Omnichannel jewellery retailer Bluestone’s losses narrowed 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 exchanges on August 19, reported an operating revenue of Rs 513.6 crore for the quarter, up 37% YoY from the same period last year.
“A wider distribution reach and 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 in a statement 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 stores in the quarter to take its total count to 311, as on September 30.
Bluestone shares had debuted on the exchanges at about a 1.5% discount to the IPO price. Since then, the stock has recovered, closing at Rs 711.2 on November 4, giving the company a market cap of Rs 10,762.6 crore.
