BlueStone reports 64% revenue growth in FY24; expenses rise but losses drop

Omni-channel jewellery business BlueStone reported a 64% year on year increase in its operating revenue in the 2024 financial year, totalling Rs 1,265.8 crore compared to Rs 770.7 crore in the 2023 financial year. The business’ losses dropped by approximately 15% year on year during the past fiscal year to reach Rs 142.2 crore but its expenses increased.

“Company has been successful in growing revenue in existing stores during the year, which has resulted in improved margins,” noted ratings agency Tofler, ET Tech reported. “The company thus expects further improvement in its cash flow from operations through increase in revenue from its existing as well as new customers.”
 
BlueStone’s expenses increased significantly during the 2024 financial year to total Rs 1,445.7 crore compared to Rs 955.1 crore in the 2023 fiscal year. Reasons for the jump included increased materials costs, notably raw materials, as well as increased employee benefits.
 
Entrepreneurs Gaurav Singh Kushwaha and Vidya Nataraj launched BlueStone in 2011 with the aim of catering to the needs of modern jewellery consumers. The brand today counts around 220 brick-and-mortar stores which are a mixture of company owned and franchise outlets. Also retailing from its direct to customer e-commerce store, BlueStone plans to continue to expand its offline retail footprint and launch around 180 additional stores in the coming 12 to 18 months, ET Bureau reported.