Other Apparels & Accessories company Goldiam International announced consolidated FY23 results: During FY23, the consolidated revenue decreased by 22% to Rs 5,543 million. Lab-grown Diamond & Jewellery sales have been consolidating to 23% in FY23. EBITDA for FY23 fell by 19% YoY owing to destocking by large US retailers and Goldiam partnering with key retailers in inventory realignment exercise by running strategic discount programs. However, EBITDA margins remained healthy at 22.5% due to a good mix of lab-grown diamond business and online business. PAT for FY23 stood at Rs 853 vis-à-vis Rs 1,060 million in FY22. The Cash profit for FY23 stood at Rs 926 million vis-à-vis Rs 1,113 million in FY22. Goldiam has an order book size of Rs 1,000 million. This order book is expected to be executed in the 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. The company’s Cash & Cash Equivalents (including investments) stood at Rs 2,568 million as on March '23. The company has already distributed dividends to the tune of Rs 217.95 million during FY23 and has now proposed a buyback of Rs 326.92 million, up to 2% of the equity of the company to be bought back. Result PDF
Other apparel & accessories Goldiam International announced Q2FY23 results: (Consolidated) Q2FY23 & H1 FY23: Consolidated revenue during H1FY23 stood at Rs 2,338 million, which was 29% lower YoY. This was an unavoidable impact due to the higher inflationary scenario in the US. Consolidated EBITDA for H1FY23 remained flat at Rs 622 million YoY, despite a fall in Revenue. EBITDA margins witnessed tremendous growth in Q2FY23 and improved by 1,514 bps YoY to 33%and in H1FY23 improved by 722bps YoY to 27%. This is the highest-ever margin recorded for H1 by the Company. Rashesh Bhansali, Executive Chairman of Goldiam International, said, "FY23 started with a global inflationary scenario with various central banks increasing interest rates. This created caution for discretionary spending for weddings, gifts etc. However, the Company was well-prepared for this situation and adjusted its product offerings accordingly. Our investment in Lab-grown diamond facilities continues to reap fundamental benefits. Being a completely integrated player, right from growing diamonds, listing online and delivering them, we have gathered a lot of inherent benefits that make us highly margin resilient. Our sell-down of inventory for natural diamonds has also been beneficial in protecting the overall profitability of the company, despite such a volatile economic scenario. 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 strategies to make an early breakthrough in the domestic market. With an increasing demand for Lab-Grown Diamonds, Goldiam carried out 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 and 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." Result PDF
Apparels & Accessories firm Goldiam International announced Q1FY23 Result : Revenues: During the quarter, the consolidated revenue during Q1FY23 decreased by 9% to Rs 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. EBITDA: 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 141 bps QoQ to 22.7% PAT: PAT for Q1FY23 stood at Rs 214 vis-à-vis Rs 238 million in Q1FY22. Cash Profit (PAT + Depreciation): The Cash profit for Q1FY23 stood at Rs 351 million vis-à-vis Rs 372 million in Q1FY22. Order Book Status: Goldiam has an order book size of Rs 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 Cash & Cash Equivalents (including Investments): The Company’s Cash & Cash Equivalents (including investments) stood at Rs 2,200 mn as on Q1FY23. Result PDF
Textiles, Apparels and Accessories company Goldiam International announced Q3FY22 results: Consolidated Revenue during 9MFY22 grew by 97% YoY to Rs 5,539 million due to improved consumer sentiments with return of in-store shoppers to retail outlets leading to higher US Jewellery demand from Retailers & End Customers. Consolidated EBITDA for 9MFY22 surged by 96% YoY to Rs 1,210 million, EBITDA margins stood at 21.8% led by operating leverage and better product mix. Goldiam continues to benefit from its strategy of selling Lab Grown Diamond jewellery backed by captive lab grown diamonds manufacturing, presence across the value chain, coupled with omnichannel sales presence. Consolidated Adj. PAT for 9MFY22 recorded a growth of 97% YoY to Rs 831 million reflecting overall business efficiency. Q3FY21 includes exceptional gain on Rs 157.10 mn due to a one-time, non-business gain on sale of property. Therefore, Adj. PAT is comparable on a L2L basis only. The Board recommends an interim dividend of 30%; Subdivision of shares from INR 10 to INR 2 Commenting on the performance, Mr. Rashesh Bhansali, Chairman and Managing Director, Goldiam International, said, “It gives me immense pleasure to share with you that the Company has recorded the highest ever nine-month sales shielding its margin profile with the return of in-store shoppers to retail outlets. The Company experienced strong momentum in US Jewellery demand from Retailers & End Customers backed with improved consumer sentiments. Goldiam received positive customer responses for both natural and lab-grown diamonds jewellery sales. The Company outperformed the industry’s growth with its new styles and re-orders of bestseller styles in the US retail market. Additionally, I am happy to share with you that contining its commitment towards creating shareholders value, Goldiam’s board has recommended an interim dividend of 30% to its stakeholders With the increasing demand for Lab-Grown Diamonds, Goldiam plans to scale up in-house Lab-Grown Diamonds by incurring a capex of INR 100 mn in Q4FY22. The commercial production for the same is expected to be commenced from Q1FY23. The new capacity will be used for Goldiam’s jewellery manufacturing, leading to a stronger margin profile for the consolidated product. The Company looks forward to conclude FY22 on a high by riding on the increased sales inquiries and bookings for the new and existing styles for the upcoming Valentine’s Day gifting season.” Result PDF
Highlights: Consolidated Revenue during H1FY22 surged by 169% YoY to INR 3,299 million due to reopening of US markets, government stimulus and aggressive COVID-19 vaccinations drive resulting in a strong uptick in US Jewellery demand from Retailers & End Customers. Consolidated EBITDA for H1FY22 grew by 210% YoY to INR 639 million, EBITDA margins expanded by 210 bps YoY to 19.4% led by operating leverage and better product mix. Goldiam’s strategy of selling Lab Grown Diamond jewellery backed by captive lab grown diamonds manufacturing, presence across the value chain, coupled with omnichannel sales presence has led to a better margin profile during H1FY22. Consolidated PAT for H1FY22 recorded a growth of 231% YoY to INR 436 million owing to overall business efficiency. Commenting on the performance, Mr. Rashesh Bhansali, Chairman and Managing Director, Goldiam International, said, “I am pleased to share with you that the Company has clocked the highest ever first half-yearly sales & margin profile fueled by reopening of US markets, government stimulus and aggressive COVID-19 vaccinations driving in strong momentum in US Jewellery demand from Retailers & End Customers. The customers’ response is positive and indeed satisfying for both natural and lab-grown diamonds jewellery sales. Goldiam has been comfortably surpassing the industry’s growth by riding on the outperformance and repeat orders of successful styles in the US retail market. Goldiam’s focus on design capabilities, backward-integrated presence in lab-grown diamonds backed with omnichannel manufacturing service and numerous digital initiatives has resulted in enhanced visibility being as a preferred OEM partner of choice leading to higher market share. The Company’s aforementioned offerings, as well as the strong governance background and the overall industry tailwinds, have led to Highest Ever half-yearly sales in company history. Mirroring the operational performance, the Company’s balance sheet remains strong with ‘net-debt free’ status coupled with INR 2,462 million under cash & cash equivalent & investments and robust return ratios i.e. ROCE & ROE (annualized) of 47.2% & 17.5%, respectively. Goldiam will continue to enhance its sales, defend its margin profile and reward its shareholders with dividends & buybacks, thereby creating value for its stakeholders.” Result PDF