Manoj Vaibhav Gems N Jewellers shares surge 9% on strong financials and expansion plans 

 
Originally a regional player, Manoj Vaibhav Gems N Jewellers has evolved into a prominent national brand, particularly strong in South India 

Mumbai: Shares of Manoj Vaibhav Gems N Jewellers Ltd surged by approximately 9% recently, reaching an intraday high of ₹260.07 per share, up from the previous close of ₹239.39. This rise comes as the stock, which has a 52-week high of ₹382 and a low of ₹165, enjoys a market capitalisation exceeding ₹1,230 crore. Notably, the stock has appreciated by 53% from its 52-week low of ₹170, reflecting growing investor confidence. 

The company’s impressive performance was underscored by its recent quarterly financial results. For the quarter ending June 2024, Manoj Vaibhav Gems N Jewellers reported net sales of ₹539.06 crore, a 5.93% increase from ₹508.90 crore in June 2023. The net profit also saw a notable rise, reaching ₹21.76 crore, up 13.09% from ₹19.24 crore in the same period last year. EBITDA for the quarter increased by 5.67% to ₹40.84 crore from ₹38.65 crore. However, the Earnings Per Share (EPS) declined slightly to ₹4.45 from ₹4.92, indicating a marginal dip in profitability per share. 

In addition to its financial growth, the company has been actively expanding its market presence. Earlier this year, Manoj Vaibhav Gems N Jewellers opened a new showroom in Vizianagaram, Andhra Pradesh. Located strategically at Palakonda R&B Road, Saradhi Village, Rajam, the new outlet, branded as “Vaibhav Jewellers,” aims to enhance the company’s footprint in the region. The official launch occurred on March 20, 2024, as detailed in an exchange filing. 

The company’s performance for the fourth quarter of FY24 also showed substantial growth, with net profit surging nearly 40% year-on-year to ₹20.5 crore from ₹14.8 crore in the same quarter of the previous year. 

Since its debut on Dalal Street on October 3, 2023, Manoj Vaibhav Gems N Jewellers has made a notable impact. The company raised over ₹270 crore through its Initial Public Offering (IPO), with shares initially priced at ₹215 apiece. Although the stock is currently trading slightly below its issue price, the company’s robust financial performance and ongoing expansion efforts have bolstered investor confidence. 

Originally a regional player, Manoj Vaibhav Gems N Jewellers has evolved into a prominent national brand, particularly strong in South India. The company specialises in high-quality gold, diamond, and other precious metal jewellery, serving a loyal customer base through a network of stores in Tier 2 and Tier 3 cities. The brand offers a diverse range of jewellery, including daily wear, festive wear, bridal, antique, and temple collections, and provides online shopping options with expert styling advice. 
 
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