Madurai-headquartered Thangamayil Jewellery Ltd on Monday posted its highest ever quarterly revenue of ₹959 crore for the first quarter driven by a strong rally in gold prices and higher price realisation and growth in sales across product categories. The record quarterly revenues come shortly after the company achieved a revenue milestone of ₹3,000 crore in the financial year 2022-23.

Thangamayil Jewellery’s revenue from operations for the same quarter of the previous fiscal stood at ₹826 crore. 

The net profit of the company witnessed a three-fold jump to ₹59 crore during the latest quarter against ₹19 crore in the year-ago quarter. “Apart from the operating profits, the company had the benefits of better realisation on gold price movement up to ₹32 crore,” the company said in its earnings release. 

Of the total sales of ₹959 crore during the quarter, retail sales grew by 27 per cent year-on-year to ₹930 crore (₹731 crore) while wholesales de-grew by 70 per cent to ₹29 crore (₹95 crore). Within retail sales, gold jewellery sales stood at ₹842 crore while non-gold sales including diamond, silver and other products stood at ₹88 crore. The share of non-gold sales as a percentage of retail sales as of Q1 stood at 9.46 per cent. 

Thangamayil Jewellery has grown from a mere ₹100 crore revenue company in 2007 to ₹3,000 crore in 2023. In the last five years alone, it had grown at a CAGR of 18.82 per cent ending the FY23 with a revenue of ₹3,153 crore. 

Meanwhile, shares of the jewellery retailer touched a 52-week high of ₹1,034.50 on NSE on Monday. The shares closed at ₹1,000, 16 per cent higher than the previous day’s closing price. 

During the quarter, the company opened a retail outlet in Kumbakonam in Tamil Nadu, taking the total number of retail outlets to 54.

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