Tuesday, October 4, 2022
News
NEWS HOME
»
PRN INDIA
GOLDIAM reports its Q1FY23 results, share of Lab grown diamond & jewellery strengthens further
  SocialTwist Tell-a-Friend  
   

  • Revenue for Q1FY23 stood at ₹ 1,410 mn
  • EBITDA stood at ₹ 320 mn, margin up by 110 bps YoY and 141 bps QoQ
  • Pat stood at ₹ 214 mn
  • Cash Balance as on Q1FY23 at ₹ 2200 mn

MUMBAI, India, Aug. 9, 2022 /PRNewswire/ --  Goldiam International Ltd. (Goldiam), an integrated manufacturer and supplier of fine diamond jewellery to leading retailers and wholesalers in the USA and Europe, has announced its results for the quarter ended on June 30th, 2022.

Q1FY23 started with a cautious optimistic note for the company on back of record-breaking inflation in major economies like USA. High Inflationary scenario in these economies lead to postponement of discretionary spending by the consumers and subsequently by the retail customers. Company was well prepared for this scenario and reacted with further emphasizing LGD jewellery and Ecommerce sales to address all these factors.

Company's lab grown diamond & jewellery played a pivotal role in protecting company margins for Q1FY23. Higher cost of polished natural diamond impacted margins for natural diamond jewellery business, however lab grown offerings cushioned such increase and generated a resilience performance for Q1FY23. Backward integration of lab grown diamonds has aided company's performance for Q1FY23.

Financial Highlights (Consolidated) – Q1FY23

Particulars (₹ in Mn)

Q1 FY23

Q1 FY22

Y o Y

FY22

Revenue

1,411

1,550

-9  %

7,124

EBITDA

320

335

-4.4  %

1,547

EBITDA margin

22.7  %

21.6  %

110 bps

21.7  %

PAT

214

238

-10.4  %

1,060

 

  • Consolidated Revenue during Q1FY23 decreased by 9% YoY to ₹ 1,411 million, due to higher inflationary scenario in USA. Lab Grown Diamond & Jewellery sales grew 5X from Q1FY22 to Q1FY23 showing robust & growing demand for this segment.
  • Consolidated EBITDA for Q1FY23 fell marginally by 4% YoY due to some postponing in jewellery buying in USA for its natural diamond jewellery. However, EBITDA margins witnessed a resilience and improved by 110 bps YoY and 141bps QoQ to 22.7%. Goldiam continues to benefit from its strategy of selling Lab Grown Diamond jewellery backed by captive Lab-Grown diamonds growing, presence across the value chain, and its omnichannel selling strength. The Company's agile and efficient raw material procurement strategy has also helped maintain its overall margin profile, despite inflation in mined diamond prices globally. The Company has also successfully been able to pass on price increases to its clients as on current date.

Lab-Grown Diamond & Jewellery business-enhancing overall margin profile:  The Lab-Grown Diamonds and Lab-Grown Diamond jewellery account for 15-20% of the Company's revenue in FY22 against under 5% for the jewellery export industry. However, from FY23 onwards the share of Lab grown diamonds has been further consolidating towards 25%.

Along with a focus on larger caratage diamonds, the Company has focused on integrating these diamonds into its jewellery distribution thereby securing captive consumption in a rapidly growing segment of the industry. This also allows Goldiam to enhance offerings as a larger caratage diamond  plays within the premium to super premium bridal category.

Order Book Status ensures Revenue visibility:  Goldiam has an order book size of ₹ 1,600 mn. This order book is expected to be executed in next four-six months. E-commerce sales, given their nature of being booked online (on a spot basis), are not part of the order book.

Commenting on the performance, Mr. Rashesh Bhansali, Executive Chairman, Goldiam International, said, "  FY22 was an excellent year for the company. FY23 started with a global inflationary scenario with various central banks increasing the interest rates. This created caution for discretionary spending for weddings, gifts etc. However, the company was well geared for this situation and introduced offerings accordingly. Our investment in Lab grown diamond facilities has been reaping benefits. On one hand where natural diamonds saw a price increase, backward integration of lab grown diamonds kept the margin profile of the company intact.

Total share of lab grown diamonds and jewellery in order book now stands at more than 30%, which was earlier at 20%. The journey of lab grown has been accomplishing new milestones for the company and provides an exciting headroom to grow from hereon. Awareness among domestic consumers is rising for lab grown diamond jewellery, and management is evaluating various omnichannel strategy to make an early breakthrough in domestic market as well.

