50 per cent up from its 52-week low: Small-cap gems & jewellery company reports stellar FY24 results; details inside

The shares of the company have an ROE of 17 per cent and an ROCE of 16 per cent.

Manoj Vaibhav Gems 'N' Jewellers, a national brand with a strong presence in South India, has grown from a regional player to a dominant force by specializing in high-quality gold, diamond and other precious metal jewellery. They cater to a loyal customer base through a network of stores strategically placed in Tier 2 and 3 cities, and offer a wide range of daily wear, festive wear, bridal, antique and temple jewellery online, along with expert advice to help you style your look and find the perfect piece.

Manoj Vaibhav Gems N Jewellers Ltd, a major player in the organized jewellery market, is expanding its physical footprint with 2 new stores launched on March 24, 2024, bringing their total store count to 15 (including two franchise stores) and is well-positioned to benefit from the growing middle class and online jewellery market boom. 

On Thursday, the shares of Manoj Vaibhav Gems N Jewellers Ltd gained 7.13 per cent to an intraday high of Rs 257.50 per share from its previous closing of Rs 240.35. The stock’s 52-week high is Rs 382.20 and its 52-week low is Rs 170 with a market cap of Rs 1,200 crore. The shares of the company saw a spurt in volume by more than 3.47 times on BSE. The stock is up by 50 per cent from its 52-week low of Rs 170.

In India, gold jewellery transcends mere decoration, holding cultural significance as a cherished tradition for wealth accumulation and a common celebratory gift (Shagun), with the global market projected to balloon to USD 105 billion by 2028, mirroring a rise in quantity from 4.42 kilotons in 2024 to an estimated 6.32 kilotons by 2029.

Also Read: Stock Split From Rs 10 to Re 1 in FY24: High ROE & high ROCE penny stock below Rs 65; Company announces financial performance for the year ended March 31, 2024

According to its Quarterly Results, the net sales increased by 6 per cent to Rs 546.45 crore and net profit increased by 38 per cent to Rs 20.57 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 6 per cent to Rs 2,149.67 crore and net profit increased by 13 per cent to Rs 80.93 crore in FY24 compared to FY23.

The company’s majority of the stake is owned by the promoters of the company i.e., 74.28 per cent while FIIs own 8.04 per cent, DIIs own 1.23 per cent and the public owns 16.46 per cent stake in the company as of March 2024. The shares of the company have an ROE of 17 per cent and an ROCE of 16 per cent. Manoj Vaibhav Gems N Jewellers Ltd stands as a firmly established jewellery retailer maintaining a strong foothold in the rural and semi-urban regions of Andhra Pradesh and Telangana.

Disclaimer: The article is for informational purposes only and not investment advice.