Lenskart more than doubled its quarterly profit, reporting net income of Rs 232 crore for the three months ended September against Rs 103 crore a year earlier, as revenue from operations rose 36% to Rs 2,845 crore. The eyewear retailer's numbers, reported on Wednesday, led a run of stronger results from India's crop of recently listed consumer technology companies.

Nykaa and PhysicsWallah reported the same afternoon, and logistics platform Shiprocket followed on Thursday. All four posted higher profits than a year earlier. For investors in Asia who bought into India's wave of startup listings, the results are a test of whether companies that went public on growth stories can also produce steady earnings.

Lenskart and Nykaa widen margins

Lenskart's earnings before interest, taxes, depreciation and amortization rose 50% to Rs 622 crore, a margin of 21.86%, according to figures compiled by Entrackr from the company's filing. Total expenses grew 22% to Rs 2,597 crore, slower than revenue. Cost of materials rose 31% and employee costs climbed 25% to Rs 627 crore.

Growth was broad. Revenue from the India business rose 35.5% and from international operations 36.5%, Entrackr reported. On a sequential basis, operating revenue rose 5% from Rs 2,714 crore in the June quarter.

Lenskart shares closed at Rs 689.7 on Wednesday, giving the company a market value of about Rs 1.2 lakh crore ($12.6 billion), according to Entrackr.

Nykaa, the beauty and fashion retailer, reported net profit rose to Rs 101 crore from Rs 33 crore, roughly a threefold increase. Revenue from operations climbed 28% to Rs 3,006 crore. Beauty brought in Rs 2,700 crore, about 90% of the total, while fashion contributed Rs 287 crore.

Total expenses at Nykaa rose 25% to Rs 2,867 crore, a little behind revenue growth. Finance costs fell 3%. For the first half of the fiscal year, profit reached Rs 181 crore against Rs 57.5 crore a year earlier. The stock closed at Rs 355.10 on Wednesday, for a market capitalization of about Rs 1.01 lakh crore.

PhysicsWallah and Shiprocket turn the corner

Online education company PhysicsWallah reported quarterly profit of Rs 144 crore, compared with Rs 70 crore a year earlier, on revenue from operations up 18.2% at Rs 1,242 crore. The online business grew faster, rising 26.3% to Rs 693.5 crore, while offline coaching centers grew 9.1% to Rs 541 crore, Entrackr reported, citing the consolidated statement filed with the National Stock Exchange.

For the first half, PhysicsWallah earned Rs 55.35 crore, reversing a Rs 57.30 crore loss a year earlier. Employee costs, its biggest expense, rose 10.4% to Rs 522 crore, well below revenue growth. The stock closed at Rs 127.41 on Wednesday, valuing the company at about Rs 37,376 crore.

Shiprocket, which listed on the NSE and BSE in August, reported a consolidated profit of Rs 60 lakh (Rs 0.6 crore) compared with a loss of Rs 20.3 crore a year earlier, according to Inc42. Operating revenue rose 34.7% to Rs 673.6 crore and was up 13.8% from the June quarter, when it lost Rs 13.7 crore.

Profit at Shiprocket depended partly on Rs 19.9 crore of other income, since total expenses of about Rs 693 crore were higher than operating revenue. Its emerging businesses grew 60.6% to Rs 212 crore, outpacing the core shipping platform, which rose 25.3% to Rs 461.5 crore, Entrackr reported. The shares traded at Rs 131.50 on Thursday afternoon, for a market value of about Rs 9,593 crore.

What the numbers say about India's listed startups

The quarter's pattern is revenue growing at 18% to 36% while costs rise more slowly. That operating leverage is what public-market investors were promised when many of these companies sold shares at valuations far above those of traditional retailers and education companies.

Defense-imaging company Tonbo Imaging, which made its market debut recently, also reported its first quarterly profit this week, of Rs 23.5 crore, and its shares hit the 20% upper limit on Thursday, according to Entrackr.

In fintech, Paytm also reported a quarterly profit for the period.

The next test comes with December-quarter results, due early next year, which will show whether Lenskart and Nykaa can keep costs growing more slowly than sales.