Despite of loss Lenskart is rigorously expanding overseas to make it presence
Fortunately, the operating revenue of Lenskart grew by 66% to 1,502 crores in the previous FY22 which is a good sign for Lenskart which is trying to overcome the loss of Covid 19 pandemic.
Business intelligence platform tofler showed that Lenskart lost 102 crores after a profit of 28 crores in the previous FY22.
The overseas expansion of Lenskart in southeast Asia is one of the reasons for such losses but it’s expected to expand and rise in the upcoming financial year. For example, it recently bought Japan’s Owndays for $400 million. If we talk about the revenue, it earns 94% profit through the sale of eyewear products and the rest comes from subscriptions and other ways.
Lenskart has said that to increase production it will increase the number of machines and scale up the team to 500 people. This will help him to produce for the global market as well as increase the profit margin of the company.