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Apparels & Accessories company Goldiam International announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

• Revenue: Rs 2,050 million, showing a growth of 10% compared to Q3FY23.
• EBITDA: Rs 438 million, showing a growth of 9% compared to Q3FY23.
• EBITDA Margin: 21.3%, decreased by 32 bps compared to Q3FY23.
• PAT: Rs 324 million, showing a growth of 12% compared to Q3FY23.

Consolidated 9MFY24:

• Revenue: Rs 4,654 million, showing a growth of 11% compared to 9MFY23.
• EBITDA: Rs 1,008 million, decreased by 2% from 9MFY23.
• EBITDA Margin: 21.7%, decreased by 276 bps from 9MFY23.
• PAT: Rs 731 million, showing a growth of 6% compared to 9MFY23.

Business Highlights:

• Lab-Grown Diamond Jewellery Sales: Lab-grown diamond jewellery contributed 51.3% to Q3 revenue, marking a considerable increase from 23.5% in Q3FY23.
• Online Sales: Revenue through online sales channel increased to 33.5% during Q3FY24 from 27.3% in Q3FY23. The share of online sales for Lab-grown diamond jewellery has grown approximately threefold from 7% in Q3FY23 to 20.6% in Q3FY24.
• Order Book: Goldiam secured orders worth Rs 700 million during Q3 for the export of gold studded diamond jewellery, to be fulfilled by March 2024. The order book as of December 31, 2023, stands at about Rs 1,150 million.
• Expansion and New Markets: Goldiam has added a new retailer client in the USA and is preparing to enter the Australian market. It is also planning a foray into India's B2C market with its own stores.

Commenting on the Q3FY24 results, Anmol Bhansali, Managing Director, Goldiam International, said, “Lab Grown Diamond jewellery contributing over 50% in Q3 revenue is a strong indicator of changing consumer behaviour. The speed and force of the shift in consumer preferences this year have taken us by pleasant surprise as well. With the USA, the world’s largest diamond jewellery market, showing overwhelming preference towards Lab Grown Diamond jewellery, we are very optimistic about the future of this category, with boosted confidence to seriously plan entry into India’s B2C space.”

Rashesh Bhansali, Executive Chairman of Goldiam International, said, "Higher sales of Lab Grown Diamond, coupled with an impressive share of online sales has kept us in good stead this financial year so far, which was marked with multiple headwinds. Prices of lab-grown diamonds have stabilized and that’s a positive sign for the entire industry. At Goldiam, we are gradually focusing more on producing higher-carat diamonds in the range of 3-5 carat through our subsidiary Eco-Friendly Diamonds. In the years to come, we see the demand for single-stone over 1-carat jewellery rapidly increasing. We feel Indian consumers are ready for adaptation and are waiting to be catered to by the organised players. Goldiam’s has built a significant cash and cash equivalent position of Rs 3,186 million and will be able to take newer initiative while continuing to remain debt-free, and rewarding shareholders as it has always done in the past.”

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