Lenskart shares jump 4.5% after JV sets up China subsidiary
Lenskart's shares got a nice boost, up 4.5%, after the company said its joint venture, Baofeng Framekart Technology, had received the certificate of incorporation for adding Wenzhou Framekart Trade as its step-down subsidiary in the People's Republic of China.
Set up with Baofeng Framekart Technology, upon incorporation, 95% of the equity interest in Wenzhou Framekart Trade Co Ltd is held by BFT.
This new arm will handle trading and exporting spectacle frames and optical gear.
Lenskart Q1 net profit ₹222 cr
The share price rise follows Lenskart's stellar Q1 results: net profit almost quadrupled to ₹222 crore, and overall sales climbed 43.27% to ₹2,714 crore.
Growth came from both home turf (India sales up 30.9%) and abroad (international revenue jumped 63.4%), helped by more people choosing premium eyewear.