Suvankar Sen, Managing Director & CEO, highlighted robust momentum in footfalls and revenue, consistent volume growth, and showroom expansion.
The Q2 revenue was highest ever at Rs 1,158 crore, up 26% YoY and at H1 level YoY by 28% amounting to Rs 2473 cr. The growth had a secular trend across all zones and channels, he said.
The tailwind for the growth came from higher footfall based on enhanced customer engagement, higher wedding sales, relaunch of Rajwada wedding collection, new collection launches (Mariposa, Spectra and Tria) and higher old gold exchange of 35%.
"We have also achieved consistent improvement in stud ratio (Diamond Jewellery as percentage of total turnover) attaining 13.7% mark in own showroom (showing improvement of 250 basis points over 11.2% last year H1), while the blended stud ratio rose to 11.4% as against 9.8% H1, last year," Sen stated.
Other key highlights include a 21% YoY growth in EBITDA to Rs. 39 crore, maintaining an EBITDA margin of 3.4% for Q2 FY24, and a YoY growth of 36% in profit before exceptional items, totaling Rs. 11.9 crore.
Revenues from operations increased to Rs. 1,147 cr, recording a YoY growth of 26%
The company also declared a 10% interim dividend.
CFO Sanjay Banka emphasised financial resilience, sustainable profitable growth, and improved working capital management.
Banka said that the funds raised from the IPO have been fully deployed for working capital purposes, leading to improvement in Inventory level improved from Rs 1,885 crore to Rs 2,060 crore as on quarter-end.
The company's inventory turnover improved to 2.4x in H1, indicating efficient working capital management.
The jewellery retailer has 150+ showrooms nationwide.