Thangamayil Jewellery drops almost 10% after steep profit decline in Q2

Net profit for the company fell 48 percent Year-on-Year (YoY) to Rs 8.4 crore in Q2FY24.

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Thangamayil Jewellery shares slumped 9.42 percent at Rs 1,295.85 at 2.21 pm, after the company’s net profit declined 48 percent in the July-to-September quarter.

Net profit for the company fell 48 percent Year-on-Year (YoY) to Rs 8.4 crore in Q2FY24, Thangamayil Jewellery reported in an exchange filing. The net profit number in the same period  last year was at Rs 16 crore.

The jewellery company, however, reported a 22 percent YoY increase in revenue at Rs 99 crore in the July-to-September quarter. Revenue in Q2FY23 was reported at Rs 813 crore.

Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) for the company fell 33 percent YoY at Rs 16 crore in the same period.

On November 1, two lakh Thangamayil Jewellery shares traded on the stock exchanges, which was almost three times more than the company’s monthly traded average.

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Thangamayil shares have gained 156 percent in the last one year and 145 percent in the last six months.

The company opened two new branches. One in Ooty, Nilgris district and another one in Coimbatore.

Thangamayil Jewellery manufactures gold bangles, gold bracelets, gold chains, gold necklaces, gold rings, gold earrings, gold pendants, gold haram, gold malai and gold articles.

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