Goldiam International Limited — Q3 FY26

Goldiam International Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=8kpA_swANTY Published: 3 months ago

0:01 1 second Good day and welcome to the Goldm International QC and FYI26 earnings conference call hosted by Monach Network 0:08 8 seconds Capital Limited. This conference call may contain forward-looking statements about the company which are based on the 0:16 16 seconds beliefs, opinions and expectations of the company as on date of this call. 0:21 21 seconds These statements are not the guarantees of future performance and environities that are difficult to predict. As a 0:29 29 seconds reminder, all participal lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:37 37 seconds controls. Should you need assistance during the conference call, please signal an operator by pressing star and 0:44 44 seconds zero on attachment phone. Please note that this conference is being recorded. 0:50 50 seconds I would now hand the conference over to Mr. Rahul Dani from Monach Network Capital Limited. Thank you and over to you sir. 0:58 58 seconds Uh yes, thank you mascan. Uh good afternoon everyone. On behalf of Monarch Network Capital, we're delighted to host the senior management of Goldium 1:06 1 minute, 6 seconds International. We have with us Mr. Rash Benali, executive chairman and we have Anul Benali, managing director of the company. We will start the call from 1:14 1 minute, 14 seconds opening marksmanagement and then move to Q&A. Thank you and over to you sir. 1:19 1 minute, 19 seconds Thank you Rahul. Good afternoon and welcome to GoldMour's call for the quarter and 9 months ended 31st December 2025. 1:28 1 minute, 28 seconds I would like to thank Monarch team for hosting this call. 1:32 1 minute, 32 seconds I am pleased to inform that Goldium has reported strong overall performance and the board of directors of the company have declared their first interim 1:39 1 minute, 39 seconds dividend at the rate of rupees 2 rupees and 75 pesa that is 13750% 1:46 1 minute, 46 seconds per equity share of face value of rupees 2 each. Passive demand in the US during Q3 helped Goldian post consolidated 1:54 1 minute, 54 seconds revenue growth of 18%. Consolidated revenues for the first 9 months of FY 2026 2:02 2 minutes, 2 seconds at rupes 7,773.4 million grew by 30%. Abita for Q3 at 2:10 2 minutes, 10 seconds rupes 98 million grew by 28.2% with AITA margin of 26.7%. 2:18 2 minutes, 18 seconds AITA for 9 months at rupees 1853 million grew by 32.7% with AITA margin of 23.8%. 8%. 2:27 2 minutes, 27 seconds Consolidated PA for Q3 at rupes 684 million and for 9 months at rupes 1333.6 2:34 2 minutes, 34 seconds million grew by 37% and 42% respectively. Cash and cash equivalent 2:40 2 minutes, 40 seconds including investments were at 5,041.3 million as on December 31st, 2025. 2:49 2 minutes, 49 seconds Lab grown diamond jewelry exports contributed to 90.5% to the overall export sales mix during Q3 FY26 compared to 80% in Q3 FY25. 3:01 3 minutes, 1 second Online revenue contribution witnessed a sharp increase and accounted for 31.6% of the revenue during Q3. Gold's order 3:10 3 minutes, 10 seconds book position as on December 31st, 2025 was about 1,800 million. Goldam recently 3:17 3 minutes, 17 seconds received new export orders for studded lab grown diamond jewelry worth rupees 800 million from the international customers from USA and the Middle East. 3:26 3 minutes, 26 seconds Our B2B jewelry export business has three key growth drivers. Increasing wallet share amongst existing customers, 3:33 3 minutes, 33 seconds signing up new large format retailers in US and expanding to new geographies mainly Europe, Middle East, Israel and Australia. Now let me share updates on 3:42 3 minutes, 42 seconds Origam. Our India focused B2C lab grown diamond jewelry retail brand. Our store expansion drive is gathering good 3:49 3 minutes, 49 seconds momentum as we sign LOIs for stores across India. As we speak we have 13 operational origin stores. As you may be 3:56 3 minutes, 56 seconds well aware during the quarter we signed letter of intents for 20 more stores across 12 cities. Goldium plans to open 4:04 4 minutes, 4 seconds an additional 12 to 14 origin stores by March 2026, taking the total store count to about 24 to 26 operational stores by the end of the current fiscal year. 4:15 4 minutes, 15 seconds During the first six months of the next fiscal, the company plans to open an additional 50 stores. We believe our 4:22 4 minutes, 22 seconds nationwide rollout strategy with carefully selected locations, especially in malls, will give origin an edge in this competitive segment. We remain 4:31 4 minutes, 31 seconds highly confident on the future prospects, future growth prospects of the company. With that overview, I'm happy to open the floor for questions. 4:39 4 minutes, 39 seconds Thank you all. 4:41 4 minutes, 41 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press 4:48 4 minutes, 48 seconds star and one on the touchstone telephone. If you wish to remove yourself from question Q, you may press 4:55 4 minutes, 55 seconds star and two. Participants are requested to use handsets while asking a question. 5:02 5 minutes, 2 seconds Ladies and gentlemen, we wait for a moment while the question Q ascends. 5:19 5 minutes, 19 seconds The first question is from the line of the Shik Toshi from Whitstone Financial Advisors. Please go ahead. Uh yeah first 5:28 5 minutes, 28 seconds of all congratulations for a great performance. Uh so I have couple of question on B2B and then B2C. 5:34 5 minutes, 34 seconds I'm sorry to interrupt sir. I just request you to speak little louder please. Uh yeah. Is it better now? Yes sir. Go ahead. 5:42 5 minutes, 42 seconds Yeah. So uh first of all uh couple of question on the B2B side. So uh after the recent uh you know trade deal with 5:50 5 minutes, 50 seconds the US um if you can just so most of the article says the gems and diamond import duty zero uh but uh for uh most of our 5:59 5 minutes, 59 seconds sale is from jewelry so we are at 0% or 18% if you can clarify and uh what would 6:07 6 minutes, 7 seconds be our strategy uh post this deal uh whether we'll move back to everything to India or we'll continue with the recent 6:15 6 minutes, 15 seconds uh uh arrangement of casting in US and then the pro other processes in India. 6:23 6 minutes, 23 seconds All right. Uh let me take this answer Mr. Dixit. Thank you for your question. 