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Gems & Jewellery company Renaissance Global announced Q3FY24 & 9MFY24 results:
Q3FY24 vs Q3FY23:
- Total Income stood at Rs 657.9 crore vs Rs 725.0 crore, down 9.3%.
- Branded Jewellery business revenues up 16.2% to Rs 272.1 crore.
- Direct-to-consumer business revenues up 7.5% to Rs 94.9 crore.
- EBITDA at Rs 53.9 crore as against Rs 50.1 crore, up 7.6%.
- EBITDA Margins stood at 8.2% against 6.9%, up 129 bps.
- PAT, after discontinued operations, stood at Rs 27.9 crore against Rs 27.8 crore.
9MFY24 vs 9MFY23:
- Total Income stood at Rs 1,577.4 crore from Rs 1,741.3 crore, down 9.4%.
- Branded Jewellery business revenues up 12.2% to Rs 513.3 crore.
- Direct-to-consumer business revenues up 18.4% to Rs 204.0 crore.
- EBITDA at Rs 122.4 crore as against Rs 130.0 crore, down by 5.9%.
- EBITDA Margins stood at 7.8% against 7.5%, up by 31 bps.
- PAT, after discontinued operations, stood at Rs 52.6 crore against Rs 67.6 crore.
Commenting on the performance for Q3 & 9MFY24, Sumit Shah – Chairman and Global CEO, Renaissance Global said, “We have reported a resilient performance during the quarter marked by increased margins. Revenue growth in our strategically important Branded segment has helped us navigate through a challenging year in our key markets. Our licensing agreements with Marvel and Warner Bros. will help further augment revenue from this category.
Our D2C vertical, while currently exhibiting good growth remains a key focus area for future expansion. For the 9-month period, the growth in the segment was ~18%. In Q3FY24, the revenue growth was moderate due to a focus on profitability.
In the B2B segment, a significant development has been the successful launch of Wonder Fine Jewelry with one of our large retailer partners. Wonder Fine Jewelry is our umbrella brand for Disney Jewels, Marvel, and Star Wars. After signs of early success in the 2023 holiday season, we expect this to be launched with another large retailer in the coming quarters.
Another noteworthy development is the widespread acceptance of Lab-Grown Diamonds (LGD) globally, particularly in engagement rings and solitaire jewellry. Currently, LGDs constitute around 50% of our D2C sales, indicating our penetration in this fast-growing segment.
Our focus in the coming quarters is to fully leverage our strong partnerships with renowned brands, our robust distribution network, and our D2C capabilities to emerge from these challenging times with growth in our revenues and margins.”
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