With an increasing demand for Lab-Grown Diamonds, Goldiam had done a CAPEX to increase its capacity by 40% in FY22. We further expect to double our capacities over FY23 and FY24. The new capacity will be used for Goldiam's jewellery manufacturing & distribution business, leading to a more robust margin profile. We are confident about the Lab-Grown diamonds business going ahead. This has been further cherry-topped with our omnichannel delivery strategy, making our model even more lucrative for our customers."

About Goldiam International Limited

Goldiam International Limited  (NSE: GOLDIAM) (BSE: 526729) is a 3-decade old preferred OEM partner and exporter of exquisitely designed and luxurious diamond jewellery.  Functioning as the manufacturer of choice to many of the leading global branded retailers, departmental stores and wholesalers across American and European markets, the Company is also renowned for utilising responsibly sourced diamonds, leveraging cutting edge technologies and efficient manufacturing processes for optimal costings and quick delivery lead-times. Targeting the mid-to-affordable diamond & bridal jewellery segments, Goldiam has a dedicated sales office in New York, with design teams in both India and the USA.

Forward-Looking Statement:

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Goldiam International Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

 

More News by PR Newswire India

infodas receives NITES certification from the Cyber Security Agency of Singapore

Automation Anywhere and the Center for Humanitarian Technology Launch 'Telegram for Humanity' Bot to Aid Refugees in Ukraine

Pomerantz Law Firm Opens London Office

Sphera Completes Previously Announced Acquisition of riskmethods, a Leader in Artificial Intelligence Supply Chain Risk Management Software

Hard Rock International Celebrates 23rd Annual PINKTOBER Campaign by Partnering with World-Renowned Chef Dominique Crenn

World's Fastest Growing Staking Service Provider Born out of Lugano, Switzerland

Firmenich Annual General Meeting 2022

Unispace: Data reveals Gen Z rely on the traditional office more than any other generation

Information Office of Beijing Municipal Government' Features: "My Beijing, My Story" Depicts the Lifestyle of People Living in Beijing

Automation Anywhere Unveils the Automation Success Platform with a Surge of Innovations

Deloitte Named a Leader in Worldwide Industry Cloud Professional Services by the IDC MarketScape

HAVAS HEALTH & YOU APPOINTS PAUL PFLEIDERER AS PRESIDENT OF HAVAS LIFE NEW YORK

Solace Launches Event Portal 2.0, Addressing the Biggest Challenges Enterprises Face in Designing, Managing and Governing Event-Driven Architecture at Scale

IMG Appoints Amanda Winkle as Chief Operating Officer

Vinco Ventures Announces Ross Miller as CEO and Settlement of Litigation

RevitaLash® Cosmetics Champions Breast Cancer Awareness, Research, and Support Worldwide with 2022 Pink Program Announcement

Aspire Academy and FIFA Kick Off the 8th Global Summit with high profile FIFA guests David Beckham and Wenger

EvolveWare Facilitates Non-disruptive Application Modernization with Industry's First and Only Agile Business Rules Extraction Solution

Stamus Networks Signs Reseller Agreement with EliteVAD

China Matters' Feature: How Does Basketball Shape Dongguan's Sports Culture?

Altair Presents Open, Flexible, and Scalable Total Digital Twin Solution

IZUMA NETWORKS ACQUIRES PELION'S DEVICE MANAGEMENT BUSINESS

Globalization Partners Rebrands as G-P and Reaffirms its Promise to Make a Global Workforce Possible for Growing Companies

Secureworks State of the Threat Report 2022: 52% of ransomware incidents over the past year started with compromise of unpatched remote services

First-of-its-kind government-industry partnership announced between Deakin University, Australia and Ministry of Education and Ministry of Skill Development and Entrepreneurship, Government of India

LyondellBasell Catalyst Production Expansion Adds Life to Infrastructure Projects

BE EVERYTHING - A new chapter opens in the story of United Colors of Benetton: new creative director, Andrea Incontri presents his first fashion show

PwC announces record global revenues of US$50 billion

Challenge the Highest Level of <MIR4>! A New Content, Hell Raid, Unveiled

Leading Gaming technology provider Quixant announces the launch of new cabinet offering

StoreHippo® launches Mystore Buyer and Seller Apps for ONDC

Cambrex Announces Stability Storage Expansions in Ireland and Belgium

TimesPro collaborates with IMT Hyderabad to launch programmes in Business & Retail Management

Industrial Transformation ASIA-PACIFIC 2022 returns to catalyse sustainable growth for advanced manufacturing in the region

The PI Group and Averna Announce their Partnership

Academic partnerships in focus, Global Education Summit commences at Chandigarh University

