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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

    Bharat Gianani
    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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