After a sharp reduction in profits in Q2, Thangamayil Jewellery sees a dip of about 10%

 After a sharp reduction in profits in Q2, Thangamayil Jewellery sees a dip of about 10%

In Q2FY24, the company's net profit dropped by 48% Year-on-Year (YoY) to Rs 8.4 crore.

After the company's net profit dropped 48 percent in the July–September quarter, Thangamayil Jewellery shares fell 9.42 percent at Rs 1,295.85 at 2:21 PM.

In Q2FY24, Thangamayil Jewellery's net profit decreased by 48% Year-on-Year (YoY) to Rs 8.4 crore, according to an exchange filing. During the same time frame the previous year, net profit came to a total of Rs 16 crore.

Nonetheless, the jewelry manufacturer claimed a YoY gain in sales of 22%, coming in at Rs 99 crore for the July–September quarter. It was stated that revenue during Q2FY23 was Rs 813 crore.

The company's EBITDA, or earnings before interest, tax, depreciation, and amortization, decreased by 33% year over year to Rs 16 crore during that time.

Two lakh shares of Thangamayil Jewellery were exchanged on stock markets on November 1, about three times the usual number of shares traded each month for the firm.

In the last year, Thangamayil shares have increased by 156%, and in the past six months, they have increased by 145%.

Two additional branches were established by the firm. Two locations: one in the Nilgris district of Ooty and one in Coimbatore.

Gold bangles, bracelets, chains, necklaces, rings, earrings, pendants, haram, malai, and other gold goods are produced by Thangamayil Jewellery.