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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."
