diff --git a/CHANGELOG.md b/CHANGELOG.md
index a0847d8be..55d7140fe 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,20 @@
 
 All notable changes to this project are documented in this file.
 
+## 0.24.2
+
+**Release date:** 2022-04-26
+
+This prerelease improves the memory consumption while reconciling a
+`HelmRepository`, by only validating the YAML of a fetched index when the
+checksum of the retrieved file differs from the current Artifact.
+
+Fixes:
+- helm: optimise repository index loading
+  [#685](https://github.com/fluxcd/source-controller/pull/685)
+- tests: Fix flakiness of git related tests
+  [#686](https://github.com/fluxcd/source-controller/pull/686)
+
 ## 0.24.1
 
 **Release date:** 2022-04-22
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index fcdc5525f..093bdc42a 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -6,4 +6,4 @@ resources:
 images:
 - name: fluxcd/source-controller
   newName: fluxcd/source-controller
-  newTag: v0.24.1
+  newTag: v0.24.2
diff --git a/go.mod b/go.mod
index e3becf0ab..a313a907f 100644
--- a/go.mod
+++ b/go.mod
@@ -29,7 +29,7 @@ require (
 	github.com/fluxcd/pkg/testserver v0.2.0
 	github.com/fluxcd/pkg/untar v0.1.0
 	github.com/fluxcd/pkg/version v0.1.0
-	github.com/fluxcd/source-controller/api v0.24.1
+	github.com/fluxcd/source-controller/api v0.24.2
 	github.com/go-git/go-billy/v5 v5.3.1
 	github.com/go-git/go-git/v5 v5.4.2
 	github.com/go-logr/logr v1.2.3