6:30 6 minutes, 30 seconds So what has been announced by uh you know the trade deal is that the gems loose gems is 0% import duty effective 6:39 6 minutes, 39 seconds uh virtually immediately uh into the United States. So anything loose diamonds whether it is lab grown or 6:46 6 minutes, 46 seconds natural will carry no duty. When it comes to tariffs of jewelry or duty of jewelry 50 has moved to 18% which is a 6:54 6 minutes, 54 seconds huge benefit right. So 18% will be the tariff of having jewelry in America. But as you had earlier, if you would have earlier 7:02 7 minutes, 2 seconds seen our uh reporting to the exchange that uh Goldium does production, buys make in America gold and does the first 7:11 7 minutes, 11 seconds stage of production which is casting in America and then we import it. So our our jewelry carries no tariffs, zero 7:18 7 minutes, 18 seconds tariffs because we our origin for the jewelry continues to be US. So we do not uh no tariff is levied upon our products 7:27 7 minutes, 27 seconds in America our jewelry. So I hope that answers your question regarding point number two of your question right whether due to this do we continue our 7:35 7 minutes, 35 seconds focus completely in America or we continue looking for further newer markets. So goldam in the last year has 7:42 7 minutes, 42 seconds improved its uh ability to sell in Israel, in Australia, in Middle East and we and in Europe and we continue to 7:50 7 minutes, 50 seconds expand those markets, right? And we will also continue to expand US market. Thank you Mr. Dit. 7:57 7 minutes, 57 seconds Okay. Uh my second question is regarding origin. So uh I think first of all congratulations that Titan has finally 8:05 8 minutes, 5 seconds uh launched LGD. So I think uh that will really boost the category uh itself. Uh but the question is uh they have 8:13 8 minutes, 13 seconds launched at let's say around 25 26,000 rupees a carat while uh all the other players uh including us we were selling 8:22 8 minutes, 22 seconds at 3540,000 rupees a carat. So how the competition uh will evolve and uh how we 8:30 8 minutes, 30 seconds will compete and I think their first store is very next to our store in Andiri. So how it can impact her performance? If you can broadly touch upon this competition. 8:41 8 minutes, 41 seconds Sure. Um thank you Mr. Digshit. I'll take that question. Um this is Anmul Vansali over here. So um yes, it's great 8:50 8 minutes, 50 seconds news that Titan has launched its lab grown diamond 4A with uh the launch of Beyond. Um, you know, we're very uh 8:58 8 minutes, 58 seconds excited and we welcome the competition and I we very strongly believe it will serve to increase the overall pie of the 9:06 9 minutes, 6 seconds lab grown diamond consumption in the country which is at still a very very nent stage and uh hopefully and is 9:15 9 minutes, 15 seconds growing quickly within the country. Um we believe there is lot of room for players to grow and we are building or 9:24 9 minutes, 24 seconds with that in mind. um that as this part of the industry and as this segment in the industry grows we will be one of the 9:32 9 minutes, 32 seconds dominant players within that. Um speaking particularly on the um um point which you've raised which is regarding 9:41 9 minutes, 41 seconds the diamond pricing per carrot. So there are a few differences and I think each retailer in the current lab grown retail 9:49 9 minutes, 49 seconds states in the country has um is is claimed for a different segment or is pricing um differently um regarding 9:58 9 minutes, 58 seconds beyond I believe within 22 to 28,000 is their pricing per carat but they offer a um they have their strategy is to offer a lower quality of diamond number one. 10:10 10 minutes, 10 seconds Number two, they have no third party certification. So all of their product and all of their jewelry is in-house certified. And number three, they have 10:18 10 minutes, 18 seconds no exchange policy, buyback policy to offer um trust to, you know, bring forth 10:25 10 minutes, 25 seconds that customer who's looking for fine jewelry, albeit in the everyday uh everyday use case and everyday fine jewelry use case. Um that's one point. 10:36 10 minutes, 36 seconds You know on the flip side we do see retailers also a few brands that are VC funded that are offering only VVS 10:44 10 minutes, 44 seconds quality uh dangins and they are priced at a significantly higher rate close to 65 to 80,000 rupees per carat. So that 10:53 10 minutes, 53 seconds entire spectrum of um of of use cases is currently present as I believe each retailer and each brand is testing the 11:02 11 minutes, 2 seconds waters as to see what is going to work for them. Um at Origam we are currently offering our standard quality which is 11:10 11 minutes, 10 seconds VS quality 100% of product at at Origam is IGI certified. Uh and we also offer 11:18 11 minutes, 18 seconds lifetime exchange and buyback um you know to build trust with our customers. 11:23 11 minutes, 23 seconds We aren't just stopping here. We are also going to be very soon as um um as 11:29 11 minutes, 29 seconds as required now in the in the current um expansionary phase of origin. We are going to be very soon introducing both a 11:38 11 minutes, 38 seconds lower quality of diamond for certain fashion jewelry pieces as well as specific collections in VVS EF uh DE 11:47 11 minutes, 47 seconds color only for certain high-end more similar to engagement of bridal ring collections which will effectively offer 11:55 11 minutes, 55 seconds effectively then allow Orium to become a full stack jeweler in the lab grown diamond space offering entrylevel 12:04 12 minutes, 4 seconds diamond and at entry level 9K gold as well for fashion jewelry so that we can maintain 12:12 12 minutes, 12 seconds and attract and provide options to somebody looking to buy jewelry and the 15 to 20,000 rupee range and certainly 12:20 12 minutes, 20 seconds even perhaps below as well as offer beautiful extremely impeccable flawless VBS quality diamonds for somebody who 12:28 12 minutes, 28 seconds wants that at also a competitive rate that is best in industry um even on that high end of dining quality. So this is 12:36 12 minutes, 36 seconds our you know product module which we are hoping to execute on in the coming few months which will allow us to compete 12:44 12 minutes, 44 seconds across the pipeline whether that's on entry level diamonds um mid and core range or on the super high quality range 12:52 12 minutes, 52 seconds as well. I hope that um answers a little bit about the about about your question. 12:59 12 minutes, 59 seconds But in general, we are very excited and happy with the launch and with the with a marquee and renowned retail player 13:07 13 minutes, 7 seconds coming into this industry. We believe it will only serve to help grow the overall pie and um educate India's customers in 13:17 13 minutes, 17 seconds large about the lab grown um alternative opportunity here. Thank you. 13:22 13 minutes, 22 seconds Okay. Uh just one question and then I dish I just request you to read. Okay. Thank you. 13:31 13 minutes, 31 seconds The next question is from the line of Ankush Aar from search capital. Please go ahead. 13:37 13 minutes, 37 seconds Yeah. Hi. Thank you for taking my question. So just uh firstly just a clarification you said uh H1 by 27 you plan to add 15 new stores or 15 new stores. 13:47 13 minutes, 47 seconds Um so it's thank you Mr. Ankush. It's 15. Okay. 15. 13:53 13 minutes, 53 seconds Okay. And uh secondly, could you sort of give a some data points on what was the losses for Origam during the quarter? 14:01 14 minutes, 1 second Sure. Um so at Origam, we had a loss booked of about 2.5 cr um during Q3 FY26. 14:11 14 minutes, 11 seconds Okay, got it. Uh and lastly like uh given that we had like almost 11 stores that were operating for the full quarter 14:19 14 minutes, 19 seconds uh how many of the stores are currently sort of you know profitable break even if you can handle it. 14:26 14 minutes, 26 seconds Um no yes so it's about um we're about break even on the overall store fleet um in in general moving forward as we 14:35 14 minutes, 35 seconds double up our store fleet within the next two two and a half months itself. 14:39 14 minutes, 39 seconds Our target internally is to ensure that the overall store fleet and the store level remains at break even with older 14:47 14 minutes, 47 seconds stores moving more um deeper into profitability and younger stores dragging the overall um the overall mix 14:55 14 minutes, 55 seconds towards break even. Um so that's our target and we would be very happy if we can execute to a level where including 15:04 15 minutes, 4 seconds 2x new stores we are um effectively running at store level break evens. 