In a filament bulb, heat energy is converted into light energy. Most of the electrical energy supplied to the bulb is radiated as heat and only a small percentage is radiated as visible light. Since heat waves are not visible, they don't contribute to visibility. Thus, its luminous flux is lesser than the total radiant flux; hence, its luminous efficiency is low.
In a mercury vapour lamp, a greater amount of electrical energy supplied is converted into visible radiation. Thus, its luminous flux is relatively higher than incandescent lamps.