Indian eyewear retailer Lenskart's quarterly profit nearly quadruples on strong demand
Indian eyewear retailer Lenskart's quarterly profit nearly quadruples on strong demand BENGALURU, Aug 12 (Reuters) - Indian eyewear retailer Lenskart Solutions LENS.NS posted a near four-fold increase in quarterly profit on Wednesday, boosted by strong demand for its prescription eyeglasses.
Here are some more details:
Net profit for the quarter ended June 30 surged to 2.22 billion rupees ($23.3 million) from 600.6 million rupees in the same period last year.
Consolidated sales for the quarter stood at 27.14 billion rupees, up 43.27% from 18.94 billion rupees.
Revenue from its mainstay India business, from which it derives over half the revenue, grew 30.9%, where same-store sales growth was at 18.3%.
Revenue from Lenskart's international segment surged 63.4%, due to favourable currency movements and same-store growth.
Its average selling price for the quarter in India rose 6.4% to 1,856 rupees due to a shift in product mix toward premium products and progressive lenses.
($1 = 95.3300 Indian rupees)
(Reporting by Haripriya Suresh; Editing by Mrigank Dhaniwala)
((Haripriya.Suresh@thomsonreuters.com;))
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