SM Lakshmanan, Vice President of Finance and Accounts at Thangamayil Jewellery, projects a substantial revenue increase this financial year. Sales are expected to reach ₹4,000 crore by March 2024, double the figure from two years ago, he told CNBC-TV18.

Lakshmanan also noted the record-breaking half-yearly sales recently achieved by the company and expressed optimism for continued strong demand throughout the forthcoming festive period.

Source: Annual Report of 2022-23

Thangamayil Jewellery reported a 22% increase in net sales to ₹992.11 crore from ₹813.15 crore last year. Net profit for the quarter, however, declined over 47% to ₹8.39 crore from the ₹15.95 crore in the same quarter last year.

Thangamayil's earnings per share (EPS) has dipped to ₹3.06 in September 2023 from ₹11.63 in September 2022.

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Lakshmanan shared that Thangamayil Jewellery is set to revamp and reopen several of its current outlets. He also conveyed assurance in sustaining an impressive 26% growth in same-store sales.

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He also highlighted the company's strategic shift towards non-gold segments, noting, "Currently, non-gold items make up about 8.5% of our business, and we're aiming to increase that figure to 10% or more."

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(Edited by : Shweta Mungre)