Renaissance Global announces Q2 FY24 Results and Presentation on earnings for Q2 to highlight the performance of second quarter ended September 30, 2023. According to the result, their total Income stood at Rs. 443.2 crore, while Direct-to-Consumer business revenues up 23% to Rs. 53.8 crore and that EBITDA stood at Rs. 31.7 crore, with margins at 7.2% PAT stood at Rs. 10.5 crore.
Renaissance Global Limited, a branded and differentiated jewellery products Company presented their Q2 FY24 performance overview compared with Q2 FY23 and said, their Branded Jewellery business revenues up 9.6% to Rs. 109.1 crore. Direct-to-Consumer business revenues up 22.7% to Rs. 53.8 crore, EBITDA at Rs. 31.7 crore as against Rs. 37.9 crore, and EBITDA Margins stood at 7.2% as against 8.6%, down by around 143 bps, PAT, after discontinued operations, stood at Rs. 10.5 crore as against Rs. 15.5 crore.
Commenting on the performance for Q2 & H1 FY24, Sumit Shah, Chairman and Global CEO, Renaissance Global Limited said, external demand environment continues to put pressure on our revenue performance and consequently on overall group operating margins. Despite these headwinds, we witnessed healthy growth in our D2C business, emerging as a major growth driver for the Company.
The segment registered a revenue growth of 23% YoY in Q2 and 29% YoY in H1FY24. We are on track to achieve an annual revenue run rate of approximately Rs 312 crore in FY24 in the D2C business. With the increasing proportion of D2C revenue within our total earnings, we are confident in a progressive trend in our margins over the longer term.
We are delighted to announce the launch of our new Irasva Fine Jewellery store in Borivali, Mumbai, following the success of our locations in Hyderabad, Mumbai, and Ahmedabad. This luxury and lifestyle store, the second of its kind in Mumbai, caters to the city’s discerning shoppers.
Irasva’s long-term vision involves expanding its brand presence across India through an omnichannel strategy, offering a diverse range of fine jewellery for various occasions. Growth of this brand should further augment our overall D2C revenues.
Looking ahead, we are well-positioned to capture growth opportunities in the international branded jewellery market in the long run. Overall, our strong partnerships with renowned brands, extensive product conceptualization experience, exceptional design skills, and robust distribution network will be key drivers of growth.”
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