Lenskart reports consolidated operating revenue more than doubled in FY23

Eyewear and eye care business Lenskart reported that its consolidated operating revenue more than doubled in the 2023 financial year to reach Rs 3,788 crore compared to Rs 1,502 crore in the 2022 fiscal and the business also reduced its losses significantly.

Lenskart’s earnings before interest, tax, depreciation, and amortisation totalled Rs 404 crore in the 2023 financial year, ET Tech reported. The business has reported Rs 1 crore in EBITDA in the 2022 financial year, making this a significant leap. The business’ losses, based on post-tax figures, totalled Rs 64 crore in the 2023 financial year, compared to Rs 102 crore in the 2022 financial year.
 
As Lenskart continues to expand both in India and internationally, its expenses rose to Rs 4,025 crore in the 2023 fiscal year compared to Rs 1,726 crore in the 2022 financial year. A large portion of Lenskart’s expenses went towards materials costs at Rs 1,132 crore, according to data on filings platform Tofler accessed by the Economic Times.
 
Entrepreneurs Peyush Bansal and Amit Chaudhary launched Lenskart in Gurugram in 2010 and the business has expanded from India into international markets including Singapore, where is counts 70 stores as of December 2023. Along with its brick-and-mortar store network, the business also retails from its multi-brand e-commerce store.