CaratLane crosses Rs 2,000 Cr in revenue in FY23
CaratLane delivered a revenue (NSV) of Rs 571.24 crores for the year 2022-2023 (56.7% growth over Q4 FY22) and EBIT at 6.9%.
Wednesday May 10, 2023,
2 min Read
Omni-channel jewellery brandhas posted a consolidated revenue of Rs 2,169 crore for the financial year ended March 2023.
While the category saw a huge slowdown in customer sentiment towards the end of the quarter, CaratLane delivered a revenue (NSV) of Rs 571.24 crore for the year 2022-2023 (56.7% growth over Q4 FY22) and EBIT at 6.9%.
Avnish Anand, COO and Co-founder of CaratLane, said, "Our business is built on making jewellery accessible to customers at a pin code level, and this year our focus has been on ensuring the smooth transition of our customers from online browsing to retail stores or other channels. Apart from this we also want to solve all jewellery-related needs for our customers, and in the last year we have launched new services like ear piercing, while expanding our old gold exchange, jewellery engraving and jewellery cleaning services."
The firm claims to have a presence across 227 stores in 88 cities. "We have an aggressive plan for the coming year, we are excited to reach our next 1 million customers," he added.
Commenting on the results, Mithun Sacheti, Managing Director of CaratLane, said, "Over the past few years, we have experienced consistent growth despite certain unfavourable macro conditions. In FY23, we achieved an impressive growth rate of 73%, delivering a 3-year CAGR of 52%. This year, we have reached several milestones, but the most significant for us has been crossing the 1 million customer mark."
The international business grew at 60% YoY, with a focus on acquiring new customers. The silver business Shaya closed Q4 Rs 8.4 crore with 50% growth over the previous year.