Goenka Diamond & Jewels Q1 Results Revenue Up 479.64% YoY, Operating Income Improves by 46.32% YoY

Goenka Diamond & Jewels Growth Comparison

Goenka Diamond & Jewels Q1 Results: Goenka Diamond & Jewels' financial results for the first quarter of 2024 show some significant changes. The company's total revenue for the quarter was ₹0.49 crores, which is a big jump from ₹0.08 crores in the same quarter last year, representing a 479.64% increase. This means the company earned a lot more money from sales compared to a year ago. However, compared to the previous quarter (March 2023), the revenue increased from ₹0.22 crores, but it's not possible to compare these changes directly due to the absence of a previous quarter comparison (QoQ Comp).

Goenka Diamond & Jewels’ selling, general, and administrative expenses were ₹0.10 crores, the same as in the same quarter last year, but down slightly from ₹0.13 crores in the previous quarter. Depreciation and amortization expenses decreased from ₹0.16 crores last year to ₹0.14 crores this quarter. Other operating expenses dropped significantly by 54.12% YoY, indicating better cost control.

Despite these improvements, tGoenka Diamond & Jewels still faced losses. The operating income was negative at ₹-0.34 crores, though less than the previous quarter's loss of ₹-0.66 crores. The net income before taxes and net income were also negative but improved compared to the last quarter. The diluted normalized EPS (earnings per share) improved from ₹-0.03 last year to ₹-0.01 this quarter, showing a slight positive change. Overall, the company is making progress but still struggling with profitability.

Here is a summary of Goenka Diamond & Jewels' Q1 financial results:

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Goenka Diamond & Jewels Q1 Results

Goenka Diamond & Jewels earned a total income of 49.06 million for the three months ending June 30, 2024. This includes 48.69 million from their main business operations and 0.37 million from other sources. This is an increase compared to the previous three months ending March 31, 2024, when their total income was 26.44 million. The main reason for this rise is a significant jump in revenue from operations.

Goenka Diamond & Jewels total expenses for the three months ending June 30, 2024, were 96.52 million. This includes various costs like 43.09 million for materials, 4.32 million for changes in inventory, 10.06 million for employee salaries, 13.80 million for interest costs, and 13.88 million for depreciation. Compared to the previous period, where total expenses were 100.49 million, the company has managed to lower its costs slightly.

Despite these efforts, Goenka Diamond & Jewels reported a loss of 47.46 million for the three months ending June 30, 2024. This loss is less than the 74.06 million loss from the previous period. After accounting for tax expenses and other factors, the final loss for this period is 61.23 million. The company’s total equity remains at 3,170 million, and the loss per share has improved slightly from the previous period.

Here is the summarized financial information for Goenka Diamond & Jewels for the three months ended June 30, 2024, and the year ended March 31, 2024:

(Amount in Lakhs)

Goenka Diamond & Jewels Stock Performance

Goenka Diamond & Jewels has a market capitalization of ₹28.8 Crores, meaning that's the total value of all its shares combined. The current price of one share is ₹0.91. The share price has ranged between ₹1.33 and ₹0.70 over a certain period. The book value of ₹7.45 shows the value of the company's assets per share. The dividend yield is 0.00%, meaning the company doesn’t pay dividends to shareholders. 

Here’s the information in a table format:

Quarterly Results 

In the quarterly financial data for Goenka Diamond & Jewels, for December 2023, March 2024, and June 2024, the company shows a pattern of low sales and high expenses. Sales increased slightly from 0.16 crores in December 2023 to 0.49 crores by June 2024. However, expenses also rose, impacting profitability. Operating profits remained negative throughout these periods, with a notable improvement in June 2024, though still negative at -0.20 crores. 

Here's the quarterly financial data for Dec 2023, Mar 2024, and Jun 2024:

About Goenka Diamond & Jewels 

Goenka Diamond & Jewels is a company that specializes in polishing and manufacturing diamond jewelry. Originally focused on exporting colored stones, the company shifted to the diamond trade in 1994 and started making diamond-studded jewelry in 2003. To improve their manufacturing, they set up a diamond processing unit in Surat's Special Economic Zone (SEZ) in 2006. This was followed by another facility in Mumbai in 2007, designed to serve both local markets and enhance their diamond jewelry production.

One key to Goenka Diamond & Jewels' success is ensuring a steady supply of high-quality rough diamonds at competitive prices. Goenka Diamond & Jewels source these diamonds from various suppliers in Hong Kong, the USA, Russia, and India. In March 2008, they acquired a 95% stake in M. B. Diamonds, a company in Russia, to secure high-quality and affordable diamonds.

Goenka Diamond & Jewels primarily supplies polished diamonds to wholesalers, jewelry manufacturers, traders, and retailers in India, Hong Kong, South East Asia, and the USA. Their commitment to quality and efficient supply chain management has been central to their growth and success in the diamond industry.