15:10 15 minutes, 10 seconds Got it. That was implemented. Thank you. Thank you question. 15:18 15 minutes, 18 seconds The next question is from the line of Kush from Nisha Investment Advisor. Please go ahead. 15:25 15 minutes, 25 seconds Uh uh hi congratulations for a good set of numbers. Thank you so much. Push. Yes. 15:31 15 minutes, 31 seconds First question would be uh regarding the US retailer side where uh when supplying to a large US retailers apart from a 15:39 15 minutes, 39 seconds scale player what would you say are bodium key differentiate apart from the other players where we are supplying to 15:45 15 minutes, 45 seconds a global players or retailers or the distributors uh in the US market? 15:52 15 minutes, 52 seconds Yes, great question Kush. Um, so I strongly believe that our biggest USP is twofold at Goldam. Um, one is on the 16:02 16 minutes, 2 seconds design and design execution front where we have invested um, deeply in training as well as um, actual capital and 16:10 16 minutes, 10 seconds machinery to upgrade our quality. Um at Goldamang particularly we are known for bridal jewelry which is a the ring 16:18 16 minutes, 18 seconds segment which offers a higher ASP compared to fashion jewelry in the US which is earrings, pendants, bracelets 16:25 16 minutes, 25 seconds etc. Um as a result of having an a high ASP, we have a constant focus on um the 16:32 16 minutes, 32 seconds finer details and the minuteness and the um finishing quality which is extremely important that we are very well known 16:41 16 minutes, 41 seconds for including our ability to invest in upgrading machinery as well as workforce training to deliver quality that's akin 16:50 16 minutes, 50 seconds to Tiffany's hive Winston etc in their ring segment but at the everyday at the 16:57 16 minutes, 57 seconds at the more mass to mass premium jewelers in the US. Um secondly uh other 17:03 17 minutes, 3 seconds than the design um and speed of design that we are known for another USP is the 17:10 17 minutes, 10 seconds ability of Goldam to consign jewelry and um provide capital to the retailers in 17:17 17 minutes, 17 seconds partnership with them to market certain products, certain lines, certain collections um which helps us to get 17:24 17 minutes, 24 seconds incremental growth especially uh as and when those products and collections get accepted. by the retailer and then move 17:32 17 minutes, 32 seconds into being purchased outright um from us for all their reorders. 17:39 17 minutes, 39 seconds Got it. And just a follow up on this like wanted to understand more on the industry level for B2B like uh wanted to 17:48 17 minutes, 48 seconds understand like on the ecosystem like there would be participation from both wholesalers and retailers which maybe we 17:55 17 minutes, 55 seconds would be serving. So wanted to understand the relative market split between these two segments and how this 18:03 18 minutes, 3 seconds has been evolving for the lab grown jewelry. Labron studed diamond jewelry and just additionally on this maybe uh 18:12 18 minutes, 12 seconds on maybe if you can also help us understand the supply ecosystem like uh whether we should understand this as 18:20 18 minutes, 20 seconds like the bread of supplier based or maybe those large retailers which are our customers such as maybe second. So 18:28 18 minutes, 28 seconds uh how are they or what are they sourcing strategy as retailers uh whether they are vendor diversified 18:37 18 minutes, 37 seconds or pricing or risk management wise how are they looking at India and what would be our share in that so on a 18:45 18 minutes, 45 seconds consolidated basis of maybe B2B jeweler ecosystem if you can explain the market. 18:54 18 minutes, 54 seconds Um okay sure Kash so let me give some comments on that. Um about 50 to 60% of 19:00 19 minutes the US jewelry market is um controlled by what we call major jewelry retailers. 19:06 19 minutes, 6 seconds Uh effectively retail brands that have more than 40 to 50 stores. Um the balance is controlled by independent 19:14 19 minutes, 14 seconds jewelers that are um similar to mom and pop jewelers. one store, two store, tri-state area, jewelry stores, effectively those that have less than 19:22 19 minutes, 22 seconds five um five stores put together. Um a wholesaler and the wholesale layer is 19:29 19 minutes, 29 seconds typically present because we at Golang don't directly and this is by our policy so far. We don't directly sell to 19:36 19 minutes, 36 seconds independent jewelers. um there is a lot of requirement of service boots on the ground in the US as well as um a higher 19:46 19 minutes, 46 seconds element of payment term risk that is associated usually with independent jewelers. Uh as a result of that we 19:53 19 minutes, 53 seconds partner with the middle layer of wholesale um jew wholesale customers in the US who purchase in bulk from us and 20:02 20 minutes, 2 seconds then distribute on their own to these independents. Um for major jewelry retailers sells directly through our US 20:11 20 minutes, 11 seconds subsidiary gold USA incorporated. Um we are the vendor on record for all the um for all these major jewelers. Um there 20:20 20 minutes, 20 seconds is of course higher bulk volume that comes with them. They are corporatized. 20:24 20 minutes, 24 seconds So there is no risk of payment uh payment no payment term risk um when it comes to working with these with these 20:32 20 minutes, 32 seconds retailers. Um and that is really the bread and butter of our business. 20:37 20 minutes, 37 seconds On the supply side, some of the major retailers that we work with would have of course multiple vendors depending on 20:44 20 minutes, 44 seconds their scale. So a smaller major jewelry brand will keep between um you know five 20:51 20 minutes, 51 seconds to 15 vendors whereas a large company um like the largest jewelry retailer in the US that you mentioned would would have 20:58 20 minutes, 58 seconds north of 40 vendors. Um though we see that in our industry sales are being consolidated by the 21:07 21 minutes, 7 seconds largest 10 to 15 players now especially postcoid when businesses have gotten more complex the ability to consign has 21:16 21 minutes, 16 seconds become more uh pronounced and the ability to service retailers across their entire touch touch points 21:24 21 minutes, 24 seconds including the com accounts for these same retailers and delivering within 5 days to 10 days has become a unique 21:32 21 minutes, 32 seconds source of strength. Um with these in mind and as well as the tech integrations required to service these major accounts. Now we are seeing 21:41 21 minutes, 41 seconds business consolidating within the larger larger vendors and our larger competitors as against the tail end of 21:49 21 minutes, 49 seconds supply going towards um going to these retailers in the US. I hope that gave a quick overview to help understand our customer market. 22:00 22 minutes Thank you. Fair enough. Fair enough. My last question would be I just request you to read the queue please. Sure. 22:09 22 minutes, 9 seconds Thank you question. Thank you. 22:12 22 minutes, 12 seconds The next question is from the lineup Gala from RSP and Ventures. Please go ahead. 