Thangamayil Jewellery Q3 net profit jumps 103 percent to Rs 28 crore

Jewellery maker and retailer Thangamayil Jewellery witnessed a 103 percent increase in net profit to Rs 28 crore ($3.5 million), as against Rs 14 crore in the year-ago period.

The company’s revenue for the quarter rose by 20 percent to Rs 895 crore, as against Rs 744 crore in the corresponding quarter of the previous fiscal year.

“The third quarter sales were affected by heavy rains and floods in the southern parts of Tamil Nadu where the company operates eight stores resulting in an estimated loss of Rs 25 crore,” Thangamayil said in a statement.

Thangamayil plans to focus on diamond and silver jewellery going forward to boost its margins. It currently generates majority of its sales from gold jewellery.

Thangamayil Jewellery Ltd manufactures, retails gold, silver, and diamond jewellery. The company recently opened two new outlets to take its total store count to 58.