Lenskart Q2 Results: Profit Rises 20% YoY, Revenue Up 21%
Lenskart posts strong Q2 results with profit up 20% and revenue rising 21%, driven by higher eye tests, eyewear sales, and rapid digital and retail expansion.
Lenskart reported a sharp rise in Q2 profit and revenue, supported by growth in eye tests, eyewear sales, and expanding digital and retail networks.
Eyewear retailer Lenskart Solutions Ltd experienced a good Q2 performance during the 2022-23 financial year as the company posted a profit of ₹103.4 crore, thereby increasing by 19.8% from ₹86.3 crore the year before in Q2. The organization improved its product margin to enhance it from 68.1% to 69.2% during this time period, contributing to its 21% increase in overall revenue from ₹1,736 crore to ₹2,096 crore.
Two key business segments — eye tests and eyewear sales — saw significant growth of 44.3% and 20.2% respectively. CEO Peyush Bansal said the company conducted 1.3 crore eye tests last year, marking a 63% annual increase compared to 50 lakh tests conducted two years ago.
Lenskart is also accelerating its digital expansion. The company is enhancing its AI-driven recommendation system to offer customers personalized frame suggestions. Simultaneously, it is rapidly strengthening its physical retail footprint by opening new stores across tier-2 and tier-3 cities.
