Bluestone narrows Q2 loss as revenue rises 37%

Omnichannel jewellery retailer Bluestone narrowed its net loss by 38.2% year-on-year (YoY) to Rs 52.1 crore for the quarter ended September 30, aided by expanding distribution and a pickup in festive demand.

The Bengaluru-based company, which listed on Indian stock exchanges on August 19, reported operating revenue of Rs 513.6 crore for the quarter, up 37% YoY from the same period last year.

"A wider distribution reach and a pickup in festive demand in the latter half of September supported growth during the quarter. September was mixed - demand softened early in the month with rising gold prices, but festive buying stayed resilient," the company said on Tuesday.

Total expenses during the quarter rose 23% to Rs 575.8 crore, led by a 59.6% jump in employee benefit costs to Rs 72 crore. Finance costs, however, declined to Rs 52.4 crore from Rs 54.6 crore last year.

The company continued to expand its offline presence, opening 19 new stores in the quarter to take its total count to 311, as on September 30.

Bluestone shares debuted in the stock market at a 1.5% discount to the IPO price of Rs 517 on the BSE and at Rs 510 on the NSE. Since then, the stock has recovered, closing at Rs 711.2 on November 4, giving the company a market capitalisation of Rs 10,762.6 crore.

Source: EconomicTimes
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