Renaissance Global Ltd

Q1FY23 Quarterly Result Announced for Renaissance Global Ltd.

Jewellery Makers firm Renaissance Global announced Q1FY23 Result :

• Total Income stood at Rs. 575 crore higher by 37% YoY
• Direct-to-Consumer business revenues up 63% to Rs. 41 crore
• EBITDA stood at Rs. 42 crore, with margins at 7.3%
• PAT improves to Rs. 24.2 crore
• Total Income stood at Rs. 575.4 crore from Rs. 419.6 crore up by 37%
  • Branded Jewellery business revenues up 36% to Rs. 124.1 crore
  • Direct-to-Consumer business revenues up 63% to Rs. 40.7 crore
• EBITDA at Rs. 42.0 crore as against Rs. 41.3 crore, up by 2%
  • EBITDA Margins stood at 7.3% as against 9.9%, lower by 276 bps
• PAT, after discontinued operations, stood at Rs. 24.2 crore as against Rs. 23.7 crore, higher by 2%

Commenting on the performance for Q1 FY23, Mr. Sumit Shah – Chairman and Global CEO, Renaissance Global Limited said, “We have delivered a healthy top-line performance during the quarter despite a challenging macroenvironment in our key global markets. Our total income growth for Q1FY23 came in at 37% YoY. While the demand environment remained steady, we witnessed some non-linearities with regards to increased inflationary pressures in key raw materials. These had a bearing on our margin performance during the quarter. Although we do remain cautious of these challenges in this fiscal, we expect them to be largely transitory in nature.

Our core branded jewellery business marked strong growth in revenues to the tune of 36% YoY in Q1 FY23, supported by steady retail consumption. Within this segment, our direct-to-consumer (D2C) business delivered 63% revenue growth. It also continues to witness a notable increase in repeat customer wins. Overall, this vertical is a key growth lever for us and we look forward to strengthening this segment, going forward.

Looking ahead, given the intensifying inflation trend, we anticipate global consumption for discretionary products to be muted in the near future. However, on a longer-term basis, we are optimistic about our growth prospects and potential in our international markets such as US, Europe and UK. There are several growth opportunities in the international branded jewellery market, and we believe, we are well-positioned to tap upon these given our partnerships with well-known brands, our significant experience in product conceptualization, our design skills, and a solid distribution network. Overall, we look forward to delivering healthy and sustainable growth, going ahead”

Result PDF