70 per cent returns from its 52-week low: This gems & jewellery company reports a 30 per cent jump in net profit to Rs 41.4 crore; hit 52-week high!
The stock is up by 70 per cent from its 52-week low of Rs 202.05 per share.
Today, the benchmark indices were trading green with the BSE Sensex Index up 0.93 per cent and the NSE Nifty-50 Index up 1 per cent. In the border market, the indices were trading mixed with BSE Mid-Cap Index up 0.06 per cent and BSE Small-Cap Index down 0.26 per cent
Along with the market in green, this small-cap gems & jewellery stock gained 3.1 per cent and made a new 52-week high of Rs 342.55 per share from its previous closing of Rs 332.35. The stock is up by 70 per cent from its 52-week low of Rs 202.05 per share.
The stock name is Manoj Vaibhav Gems N Jewellers Ltd.
Manoj Vaibhav Gems N Jewellers Ltd is a leading jewellery retailer in South India, particularly in Andhra Pradesh and Telangana. Operating 13 showrooms, they offer a wide range of jewellery, including Gold, Diamond, Gems, Platinum, and Silver, catering to diverse tastes and preferences. Their commitment to relationships, quality, transparency, and excellent customer service has garnered them a loyal clientele.
Recognizing the significant market potential in rural India, the company strategically positioned 77 per cent of its retail stores in Tier 2 and Tier 3 cities. This decision aligns with the strong demand for gold in these regions, presenting ample growth opportunities. Currently holding 5 per cent of the total jewellery market share and an impressive 14 per cent share of the organized jewellery market in Andhra Pradesh and Telangana, Manoj Vaibhav Gems N Jewellers Ltd stands as a prominent player in the region.
Pioneering the organized retail market for jewellery in Andhra Pradesh, the company remains steadfast in its expansion strategy. With new stores strategically located to cater to local needs, it is steadily expanding its footprint within the state.
According to its Quarterly Results, the net sales increased by 11.4 per cent to Rs 619.22 crore and net profit increased by 8.6 per cent to Rs 22.16 crore in Q2FY24 compared to Q2FY23. According to its half-yearly results, the net sales 10.4 increased by per cent to Rs 1,128.2 crore and net profit increased by 30.1 per cent to Rs 41.40 crore in H1FY24 compared to H1FY23.
Exhibiting strong financial performance, the company has witnessed significant revenue and net profit growth in recent years. Its impressive return on equity (ROE) of 23 per cent for the financial year 2023 further demonstrates its ability to generate substantial returns for its investors. In essence, Manoj Vaibhav Gems N Jewellers Ltd is a well-established jewellery retailer with a robust presence in rural and semi-urban areas of Andhra Pradesh and Telangana.
Disclaimer: The article is for informational purposes only and not investment advice
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