Lenskart Q1 profit jumps; Tata stocks tumble
Lenskart posted a strong first quarter, with profit nearly quadrupling. This and more in today's ETtech Top 5.
Lenskart, an Indian online eyewear retailer, reported a significant increase in profit for the first quarter of 2023. Operating revenue grew by 43% to Rs 2,714 crore, while net profit nearly quadrupled to Rs 228 crore. The company's CEO, Peyush Bansal, attributed this success to higher volumes, premium products, and expansion into international markets.
However, Lenskart faced challenges due to the weakening Indian rupee against the Chinese yuan, which increased its costs as a significant portion of its products are sourced from China. Despite these challenges, the company maintained resilient product margins through premiumisation and increased manufacturing capabilities.
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