22:18 22 minutes, 18 seconds Yeah, thank you for the opportunity. uh I wanted to understand more a bit detail upon the seasonality of our business 22:24 22 minutes, 24 seconds because uh in last year our December quarter was a bulky quarter this year in last last uh September corn call we 22:34 22 minutes, 34 seconds mentioned that we might be able to grow a little bit which we have managed a significant 14% growth uh to the last year's number uh I understand 22:42 22 minutes, 42 seconds domestically there is a festive of Diwali etc and in the US we have uh New Year's and Christmas going along. So 22:51 22 minutes, 51 seconds will December quarter uh be a very bulky quarter like if we compare sequentially 22:58 22 minutes, 58 seconds this is 66% growth. So can you give me a little color on the seasonality our business has? 23:05 23 minutes, 5 seconds Absolutely Mr. Dala thank you for the question. Q3 because of um so far um because our primary and primary business 23:14 23 minutes, 14 seconds is selling to US major retailers. Q3 which accounts for Thanksgiving and Christmas will continue to remain our 23:23 23 minutes, 23 seconds largest quarter. Um even in in America it is perhap it is the strongest quarter when it comes to retail sales to the US. 23:31 23 minutes, 31 seconds Um we expect this to continue and we expect about um a sizable portion um of 23:39 23 minutes, 39 seconds annual sales coming from Q3 as always as has been a historic uh trend in the past as well. 23:47 23 minutes, 47 seconds Okay. And one bookkeeping question from my side. I understand we are opening our expans expansion of origin going on and 23:55 23 minutes, 55 seconds uh we are also manufacturing in the US etc. So that increases the complexity uh with the tax rate. So uh uh on an annual 24:04 24 minutes, 4 seconds basis on the consolidate level uh what is the tax rate that we are projecting? 24:11 24 minutes, 11 seconds Um so I'll be able to get back to you Mr. Gala. will speak with our CFO and I'm happy to um share share more color on that um or offline post the call. 24:21 24 minutes, 21 seconds Yeah. But Mr. Gala just to tell you uh on an average US pays 20% tax and India pays 25% tax. 24:29 24 minutes, 29 seconds Sure. Sure. Thank you. Thank you. That's all from my side. Thank you. 24:38 24 minutes, 38 seconds Thank you. 24:40 24 minutes, 40 seconds The next question is from the line of Vinn and individual investor. Please go ahead. Uh hi sir. Hi and congratulations on great 24:48 24 minutes, 48 seconds numbers. Just a few questions from my side. Uh first is given the work prices globally uh what has been the volume growth for the quarter. 24:57 24 minutes, 57 seconds Hi Mr. Vanette thank you for the question. Volume growth for the quarter is between 7 to 8%. 25:04 25 minutes, 4 seconds That is in terms of number of pieces. Um at Golium we because we're finished jewelry manufacturer that are 100% in 25:12 25 minutes, 12 seconds studded jewelry. Um we usually track in number of pieces. Um and that's the metric we use. 25:20 25 minutes, 20 seconds Okay. Okay. Uh my second question is what's the operating loss for origin for the current quarter and for 9 months? 25:28 25 minutes, 28 seconds Yes. So for the current quarter I have the data. Origam's operating loss would be about 2.5 crores. 25:36 25 minutes, 36 seconds Okay. Okay. And 9 month is not available right now. 25:39 25 minutes, 39 seconds I'll I'll be able to get back post post the call with Okay. Okay. Good. And out. 25:47 25 minutes, 47 seconds Yeah. Any reason for the higher other income in this quarter? Is it a one-off or can we expect this to continue going ahead? 25:55 25 minutes, 55 seconds Uh yes. So there are two u major factors contributing to the other income. One of course the rupee and the dollar rupee 26:03 26 minutes, 3 seconds currency depreciation and the second uh which is other income or investment income generated with the investment 26:12 26 minutes, 12 seconds funds within the company which now include also a sizable increase due to the QIP that was conducted in month of August. 26:22 26 minutes, 22 seconds So as of course uh you know we have a sizable balance still left with us which is uh generating risk-free um income at the moment. 26:33 26 minutes, 33 seconds Okay. Okay. Thank you so much. I'll get back in this. Thank you. Thank you. Thank you so much. Thank you. 26:40 26 minutes, 40 seconds Thank you. 26:43 26 minutes, 43 seconds The next question is from the line of Anubh from Pri Capsule. Please go ahead. 26:49 26 minutes, 49 seconds Uh uh hello. Am I audible? Yes sir. Yes sir. 26:55 26 minutes, 55 seconds Yeah. So uh I'm like new to this industry like evaluating it and uh uh like from the literature what I 27:04 27 minutes, 4 seconds understand is that uh the prices of uh like manufacturing gap growments have been falling continuously and uh that 27:13 27 minutes, 13 seconds has continued uh sort of in the last calendar year as well. So how does that 27:20 27 minutes, 20 seconds impact uh like a a vendor like us and the final retail prices? If you could give some color on that. 27:29 27 minutes, 29 seconds Sure Mr. Anub. So actually we now find prices of lab grown diamonds extremely stable in certain in a lot of sizes 27:38 27 minutes, 38 seconds especially even up to one carat prices have even formed upwards in the last 3 to four months. Um so it's it's the the 27:46 27 minutes, 46 seconds historic notion of lab grown diamond prices constantly falling uh I think now remains a historic uh event and we've 27:55 27 minutes, 55 seconds reached truly reached a base and in fact prices have even increased from its base 28:02 28 minutes, 2 seconds um and in some sizes even sizably in double digit percentages. Um so we're we're now um very excited to be 28:11 28 minutes, 11 seconds investing in this category to be investing inventory in this category and see no risk or price declines on the loose diamond um inventory we carried. 28:22 28 minutes, 22 seconds get that and uh sir just some context on what had driven that uh price fall was 28:30 28 minutes, 30 seconds it led by like uh the technology itself lowering manufacturing sizes and now 28:37 28 minutes, 37 seconds like what is driving the stability if you could give some color on that that would be helpful 28:44 28 minutes, 44 seconds so so um what's driving the increase in price is that your question no sir historically uh 28:52 28 minutes, 52 seconds what drove the fall of prices and now this also like now the stability what has driven this? Yeah, 28:59 28 minutes, 59 seconds sure. So I think the increase in um capacity per machine per month which most growers were able to deliver on and 29:07 29 minutes, 7 seconds the ubiquity and of the growing technology wherein most jewelry most 29:14 29 minutes, 14 seconds diamond growers were able to um effectively grow output at a similar pace and very quickly. um led to both 29:23 29 minutes, 23 seconds cost per carat falling as well as the subsequent selling price per carat. Um today we have reached a place where um 29:30 29 minutes, 30 seconds sizable part of the selling price which is gold's cost is now coming from the true labor it takes to cut and polish a 29:39 29 minutes, 39 seconds diamond. Um as a result of that there really is no room um and no sizable room for for the price falls. And um as 29:48 29 minutes, 48 seconds inflation um adjusts including in the labor rate it takes to polish a diamond and cut a diamond um we are now seeing 29:57 29 minutes, 57 seconds tightness um in especially in smaller size diamonds where prices are now um going up. 30:05 30 minutes, 5 seconds So I may want to add to this Mr. Anuba that the demand for lab grown diamond jewelry has increased dramatically all over the world. Start USA was the first 30:14 30 minutes, 14 seconds one to adapt lab grown in a largearted manner. Now it's you can see Middle East is also the demand has increased. 