Thangamayil Jewellery Glows with Record Q1FY24 Revenue, Profit and Stock, Stock Jumps 54% in a Week

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Thangamayil Jewellery: A Trusted Name in Gold, Silver and Diamond Jewellery


Thangamayil Jewellery Ltd is one of the leading retail jewelers of gold, silver, and diamond jewelry in Tamil Nadu. The company was founded in 1947 by Mr. Balusamy Chettiar in Madurai and has since grown to become a household name in the state. The company is known for its quality products, competitive prices, customer service, and ethical business practices.

The company has recently posted its highest-ever quarterly revenue of ₹959 crore for the first quarter of the financial year 2023-24. This is a remarkable achievement that reflects the company’s strong performance in a challenging market environment.

How Thangamayil Jewellery Achieved Record Quarterly Revenue

The company attributed this stellar performance to a strong rally in gold prices and higher price realization and growth in sales across product categories. The net profit of the company witnessed a three-fold jump to ₹59 crore during the latest quarter against ₹19 crore in the year-ago quarter. “Apart from the operating profits, the company had the benefits of better realization on gold price movement up to ₹32 crore,” the company said in its earnings release.

The company has a strong presence in Tamil Nadu with 54 retail showrooms across the state. It offers a wide range of products in gold, silver, and diamond jewelry, catering to various segments of customers. The company also has an online platform for shopping via https://www.thangamayil.com, where customers can browse through the latest designs and enjoy insured shipping.

The company has been focusing on increasing its retail sales, especially in non-gold categories such as diamond, silver, and other products. The Retail sales grew by 27 percent year-on-year to ₹930 crore (₹731 crore) while wholesales de-grew by 70 percent to ₹29 crore (₹95 crore). The share of non-gold sales as a percentage of retail sales as of Q1 stood at 9.46 percent.

Thangamayil Jewellery: A Growth Story

Thangamayil Jewellery has grown from a mere ₹100 crore revenue company in 2007 to ₹3,000 crore in 2023. In the last five years alone, it had grown at a CAGR of 18.82 percent ending the FY23 with a revenue of ₹3,153 crore.

The company has also been rewarding its shareholders with consistent dividends and bonus issues. The company declared an interim dividend of 50 percent (₹5 per share) for the financial year 2023-24. The company also issued bonus shares in the ratio of 1:1 in March 2023.

The company’s stock performance has also been impressive. The shares of the jewelry retailer touched a 52-week high of ₹1,325 on NSE on Friday. The shares closed at ₹1,323.95, 12.88 percent higher than the previous day’s closing price. The stock has gained 54 percent in one week from ₹859 to ₹1,323.95.
The company has a market capitalization of ₹2,647.90 crore as of Friday’s closing price. The stock has outperformed the Nifty 500 index, which has gained 11 percent in the last week.

Thangamayil Jewellery: A Vision for the Future

The company is confident of maintaining its growth momentum in the coming quarters as well. It plans to expand its retail network by opening more showrooms in Tamil Nadu and other states. It also aims to increase its share of non-gold sales by offering more variety and quality products to its customers.

Thangamayil Jewellery is one of the most reputed jewelers in Tamil Nadu with a legacy of goodwill and trust. It is backed by a strong management team and a skilled workforce that strives to deliver customer satisfaction and value creation.

The company’s vision is to become a leading national player in the jewelry industry by offering innovative products and services that meet the changing needs and preferences of customers.

Disclaimer

This blog post is for informational purposes only and does not constitute any investment advice or recommendation. The information contained herein is based on publicly available sources and may not be accurate or complete. Readers are advised to do their own research and analysis before making any investment decisions based on this blog post or any other source.

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