Renaissance Global announces Q2 FY24 earnings results and a Q2 earnings presentation to showcase the performance of the second quarter ending September 30, 2023. As a result, their overall income was Rs. 443.2 crore, while direct-to-consumer business revenues increased by 23% to Rs. 53.8 crore, and EBITDA was Rs. 31.7 crore, with margins of 7.2%. PAT was Rs. 10.5 crore.
Renaissance Global Limited, a branded and unique jewelry products company, published their Q2 FY24 performance review compared to Q2 FY23, reporting that their Branded Jewellery business revenues increased 9.6% to Rs. 109.1 crore. Direct-to-Consumer business revenues increased by 22.7% to Rs. 53.8 crore, EBITDA was Rs. 31.7 crore as opposed to Rs. 37.9 crore, and EBITDA margins were 7.2% as opposed to 8.6%, a decrease of roughly 143 basis points. PAT after ceased operations was Rs. 10.5 crore as opposed to Rs. 15.5 crore.
Sumit Shah, Chairman and Global CEO of Renaissance Global Limited, commented on the performance for Q2 and H1 FY24, saying, “The external demand environment continues to put pressure on our revenue performance and, as a result, on overall group operating margins.” Despite these headwinds, we saw good growth in our D2C business, which has emerged as a key growth engine for the Company.
Revenue increased by 23% year on year in Q2 and 29% year on year in H1FY24. In the D2C sector, we expect to generate around Rs 312 crore in annual revenue in FY24. With the increasing amount of D2C income in our total earnings, we are confident in a longer-term progressive trend in our margins.
Following the success of our sites in Hyderabad, Mumbai, and Ahmedabad, we are excited to announce the opening of our new Irasva Fine Jewellery store in Borivali, Mumbai. The second of its kind in Mumbai, this luxury and lifestyle store caters to the city’s discerning shoppers.
The long-term objective of Irasva is to increase its brand presence across India through an omnichannel strategy, delivering a varied assortment of fine jewelry for various occasions. The expansion of this brand should boost our overall D2C sales.
Looking ahead, we are well-positioned to capitalize on long-term growth possibilities in the international branded jewelry industry. Overall, our strong brand alliances, significant product conception experience, great design talents, and powerful distribution network will be key growth drivers.”