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Titan-Owned CaratLane’s FY23 sales jump to INR 2,169 Cr, profit dips to INR 82 Cr

Inc42

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Titan-owned jewellery startup CaratLane achieved operating revenue of INR 2,169 Cr in FY23, a growth of 73%. However, its net profit decreased by 8% to INR 82 Cr. The company's total expenditure rose by 69% to INR 2,068.5 Cr. CaratLane, backed by Tata, specializes in manufacturing and selling jewellery items in India and the US. The procurement cost, employee benefit expenses and advertising expenses were the major contributors to the increased expenditure. CaratLane's EBITDA margin expanded to 9.75%.Titan acquired an additional 27.18% stake in CaratLane earlier this year, valuing it at $2 Bn and taking its total stake to 98.28%.

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