BlueStone reports Rs 4.4 crore loss in Q2 as operating revenue rises 45%

BlueStone, an omnichannel jewellery retailer, reported a net loss of Rs 4.4 crore in the second quarter of FY27, following a net profit of Rs 6 crore in the previous quarter. This loss marked a significant decline of 92% compared to Rs 52 crore in the corresponding quarter of the previous year. The company's operating revenue, however, experienced a notable growth of 45% year-on-year, reaching Rs 745 crore, up from Rs 513.6 crore in the same period last year.

Total income for the quarter amounted to Rs 769 crore, inclusive of other income of Rs 24.4 crore. However, total expenses rose by 34% year-on-year to Rs 772 crore, primarily due to an increase in raw materials cost, employee benefit expenditure, and other expenses. Despite the loss, BlueStone's CO-founder and CEO, Gaurav Singh Kushwaha, expressed confidence in the company's resilience.

He highlighted that revenue growth remained robust both in the quarter and the first half of the fiscal year, with revenue up 43.9% year-on-year in Q2 and 46.3% year-on-year in the first half of FY27. This performance was attributed to the company's underlying business model, which includes a strong omnichannel model with more than 80% of sales coming from online channels and a focus on everyday-wear jewellery.

By the end of the quarter, BlueStone had expanded its physical presence with 379 stores across 146 cities, adding 27 stores sequentially from 352 at the end of June. Furthermore, the company's customer base surged to cross the one million mark, with 10.24 lakh customers at the end of September. Notably, repeat customers contributed 56.3% of revenue in the September quarter, an increase from 51.4% a year earlier.