Monday, May 20, 2024

Radhika Jeweltech Ltd. Announces Excellent Results; Yearly Revenue jumps 62% YoY

Radhika Jeweltech Ltd. (RJL) (BSE: 540125), a renowned retail jewelry Company dealing in high-end Legacy jewelry including fine gold jewelry and diamond-studded jewelry operating through a retail store in Rajkot, Gujarat has announced excellent results for the year ended 31 March, 2022.For year ended 31 March 2022, Total income jumped 62% to Rs. 234.72 Cr. (FY22) from Rs.144.33 Cr (FY21). The net profit grew 19.64 % to Rs.27.06 Cr (FY22), from Rs.22.61 Cr (FY21). EPS improved to Rs.11.47 (FY22) as compared to Rs.9.58 (FY21).

With 35 years’ rich experience in gold and jewellery entrepreneurship, the promoters of RJL have in-depth knowledge of the industry as well as the local jewellery market of Rajkot. With operational presence for over 3 decades, the name Radhika has considerable goodwill with customers. Rajkot is the primary socioeconomic urban centre of the Saurashtra region and a major one in the state of Gujarat.

Going forward, rapid urbanization, an expanding working-age population, growing economic opportunities, and rising disposable income along with the tradition of buying/investing in gold will drive demand for jewellery.

Mr. Ashok Zinzuwadia, the driving force behind the Company, laid the foundation of Radhika Jewellers back in 1987. Since then, Radhika Jeweltech Limited has experienced rapid growth and expanded from a small shop in soni bazar of Rajkot city in its initial stages to a huge showroom of 2500 sq. ft., which is now situated on palace road of Rajkot city. The success of Radhika Jeweltech Limited can be attributed to their customer-centric philosophy, the quality standards of jewelry, best designs displayed to highly valued customers, outstanding selling skills of employees. This combination ensures a loyal customer base all over.

Based on its potential for growth and value addition, the Government declared the gems and jewellery sector as a focus area for export promotion. The Government has undertaken various measures recently to promote investment and upgrade technology and skills to promote ‘Brand India’ in the international market.

The Government has permitted 100% FDI in the sector under the automatic route, wherein the foreign investor or the Indian company do not require any prior approval from the Reserve Bank or Government of India.

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