Manoj Vaiibhav Gems N Jewellers posts 10% rise in Q2 net profit at Rs 22 crore

Gems and jewellery company Manoj Vaiibhav Gems N Jewellers has announced its earnings for the July - September quarter of FY2024.

The company, which went public in the first week of October, has reported a net profit of Rs 22.1 crore in the quarter that ended on September 30, 2023.

The company had clocked a net profit of Rs 20.04 crore in the year-ago period and Rs 19.2 crore in the preceding quarter.

The company said that its total income came in at a little over Rs 620 crore in the quarter as against Rs 556.7 crore reported in the same period of the last financial year.

The total income of the company rose to Rs 590 crore in the second quarter from Rs 529 crore reported in the year-ago quarter.

Shares of Manoj Vaibhav Gems N Jewellers on Monday hit a new 52-week high of Rs 335.40 on BSE. It closed with gains of Rs 3.50 per cent at Rs 332.35. With this, the company's market cap stood at Rs 1,623.44 crore.

Manoj Vaibhav Gems N Jewellers had launched its IPO earlier this year. The stock of the regional jewellery brand is listed on the Bombay Stock Exchange (BSE) at its issue price of Rs 215. It was listed at a similar price on the National Stock Exchange (NSE).

Andhra Pradesh-based Manoj Vaibhav Gems N Jewellers deals in gold, silver, and diamond jewellery, and related products such as precious gemstones, through online and offline modes. Its IPO was subscribed 2.25 times. The company had said that it would utilize the proceeds to finance the establishment of the proposed 8 new showrooms and other corporate activities. It operates more than a dozen showrooms.