.6% to Rs 16,134 crore in Q3FY24, compared to 12,742 crore in Q3 FY24. Apart from CaratLane, Tanishq, and Mia have added 11 and 13 new stores respectively in the domestic market during the last quarter. Titan Company Limited initially acquired a 62% stake in CaratLane for Rs 357.24 crore in 2016. Over time, it increased its holding to 71.09%. The company later acquired an additional 27.18% for Rs 4,621 crore, bringing its total stake to 98.64%, and subsequently purchased the remaining shares for Rs 60 crore in February last year. During the fiscal year ended March 2024, CaratLane posted a 42% year-on-year increase to Rs 3,081 crore from Rs 2,169 crore in FY23. However, its profit slipped 3.7% to Rs 79 crore in the same period. CaratLane directly competes with Bluestone which filed DRHP to SEBI for Rs 1,000 crore IPO and reported Rs 1,266 crore in operating revenue for FY24 with a loss of Rs 142 crore. Fine jewellery brand Giva saw a 66% year-on-year revenue growth to Rs 274 crore in FY24. Meanwhile, Melorra is yet to post its annual results for the last fiscal.

Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets
Medial

Omnichannel retailer Bluestone has raised Rs 100 crore or $12 million in debt from Neo Markets. This is the third debt investment for the Bengaluru-based company this year. The board at Bluestone has passed a special resolution to issue 10,000 debentures at Rs 1,00,000 each to raise the above-mentioned sum, its regulatory filings sourced from the Registrar of Companies show. The development has come at a time when the Peak XV-backed company reportedly aims to raise $100 million in its pre-IPO round. As per media reports, the pre-IPO funding will be a mix of primary and secondary where the early backers may score hefty returns. The company has raised around $190 million to date including $66 million from Ranjan Pai and others in September last year. According to the startup data intelligence platform TheKredible, Accel is the largest stakeholder amongst investors with 21.2% followed by Kalari Capital which holds 12.35% of the company. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewelry collection for both men and women, available through its website and network of offline stores. According to the firm’s website, it operates over 190 stores across 75 cities. Bluestone continued to grow its revenue and narrow losses in the fiscal year ending March 2023. During FY23, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore while its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24. It directly competes with Melorra, Giva, and CaratLane. Titan, which owned 99.64% stake in CaratLane, recently said that it will buy the remaining 0.36% stake of the company for Rs 60.08 crore ($7.2 million).

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