Thangamayil Jewellery net profit ₹85 cr as revenue rises 71%
Business
Thangamayil Jewellery just posted a strong quarter: its net profit almost doubled to ₹85 crore compared to last year, thanks to a 71% jump in revenue (₹2,666 crore) and big gains in gold jewelry sales.
Non-gold segments like silver and diamonds also did well, growing 88% and adding ₹244 crore.
Same-store sales were up 44%, with the company running 66 outlets as of June.
Thangamayil Jewellery profit down 41% sequentially
Even with these wins, Thangamayil's numbers dipped compared to the previous quarter: revenue dropped by 6%, profits slid by 41%, and gold sales fell after higher import duties and rupee depreciation made buyers cautious.
Shares took a hit too, falling nearly 10% on Wednesday.
Still, the company is hopeful for a demand comeback later this year as market conditions settle down.