Omnichannel jewellery retailer Bluestone has narrowed its net loss by 41.3% year-on-year (YoY) to Rs 34.7 crore for the quarter ended June 30, aided by strong revenue growth and store expansion.
The Bengaluru-based company, which listed on Indian stock exchanges on August 19, reported operating revenue of Rs 492.6 crore for the quarter, up 41.4% YoY from Rs 348.2 crore a year earlier.
Bluestone had trimmed its public issue size to Rs 820 crore in primary capital, compared with the Rs 1,000 crore it had originally planned. The offer-for-sale (OFS) portion was also reduced to 13.9 million shares from 24 million.
Total expenses during the quarter rose 29% to Rs 538.4 crore, led by a 51% jump in employee benefit costs to Rs 62.9 crore. Finance costs also rose, while advertising and marketing expenses declined to Rs 34 crore from Rs 42.4 crore in the year-ago period.
“We are pleased to report our first quarter as a listed company with a strong performance — revenues grew 41% year-on-year, driven by healthy same-store sales growth and the continued expansion of our omni-channel footprint…These results underscore the profitable scalability of our business model, and this balance of growth with improving profitability gives us confidence in delivering sustainable long-term outcomes for our stakeholders,” Gaurav Singh Kushwaha, chief executive officer of Bluestone, said in a prepared statement.
The company continued to expand its offline presence, opening 17 new stores in the quarter to take its total count to 292, compared with 203 stores a year earlier. On a standalone basis, Bluestone said it turned cash positive with Rs 1.7 crore, against a cash loss of Rs 36 crore in the same quarter last year.
Bluestone made a lacklustre debut on the bourses, with its shares opening at a 1.5% discount to the IPO price of Rs 517 on the BSE and at Rs 510 on the NSE on August 19. Since then, the stock has recovered, closing at Rs 564.9 on September 4, giving the company a market capitalisation of Rs 8,548 crore.
According to its investor presentation, Bluestone held a 28–32% market share among omnichannel jewellery players as of FY25. In June, ET reported that private wealth managers 360 One and Centrum Wealth facilitated secondary share sales worth Rs 300–350 crore in the company ahead of its IPO.
