Madurai Thangamayil Jewellery Limited, a prominent jewelry company operating in southern and western parts of Tamil Nadu, has proposed a bonus share issuance in a recent board meeting. The recommendation entails offering one bonus share for every existing share held by the shareholders, amounting to Rs 13.72 crore worth of fully paid bonus shares to be credited from accumulated reserves.
Currently, the company operates through 54 retail outlets in Tamil Nadu. However, it has ambitious plans to expand its operations in the upcoming fiscal year of 2023-24. Thangamayil Jewellery aims to venture into Chennai and its adjoining towns, in addition to relaunching five existing retail outlets. These strategic initiatives aim to enhance the company’s market presence and cater to a wider customer base.
Thangamayil Jewellery has exhibited impressive financial growth over the past five years. The company achieved a Compounded Annual Growth Rate (CAGR) of 18.82% in turnover and 27.40% in Profit After Tax (PAT). In light of these accomplishments, the board meeting was convened to discuss the audited financials for the year ending March 31, 2023.
During the meeting, the board recommended a total dividend of Rs 12 per equity share of Rs 10 each. This dividend comprises both an interim dividend of Rs 6 and a final dividend of Rs 6, amounting to 120% in total. It is noteworthy that Thangamayil Jewellery has reported a profit after tax of Rs 7,975 lakh on a turnover of Rs 3,152.55 crore. Comparatively, in the previous year, the profit after tax was Rs 3,855 lakh on a turnover of Rs 2,193.07 crore. Consequently, the company has achieved an impressive 44% growth in turnover and a remarkable 107% growth in PAT. These robust financial results have translated into a substantial increase in the company’s Earnings Per Share (EPS), reaching Rs 58.13 compared to Rs 28.09, indicating a significant 107% increase for the fiscal year ending March 31, 2023.
Madurai Thangamayil Jewellery Limited, a renowned jewelry company based in Madurai, Tamil Nadu, has recently made significant announcements regarding its financial performance and future plans. In a recent board meeting, the company recommended issuing bonus shares in a ratio of one share for every existing share held by the shareholders. This move is expected to amount to approximately Rs 13.72 crore worth of fully paid bonus shares, which will be credited from the company’s accumulated reserves.
With a strong presence in the southern and western regions of Tamil Nadu, Thangamayil Jewellery currently operates through 54 retail outlets. However, the company has ambitious expansion plans for the upcoming fiscal year 2023-24. It aims to extend its operations to Chennai and its neighboring towns while also relaunching five of its existing retail outlets. By expanding its footprint, Thangamayil Jewellery aims to tap into new markets and cater to a broader customer base.
Thangamayil Jewellery’s impressive financial performance over the past five years has been a driving force behind its expansion plans. The company has achieved a Compound Annual Growth Rate (CAGR) of 18.82% in turnover and an impressive 27.40% in Profit After Tax (PAT). These figures reflect the company’s consistent growth and effective management strategies.
During the board meeting, which primarily focused on reviewing the audited financials for the year ending March 31, 2023, the board of directors recommended a total dividend of Rs 12 per equity share. This dividend consists of an interim dividend of Rs 6 and a final dividend of Rs 6, amounting to a total dividend payout of 120%. The decision to distribute such a significant dividend is a testament to Thangamayil Jewellery’s commitment to rewarding its shareholders for their trust and investment.
Thangamayil Jewellery’s strong financial performance and consistent growth trajectory reflect its commitment to excellence and customer satisfaction. The proposed bonus share issuance and substantial dividend payout are additional avenues through which the company aims to reward its shareholders and share its success. With its expansion plans and a focus on delivering high-quality jewelry products, Thangamayil Jewellery is poised to further strengthen its position in the market and contribute to the growth of the jewelry industry.