UST and Mendix Collaborate to Accelerate Low Code Development in Spain

Nestlé launches NESCAFÉ Plan 2030 to help drive regenerative agriculture, reduce greenhouse gas emissions and improve farmers' livelihoods

Ingenico Launches as Independent Company Following Acquisition by Apollo Private Equity Funds

Stockify announces single-window online service to buy unlisted equities

Manipal Hospital Whitefield's Exclusive Take on Minimally Invasive Advanced Surgical Procedures (MIAS)

THE LEELA PALACES, HOTELS AND RESORTS PARTNERS WITH RAJASTHAN POLO CLUB FOR ITS INAUGURAL SPONSORSHIP OF THE ROYAL SPORT IN INDIA

CLO Virtual Fashion Announces the Acquisition of GoVise Technologies

Education Cannot Wait Announces US$11.8 Million Catalytic Grant in Haiti

DXC Technology Calls for Latest Innovations from Insurance Startups and Scaleups across Asia Pacific through the DXC Invitational

Global AdTech Company TripleLift Names Dave Clark as New Chief Executive Officer

Navneeth Sulakhe joins Innoviti as Senior VP Human Resource Management

KEI Wires & Cables Hosts Real Kabbadi League Season 2

Automation Anywhere Secures $200 Million in Financing from Silicon Valley Bank and Hercules Capital

2022 World Trade Centers Association Member Forum Returns to New York City for First Time in Two Years

TATA POWER REINFORCES COMMITMENT TOWARDS GREEN ECOSYSTEM CONSERVATION ACROSS ITS RENEWABLE SITES

Azure Power wins the prestigious Golden Peacock Award for Sustainability

FANDOM ACQUIRES LEADING ENTERTAINMENT & GAMING BRANDS INCLUDING GAMESPOT, TV GUIDE AND METACRITIC

National Engineering Industries Ltd (NBC Bearings) honored with 'Iconic Brands of India 2022'

Celebrating Glorious 35 Years of BIMTECH

HABANOS, S.A. PRESENTED THE MONTECRISTO WIDE EDMUNDO IN WORLD PREMIERE IN SPAIN

Sanjay Ghodawat Foundation awarded The Mahatma Award 2022

STL announces Gram Galaxy - India's first integrated solution to connect villages with fibre

DEBIOPHARM REINFORCES THE BOND BETWEEN SWISS AND JAPANESE CANCER RESEARCH WITH THE 2022 JCA MAUVERNAY AWARD CEREMONY

Healthium Medtech amongst the first in Asia and first Indian Medtech Company to receive CE certification under the EU MDR (European Union Medical Device Regulation) norms for Class III implants

Jagadguru Kripalu Parishat holds Grand Rath Yatra on 3rd October 2022 near Kunda, Pratapgarh in honor of the 100th Birth Anniversary of Jagadguru Shri Kripalu Ji Maharaj

Addteq APAC Announces Rebranding, Changes Name to Enreap

Karwa Chauth 2022: FlowerAura Is All Geared Up To Enhance The Celebrations

DMCC AWARDED GLOBAL FREE ZONE OF THE YEAR FOR EIGHTH CONSECUTIVE YEAR

New Book Property Tax in Asia Provides the First Comprehensive Analysis of the Property Tax Across the World's Largest Continent

UN WOMEN'S HeForShe EXPANDS MOVEMENT THROUGH KEY PUBLIC AND PRIVATE PARTNERSHIPS IN EAST ASIA

STL unveils 5G cosmos to help Indian telcos fiberise their networks for 5G

STL launches Multiverse - India's first Multicore fibre and cable; aims to revolutionize the optical landscape

Tejas Networks successfully demonstrates end-to-end network based on its indigenous 4G/5G wireless, optical and satellite products

IIIT Hyderabad and Silicon Labs Launch Campus-wide Wi-SUN Network for Smart City Applications

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Telangana CM KCR likely to announce nati...
Be mindful of financial backgrounds, mor...
Fadnavis slams Nana Patole over his 'Che...
Gujarat: 40 held after communal clash be...
Mumbai Airport Customs seizes cocaine wo...
Centre did not sanction single medical c...
More...    
 
 Top Stories
Akhil Rabindra Finishes 8th in the ... 
Study shows cognitive behavioral th... 
Gloria Gangte appointed as Indian H... 
LLC: Gambhir's India Capitals to cl... 
Telangana: Prime accused in Jangaon... 
India calls for urgent end to Iraq'... 
Sara Ali Khan pens down thank you n... 
Researchers find how biological mar...