BlueStone Posts INR 59 Cr Loss In Q1 FY25

IPO-bound omnichannel jewellery company Bluestone posted an operating revenue of INR 348 Cr in the quarter ended June 2024 (Q1 FY25). 

Its net loss stood at INR 59.2 Cr during the quarter, according to its draft red herring prospectus (DRHP). However, the IPO papers didn’t have the numbers for Q1 FY24.

BlueStone’s net loss declined 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24), while operating revenue jumped 64% to INR 1,265.8 Cr.

Meanwhile, BlueStone’s total expenses stood at INR 484.4 Cr in Q1. Of these, it spent INR 41.7 Cr on employee benefit expenses and INR 42.4 Cr on advertising and marketing. 

The biggest cost was procurement of raw materials, with the company spending INR 417.1 Cr on it in Q1 FY25. 

Its gross margin stood at 39.25% for the quarter under review. 

BlueStone had 203 stores at the end of Q1 FY25. It plans to open 290 additional new stores between FY25 and FY27 in Tier II & III cities. The company currently has a presence in 86 cities. 

“Any new store that we establish requires significant resources in terms of lease costs, fit-outs and refurbishments, and may not be profitable immediately upon its opening or may take time to break even, and failure to do so within a reasonable period may adversely affect our profitability,” the DRHP said. 

Earlier today, the company filed its DRHP with market regulator SEBI for its initial public offering (IPO), which will comprise a fresh issue of shares worth INR 1,000 Cr and an offer-for-sale component of up to 2.40 Cr equity shares. 

Existing investors, including Accel and Kalaari Capital, will offload their shares in the IPO. 

The development comes amid the ongoing IPO boom in the Indian equities market. This has resulted in 12 new-age tech companies going public this year as against 5 in 2023. Meanwhile, MobiKwik’s IPO is currently open for subscription and the fintech major is expected to list on the exchanges on December 18.

MobiKwik’s public issue was subscribed 20.41X on the second day of bidding on Thursday (December 12).