30:20 30 minutes, 20 seconds Australia the demand has increased uh and India the demand has increased because retailers like us are opening stores and people are buying. So now the 30:29 30 minutes, 29 seconds demand is uh for lab grown has increased from all over the world which is also uh helping you know stability of prices and 30:37 30 minutes, 37 seconds increase of prices in a certain uh qualities. 30:42 30 minutes, 42 seconds Get that that is very helpful sir sir my last question I get that I just request you to rejoin the queue for the followup question sure yeah 30:51 30 minutes, 51 seconds thank you the next question is from the line of yaj from lucky investment please go 30:59 30 minutes, 59 seconds ahead yes uh good evening and uh thanks for the opportunity uh my first question is 31:07 31 minutes, 7 seconds on uh the lab grown diamond prices uh which you have mentioned in uh on the sixth page of your presentation, there's 31:16 31 minutes, 16 seconds a 20% increase on the lab grown diamond jewelry prices. Uh if and if you just 31:24 31 minutes, 24 seconds compare that with the natural diamond uh jewelry prices, the uh appreciation is not that significant. Can you help me 31:32 31 minutes, 32 seconds understand what is the difference between these two uh subsegments of uh uh jewelry? 31:39 31 minutes, 39 seconds Sure. Thank you, Mr. Yash. So um it's just um it's it's the average price of the jewelry sold from Golam on the lab 31:49 31 minutes, 49 seconds grown diamond site that changes quarter on quarter month to month and it really is a dependent on the orders that we 31:57 31 minutes, 57 seconds have in hand. Um in the last quarter we have sold some merchandise with a higher carage of diamonds even higher than our usual. Um mine is usually fairly stable. 32:09 32 minutes, 9 seconds It's about half carat of diamonds per piece that is sold in on average from a piece of jewelry at Goldamang where the 32:17 32 minutes, 17 seconds pricing is relatively stable between that $450 to $500 range. 32:23 32 minutes, 23 seconds Understood. Thanks. And uh my another question is that uh like you just mentioned right that the volume growth 32:30 32 minutes, 30 seconds this quarter is 78%. And if we see our historical past 3 four years, the volume 32:37 32 minutes, 37 seconds growth especially in lab grown diamond uh usually has been uh quite strong right. So uh I mean is there any uh 32:46 32 minutes, 46 seconds slowdown or uh the acceleration in terms of like the rate of volume growth for lab grown 32:54 32 minutes, 54 seconds diamond when it comes to you know selling it to the US. 32:57 32 minutes, 57 seconds So I mean historically if we have to see the last few years lab grown diamond jewelry was eating away shares from the 33:06 33 minutes, 6 seconds natural diamond jewelry. So of course volume growth was fast but it was coming at the cost of a business that was already well entrenched for us which was 33:15 33 minutes, 15 seconds mine diamond jewelry. um we actually see that now that 90% of our business effectively is coming from lab grown 33:23 33 minutes, 23 seconds diamond jewelry being sold to the US and this is echoed by all of our large customers in in sales meetings that we 33:31 33 minutes, 31 seconds go um that we go for when especially when I meet them um that today given the 33:38 33 minutes, 38 seconds you know what the customer wants is effectively almost clearly lab grown including at some of the more premium uh 33:45 33 minutes, 45 seconds brands that we sell to um any subsequent growth is going to come on an industry level is only going to come in the lab 33:52 33 minutes, 52 seconds grown space. So I think now overall revenue should um match close to industry growth plus+ with further 34:00 34 minutes market share gain to be enjoyed by players that are well entrenched in lab grown. Um that's the way that's the way we see it. Um we believe we've you know 34:09 34 minutes, 9 seconds done a um very exciting um um you know we've had a last exciting last few years as gold has been able to position itself 34:18 34 minutes, 18 seconds as a predominant lab grown diamond jewelry supplier to large retailers in the US and as they transition to going 34:26 34 minutes, 26 seconds deeper into their assortments for lab grown we believe we are seeing an outside share of that coming to us. 34:33 34 minutes, 33 seconds Plus uh yes I also want to add on to what Mr. Unmul has been saying is that since this was the Q3 quarter where 34:40 34 minutes, 40 seconds we're looking at 7% growth in number of units but you have to understand in Q3 the higher carriage cells that's why we 34:47 34 minutes, 47 seconds have a higher growth in the numbers of revenue. So when especially in Q3 when people have larger wallet sizes the 34:56 34 minutes, 56 seconds higher carat goods sell. So it's not only the one carat that sell is the two three four five karat diamond rings that sell as well. So that also answers the 35:04 35 minutes, 4 seconds question why that was 7% while other quarters could have been more. 35:08 35 minutes, 8 seconds Okay. Okay. Got it. And uh I mean going forward what kind of volume growth can we expect and as of today what would be 35:16 35 minutes, 16 seconds our market share uh in the organized retailers in the US? That's my final question. Sure. So uh thanks for the question. 35:24 35 minutes, 24 seconds Yes. Uh answering the second question first on the market share it depends really from retailer to retailer. Um we 35:32 35 minutes, 32 seconds have worked with some department stores where in the bridgal jewelry segment Bodium's market share would be um you know north of 25% 25 to 30% on average. 35:43 35 minutes, 43 seconds Um you know with the largest jewelry retailer in the US even today Goldam's market share would be sub 2%. Um so we 35:51 35 minutes, 51 seconds have a significant scale up opportunity and room for growth um with certain key retail partners of ours as well as 36:00 36 minutes introduction of new um accounts that we are constantly working on both within the US as well as in non US geographies 36:08 36 minutes, 8 seconds like Israel Middle East where we see FY2627 being a exciting year for us to be able 36:15 36 minutes, 15 seconds to deliver um good growth in those in those geographies too. 36:20 36 minutes, 20 seconds Got it. Thank you so much for answering my questions and all the best. Perfect. Thank you. Yes. Thank you. 36:30 36 minutes, 30 seconds The next question is from the line of Kunal Bhartia from Dalal and Rocha Stock Broking Limited. Please go ahead. 