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Thangamayil Jewellers: A shining future ahead

With easing of restrictions and pent-up demand, we expect Thangamayil Jewellers to deliver growth in FY22 as well

June 30, 2021 / 09:53 AM IST
Thangamayil Jewellers: A shining future ahead

Jewellers with an annual turnover of up to Rs 40 lakh will be exempted from the mandatory hallmarking.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Thangamayil Jewellery Limited (TJL; CMP: Rs 800; Market Capitalisation: Rs 1,098 crore) posted mixed performance for the March 2021 quarter. While the top line grew strongly, driven by improved demand and lower base, margins dipped on account of inventory loss from reduction in gold prices. The jewellery segment is expected to outperform other retail segments, driven by a huge pent-up demand as was the case in FY21. Further, the segment is expected to benefit from market share gains from the...

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