This smallcap gem stock has crashed 18% in 2 days on weak Q2

Thangamayil Jewellery’s net profit dropped 47 percent year-on-year to Rs 8 crore in the September quarter from Rs 15 crore in the year-ago period

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Thangamayil Jewellery traded 9 percent lower on the November 2 morning, losing around 18 percent in two days as investors dump the stock after the company’s weak performance in the September quarter of the current fiscal.

The company’s net profit dropped 47 percent year-on-year to Rs 8 crore in the quarter from Rs 15 crore in the year-ago period. Total income, however, rose 22 percent YoY to Rs 993 crore, led by strong sales of gold jewellery and non-gold items such as silver and diamond.

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Gold ornaments volume increased 16 percent YoY, silver articles dropped 10 percent and diamond products climbed 38 percent.

“We posted the highest half-early sales in the company’s history. We expect the festive season to keep this bullish momentum intact going ahead. We are projecting revenue at Rs 4,000 crore by the end of this year,” said SM Lakshmanan, VP – Finance & Accounts, Thangamayil Jewellery.

The company expects margins at 6 percent at FY24, while same-store-sales growth (SSSG) would be maintained at 26 percent. Since gold prices have increased in Q3, inventory benefits would start to trickle in, he said.

ALSO READ: Buying gold this festive season? All you need to know about taxes levied

The Tamil Nadu-based company is in the business of manufacturing and retailing gold ornaments, silver articles and diamond products mainly operating out of 56 retail outlets. The company has a customer base of well over 25 lakh.

In the September quarter, foreign institutional investors (FIIs) increased their stake to 0.25 percent from 0.2 percent in the previous quarter. Mutual Funds, however, trimmed their stake in the company to 11.3 percent in September from 11.4 percent in the previous quarter.

Institutional investors, too, decreased their holdings to 11.64 percent in September 2023 as compared to 11.66 percent from the previous quarter.

At 11.29, the stock was trading at Rs  1,238 on BSE, down 3.61 percent from the previous close.

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