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Jewellery retailer Thangamayil Jewellery Ltd has witnessed a sharp decline in sales and its net profit took a serious knock in the second quarter of this year.
The company has attributed the “adverse macro economic factors” for the steep decline in topline in Q2 of this year that impacted its profit.
Thangamayil’s earnings fell to Rs 240.75 crore in Q2 of this year compared to Rs 373.09 crore in the corresponding quarter last year. The net profit dived to just Rs 59.97 lakh from Rs 12.54 crore in the same quarter last year. The EPS was down to Re 0.44 from Rs 9.15 in the corresponding quarter in 2012-13.
The company said the fall in profit in the Q2 of this year was due to the “steep decline in topline caused by adverse macro economic factors faced by the industry”.
The shares of Thangamayil ended down 7.54 per cent or Rs 14.10 to Rs 173 on the NSE after the results were announced. The Central Government has taken steps to curb the import of gold and consumption of gold as part of its efforts to rein in the current account deficit, which seem to be having an impact on the financial performance of the industry.
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