36:37 36 minutes, 37 seconds Oh yeah. Uh hi sir. Uh thanks for the opportunity and uh congratulations on a very uh good set of numbers. Um uh so I 36:47 36 minutes, 47 seconds just wanted to know what would be the average uh per carat price of the uh diamond which we are procuring in terms 36:55 36 minutes, 55 seconds of LGD. And uh my uh second question is in regards to um um yeah even uh before 37:03 37 minutes, 3 seconds uh the tariff deal was done or not done we actually had the uh advantage of a 0% 37:10 37 minutes, 10 seconds uh tariff but uh how about things now are because of this deal done through uh 37:17 37 minutes, 17 seconds are we able to are we getting more inquiries in terms of uh some other uh 37:24 37 minutes, 24 seconds retailers or uh Are we also trying to penetrate more in the existing plans? Uh could you give us some sense on that uh 37:32 37 minutes, 32 seconds with regards to the growth one can anticipate in the coming year? 37:38 37 minutes, 38 seconds Sure. Thank you Mr. SA. So I'll answer your second question first. um the tariff deal. Yes, we are um processing 37:46 37 minutes, 46 seconds almost all of our jewelry via the dual casting method where we are um casting in the United States um importing the 37:54 37 minutes, 54 seconds jewelry to India for finishing, polishing, stone setting and um then of course re reexporting it back to the US. 38:02 38 minutes, 2 seconds resultant of which US made in America jewelry products is is how our production is now labeled and um 38:11 38 minutes, 11 seconds therefore we are aligned with getting a zero tariff um applied on all these products. um um resultant impact also as 38:19 38 minutes, 19 seconds as you can see and as I had mentioned in the last quarter's phone call there's been a um a a small uptick in our um 38:27 38 minutes, 27 seconds margins as well which where which perhap which is uh you know an exciting outcome that has come out of this the tariff 38:34 38 minutes, 34 seconds deal therefore as it changed from 50% to 18% is sentimentally a big booster um I 38:41 38 minutes, 41 seconds was just meeting our retailers just last week in in the US and I I think it adds to the bullish environment and um you 38:49 38 minutes, 49 seconds know provides them a little bit of ease with which they can now place orders freely as well. So we are seeing um that 38:57 38 minutes, 57 seconds continue with our existing clients and um in terms of our operations regarding dual casting it has no impact. We are 39:05 39 minutes, 5 seconds going to continue with our model um because we're able to deliver effectively a even lower cost than 18% 39:13 39 minutes, 13 seconds uh by using this dual casting method and um therefore supplying to our key retail customers through this method. Um we see 39:22 39 minutes, 22 seconds we are of course trying um we and we are you know focused on both ways of growing. One which is through increasing 39:29 39 minutes, 29 seconds dollars per door and increasing our penetration with the existing retail customers we have in particular the largest jewelry retailer in the US and 39:38 39 minutes, 38 seconds um secondly also increasing penetration through new customer accounts. Um these are lumpy. Um we're you know excited to 39:47 39 minutes, 47 seconds and we are constantly looking for ways to tap on um a few of the major jewelry retailers whom we currently don't sell 39:55 39 minutes, 55 seconds to. Um this is an ongoing effort. Um and we are reaching out through our sales teams at at almost on a monthly basis. 40:05 40 minutes, 5 seconds So also Kunal uh I would like to add that with the 18% tariff you know the customers now get really confident that 40:14 40 minutes, 14 seconds the uh relations between India and America have dramatically improved and they see confidence between the two 40:22 40 minutes, 22 seconds between the president there and the prime minister here that we will be able to transact a very successful uh trade relations and grow the businesses 40:30 40 minutes, 30 seconds together. So when when they hear and see this confidence business in India will trickle down in a stronger number. So we're very confident when that happens 40:38 40 minutes, 38 seconds and that's already started Goldian will benefit a lot. Thank you. 40:43 40 minutes, 43 seconds Right. Right. And uh the average price of diamond per carrot we are acquiring at sizes. 40:55 40 minutes, 55 seconds Diamonds are bought with different sizes. If you're looking at smaller sizes and larger sizes, anywhere between 8,000 to 10,000 carat rupees is the price for diamonds in the market. 41:07 41 minutes, 7 seconds Okay. Thank you so much. Thank you. 41:14 41 minutes, 14 seconds Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference, please 41:22 41 minutes, 22 seconds limit a question to two question per participant. Do you have follow-up question? We request you to rejoin the queue. 41:29 41 minutes, 29 seconds The next question is from the line of Hash Singh from Green Invest LLP. Please go ahead. 41:38 41 minutes, 38 seconds Hi. Hi Mr. Moon. Hi Mr. Dish. Uh good afternoon. 41:44 41 minutes, 44 seconds Good afternoon has slowed down. Hi. Yes. Yes please. 41:52 41 minutes, 52 seconds Yeah. So it seems like the growth has slowed down this quarter given the fact that the previous couple of quarters we 41:59 41 minutes, 59 seconds were growing at 40% plus 30% plus at least but this quarter it it has come down to almost 15%. Just wanted your 42:08 42 minutes, 8 seconds take on it is it something of a sentimental issue with the US retailers something structure or just a high base effect? 42:17 42 minutes, 17 seconds Yes uh it's just a high base effect. We have you know we're very happy to deliver the numbers we've been we've we've delivered both in Q3 and 9 month. 42:25 42 minutes, 25 seconds Um um we're coming off a high base effect and um doubledigit growth to you to be able to deliver that we consider 42:34 42 minutes, 34 seconds ourselves very lucky but I hope the revenue growth in the quarter has been 18% not 15%. 42:44 42 minutes, 44 seconds Sorry sir but just wanted a sense on it. 42:47 42 minutes, 47 seconds I hope it was not a sentiment issue with the US retailer fearing that the status might still continue. I just wanted a 42:55 42 minutes, 55 seconds sense of it that it was not a sentiment issue. 42:59 42 minutes, 59 seconds Sure. Um yes, it's no not not not a sentiment issue. the retailers were already working with them with our dual 43:06 43 minutes, 6 seconds casting method and um there was maybe a little bit of lag because the secondary tariffs came into place and then post 43:14 43 minutes, 14 seconds that we figured out the dual casting method and all tags of all our SKs had to be changed from made in India to made 43:21 43 minutes, 21 seconds in US including resetting up every single style once again on their internal systems and internal portals um with the made in America designation. 43:32 43 minutes, 32 seconds which of course takes takes its time. 43:35 43 minutes, 35 seconds Regardless, we're very happy with um the revenue continue with strong revenue growth in moving forward. 43:48 43 minutes, 48 seconds Hello. 43:49 43 minutes, 49 seconds The next question is from so the participant the next question is from the line of VI from CR Kotarian science. Please go ahead. 44:01 44 minutes, 1 second Hello sir, congratulations with a good set of numbers. Uh sir, I wanted to know what is the capeex per store that you require uh for setting up an origin store. 44:12 44 minutes, 12 seconds Sure, thank you Vi. Um it is about so about 50 to 65 lakhs for the actual fit 44:19 44 minutes, 19 seconds out costs of the store about 30 to 40 lakhs for rental deposits. So cumul cumulatively about 1 cr between rental 44:28 44 minutes, 28 seconds deposit and fre out costs and the inventory per store we keep about 2.7 to 2.8 crores of inventory. Um so net all 44:37 44 minutes, 37 seconds included um it's about 3.7 to 3.8 crores um which is the all-in investment peri 44:44 44 minutes, 44 seconds store including inventory um required to operate. 