The omnichannel eyewear retailer Lenskart reported more than a twofold increase in net profit in the second quarter of fiscal year 27, while revenue showed a 36% growth compared to the same period last year.
This growth is attributed to increased sales volumes of eyewear, product premiumization, and strengthening demand both in India and abroad. For the reporting period (June-September) of fiscal year 27, Lenskart recorded a net profit of 227 crore rupees, significantly exceeding the 102 crore rupees from the previous year, marking a 123% increase.
Revenue for this period amounted to 2,845 crore rupees, corresponding to an annual growth of 36%. Income from India increased by 35.3% year-on-year, reaching 1,668 crore rupees. This growth is supported by a 26.5% increase in eyewear sales volume and growing interest in premium lenses. Sales growth in single-tier stores reached 20.8%, up from 14.8% the previous year, with growth observed in both major cities and Tier I and II+ markets.
International revenue grew by 29.5%. The company expanded its network in India by opening 143 new stores, including 94 in Tier II+ regions, and entered 61 new cities. Consequently, Lenskart's network in India now covers 2,868 stores across 665 cities. Furthermore, the company conducted 80 lakh eye checkups globally, which is 40.4% more than the previous year.
Lenskart reported maintaining a consolidated product margin at 70%, slightly higher than the 69.2% recorded the previous year, despite the ongoing weakening of the rupee. In-house frame manufacturing grew by 71.7% year-on-year, and lens manufacturing grew by 52.2%, helping to offset currency pressure and strengthen control over product quality and cost. The company has a manufacturing facility in Bhiwadi and plans to open another one in Hyderabad.
The company continues to provide ophthalmic care services using technology; remote optometry is now available in 934 stores across India, up from 303 stores the previous year. It is also noted that artificial intelligence is being increasingly implemented in customer service, staff training, inventory planning, and production to enhance efficiency and improve the customer experience. In the second quarter, the company expanded the availability of B by Lenskart, its AI-powered smart glasses, to over 500 stores across India and online.