44:50 44 minutes, 50 seconds Okay. So uh so I just want to understand the rational behind setting up this B2C. 44:54 44 minutes, 54 seconds So is your focus now on B2C or is this just to build a presence for your B2B business? What is the outlook ahead? How will the revenue making be ahead? What is the target in the long term? 45:06 45 minutes, 6 seconds Sure. So um we believe that we have the capability to work on and execute both 45:12 45 minutes, 12 seconds plans on the very long-term B2C in India particularly in India offers us a great opportunity from the long-term revenue 45:21 45 minutes, 21 seconds and revenue and brand brand growth standpoint um especially now that we see an amazing opportunity in this new 45:29 45 minutes, 29 seconds segment of jewelry which is lab grown diamond and studded um jewelry where we believe on paper and where we truly 45:38 45 minutes, 38 seconds believe on paper that this segment fits in perfectly with India's buying and consumption patterns especially in 45:45 45 minutes, 45 seconds everyday fine jewelry. Um for the long term I think we have a tremendous opportunity both in B2C and B2B. Um 45:54 45 minutes, 54 seconds globally speaking we um keeping our margins intact, keeping our working capital cycle intact. Um we believe we 46:03 46 minutes, 3 seconds have the opportunity to certainly um increase our sales dramatically um especially given total seeps export 46:10 46 minutes, 10 seconds figures export figures not just to the US but other large retailers globally while also having an additional kicker 46:17 46 minutes, 17 seconds coming in from the B2C operations which while still nent is rapidly growing um and and we're excited to invest in further in this in this category. 46:30 46 minutes, 30 seconds All right. Thank you. Do you find any revenue guidance by 20? 46:32 46 minutes, 32 seconds So ma'am I just request you to join the queue please. 46:36 46 minutes, 36 seconds Yeah just one last question the revenue guidance we don't provide but we are um you know we are definitely seeing strong strong 46:44 46 minutes, 44 seconds growth coming in um both in the B2B and of course in the B2C side where revenue will dramatically kick up every quarter and year on year and Q. 46:55 46 minutes, 55 seconds Thank you and all the best sir. Thank you. 46:58 46 minutes, 58 seconds Thank you. The next question is from the line of Dashik Toshi from Whit Financial Advisor. Please go ahead. 47:06 47 minutes, 6 seconds Uh yeah, thanks for the opportunity. My first question is uh regarding the B2B business. So uh you know considering the 47:14 47 minutes, 14 seconds uh the scope of increasing the wallet share in the retailers plus the new geographies uh like Middle East, Europe, 47:22 47 minutes, 22 seconds Australia uh we have reached a higher base over last three four years. Do you still feel that we can you know kind of 47:30 47 minutes, 30 seconds grow in the longer term like 3 to four years we can double our B2B business as well? 47:37 47 minutes, 37 seconds Mr. I think uh it's very first of all we are very confident on the growth prospects of the company right with 47:44 47 minutes, 44 seconds other markets coming in more 18 karat gold jewelry also will be sold right with better qualities of natural diamonds uh in Middle East and higher 47:53 47 minutes, 53 seconds qualities of labor diamond jewelry. So we continue to be very uh positive and very confident on the growth of the 48:01 48 minutes, 1 second prospects of the company within 3 to five years also we expect to we should expect to you know be at the number you just talked about. 48:10 48 minutes, 10 seconds Okay. And uh in terms of uh origin so couple of things so uh you mentioned 2.7 48:17 48 minutes, 17 seconds 2.8 K inventory we keep uh I understand currently the most of the stores are not yet one year old. uh but let's say what 48:26 48 minutes, 26 seconds are your internal uh you know expectation in terms of store let's say once the store matures for two years or 48:33 48 minutes, 33 seconds third year operations uh what kind of inventory turn uh you feel the these stores can do 48:40 48 minutes, 40 seconds Sure thank you Mr. Roshi. So we see an operating operational matured store as a store that is 3 plus years old and we 48:49 48 minutes, 49 seconds are expecting um to at least hit on the minimum side 40 lakh sales per store um across our store fleet for these matured 48:58 48 minutes, 58 seconds stores. Um again this is a very very conservative number as you can see just looking at comps on the everyday fine 49:06 49 minutes, 6 seconds jewelry space though in natural diamonds that are probably doing between 55 to 75 49:12 49 minutes, 12 seconds lakhs of sales per um mature stall. So even keeping a 40 45 lakh rupee target 49:20 49 minutes, 20 seconds um and looking at optimization um on the diamond pricing fund front including um adding on new categories, 49:28 49 minutes, 28 seconds new forms of inventory um um and digital experiences as well as modules like old gold exchange and um you know jewelry 49:37 49 minutes, 37 seconds schemes, pricing schemes that will be coming in the coming year. Um we believe that we can certainly achieve this. It's 49:44 49 minutes, 44 seconds a low lower bar to hit but even at this number we will be able to drive a 2x inventory turn which given the margin 49:52 49 minutes, 52 seconds profile that labrown diamond jewelry offers um drives a significant store level um profitability as well as then a 50:02 50 minutes, 2 seconds true bottom line profitability from the brand overall. Um that's really the northstar with which we are uh building 50:09 50 minutes, 9 seconds the business and um we hope to execute this over the coming few years um across a large storefleet and store base um that we will be establishing. 50:20 50 minutes, 20 seconds So 40 lakh per store is per month is u broadly you are saying two and a half times inventory done broadly we are 50:28 50 minutes, 28 seconds okay and the margins you are expecting is 40% I think currently what we are doing. 50:34 50 minutes, 34 seconds Yes. Yes, we're currently slightly higher than that but yes we will be in the 38 to 42% range. 50:42 50 minutes, 42 seconds Okay, that will be the range. Okay, and just last thing on the uh do you have any uh thing in mind in terms of uh 50:50 50 minutes, 50 seconds after reaching certain number of stores we will look for franchisee um so it's not decided in stone u Mr. 50:59 50 minutes, 59 seconds Doshi but we will be evaluating opening that tap of growth by towards the end of this year um end of this calendar year. 51:08 51 minutes, 8 seconds Okay. Okay. We have um capital in place to pursue our Coco expansion and um you know stabilize, operationalize and add 51:17 51 minutes, 17 seconds certain key modules which are important to have so that Origam is truly a full stack jeweler including 51:27 51 minutes, 27 seconds creating availability for old gold exchange and jewelry payment schemes. 51:32 51 minutes, 32 seconds until the time these are not firmed um which will happen within the next 6 months um only post that we will um look 51:39 51 minutes, 39 seconds at opening that tap of growth through the franchise opportunity too. 51:44 51 minutes, 44 seconds Okay. And then in terms of brand ambassador anything thought process not at the moment but again it will be 51:51 51 minutes, 51 seconds similar in time frame um towards the second half of this calendar year. Okay. Okay. That's it from my Thank you. 52:00 52 minutes Thank you Mr. Push. 52:04 52 minutes, 4 seconds Thank you. Participants are requested to limit their question to one question per participant. Do you have follow-up question? We request you to the queue. 52:13 52 minutes, 13 seconds The next question is from Ryan of Kush from Nisha Investment Advisory. Please go ahead. 52:21 52 minutes, 21 seconds Uh hi sir my uh question would be on the inventory turnover where where when do we expect to hit the cost of inventory turnover for the store? 52:32 52 minutes, 32 seconds Sorry Kush could you repeat the question? 52:35 52 minutes, 35 seconds Uh by when do we expect the store to hit the inventory turnover? 52:40 52 minutes, 40 seconds Um so the numbers I stated are for mature stores which would be 3 plus years. Um we believe these are conservative targets to it. 52:49 52 minutes, 49 seconds Okay. And my last question would be the uh what would be the strategy for the marketing expense? 52:56 52 minutes, 56 seconds Um for Origam the strategy effectively we are building our playbook out for new stores but we are effectively um moving 53:05 53 minutes, 5 seconds forward as we open new stores in new geographies. The idea is to be more digital heavy but certain but focused on 53:14 53 minutes, 14 seconds pin code based marketing digitally to um consumers in and around each store that we open. Um given our category and the 53:23 53 minutes, 23 seconds ASP with which we are selling um in in origam which is a significant and sizable ASP we believe bulk of sales are 53:32 53 minutes, 32 seconds going to continue coming through stores rather than online. Um resultant of which a lot of the marketing strategy is 53:39 53 minutes, 39 seconds focused on pin code based digital marketing as well as true BTL activities such as having events um influencers in 53:49 53 minutes, 49 seconds store um and um um you know inviting people to have their own events in store as well to introduce the brand to that community and that catchment area. 54:01 54 minutes, 1 second Okay, got it. Got it. Thank you. 54:09 54 minutes, 9 seconds The next question is from the line of Deepak Pande from Sagun Capital. Please go ahead. 54:16 54 minutes, 16 seconds Hi. Hi. Uh, congrats on a good set of numbers. So, just a question on the wallet share part. Uh, what would be the wallet share that we have with the 54:24 54 minutes, 24 seconds largest client and what was it you know in the last year? 54:30 54 minutes, 30 seconds Sure. Um so with our largest client our wallet share would be just about um 2% if not slightly lower. Um last year it 54:38 54 minutes, 38 seconds would be the range of just above one 1 to 1.5%. 54:46 54 minutes, 46 seconds Got it. Thank you. 54:49 54 minutes, 49 seconds Thank you. The next question is from the line of Rash Malik from Please go ahead. 54:58 54 minutes, 58 seconds Yeah. Hi sir. Thank you for the opportunity. I wanted to understand if we see the premiums that we are able to command on our uh jewelry that we sell 55:06 55 minutes, 6 seconds in B2C origin stores. We are at the lower end of the spectrum uh if we compare it to Okira or maybe Limelight. 55:15 55 minutes, 15 seconds So I wanted to understand why there are discrepancy because they're charging exorbitantly high and where do we see these females in the future? Do we see 55:23 55 minutes, 23 seconds them shrinking or uh I mean what's what's your guidance on this? Sure. 55:29 55 minutes, 29 seconds Thank you um for the question. We believe we are fairly well priced uh and um you know it's driven by the 55:36 55 minutes, 36 seconds significant cost of goods advantage that Goldium has by being able to grow or procure every single diamond ourselves 55:45 55 minutes, 45 seconds from this either in-house or from the same team that buys diamonds for the larger export business. All our jewelry 55:52 55 minutes, 52 seconds is also manufactured on job work basis by contract jewelry manufacturing partners. Um we don't buy finished 56:00 56 minutes jewelry including diamonds from from anybody. The resultant of which is that our cost of goods has a significant 56:08 56 minutes, 8 seconds advantage compared to young peers that are perhaps not um entrenched in the jewelry industry. And we prefer whilst 56:17 56 minutes, 17 seconds of course um ensuring we have head groom to invest in the brand um we prefer passing on the right prices to the 56:26 56 minutes, 26 seconds customer for the right sort of um you know opportunity and jewelry that we are um category that we are playing in. um 56:34 56 minutes, 34 seconds can't comment on the strategy for others but we believe in the long term this will play out significantly to origin's 56:42 56 minutes, 42 seconds advantage especially now that we are opening stores more in south and north where some of these other players have a 56:50 56 minutes, 50 seconds lot of stores already present um we've historically had a larger fleet in Mumbai and have covered the city of 56:57 56 minutes, 57 seconds Mumbai fairly well um the idea now as as you'll see you know both in our in our filings as well is in the number of the 57:05 57 minutes, 5 seconds where the locations of where we've signed stalls. Um we will be opening soon in close to um some of these 57:14 57 minutes, 14 seconds competing brands where I think this strategy of being right priced will play out significantly to our advantage. 57:21 57 minutes, 21 seconds Right. Got it. Thank you. Thank you. Thank you. 57:28 57 minutes, 28 seconds The next question is from the line of Yogesh Jaswani from Middle Analytics. Please go ahead. 57:40 57 minutes, 40 seconds Yes, Mr. Jesh. Go with the question please. 57:46 57 minutes, 46 seconds Hi, thanks for the opportunity. Uh most of my questions have been answered. Just one uh clarity needed. So on the brand 57:53 57 minutes, 53 seconds building and the marketing uh expenses uh you shared about the exercises that you'll do that it will be mostly digital. if you could just broadly help 58:01 58 minutes, 1 second us understand what is the kind of budget that you are planning uh for this year and as we scale the number of stores what kind of marketing expenses do we 58:09 58 minutes, 9 seconds anticipate um so Mr. Jokes, I don't have the numbers on the top of hand right now 58:16 58 minutes, 16 seconds with me, but I'm happy to email um you know directionally how we're looking um on a month on a quartertoquarter basis 58:24 58 minutes, 24 seconds on the Origam digital as well as overall marketing spend um that's being that's being put in into the brand. Um if you 58:32 58 minutes, 32 seconds would give you know share an email with me, I'm happy to get back uh on that with that point later. 58:39 58 minutes, 39 seconds Sure. I'll do that. uh and Anun on the inventory side you mentioned uh once we start the business uh we'll be putting a sizable inventory so these are the 58:48 58 minutes, 48 seconds optimized number or is there a scope that as we m mature the stores the inventory numbers can be uh reduced for them 58:57 58 minutes, 57 seconds so about 2.7 to 2.8 8 crores we believe is a very strong and aggressive um inventory requirement. Um well 59:05 59 minutes, 5 seconds unfortunately that number on value basis has gone up um because of the increase in gold prices but we are also of course 59:14 59 minutes, 14 seconds balancing that by now in being slightly more into 14 KT introducing and testing a line of 9K with installs which should 59:22 59 minutes, 22 seconds launch in the next couple of months. So it's it's currently um um currently it's at 2.7 2.8 8 crores but we will evaluate 59:31 59 minutes, 31 seconds how customers are reacting and accepting 9 kt jewelry and you know benchmarking toward 14 KT slightly more indexing 59:40 59 minutes, 40 seconds towards 14 KT slightly more and perhaps a slight tweak there is is possible but it won't be a dramatic change um at the 59:47 59 minutes, 47 seconds end of the day Indian um the Indian customer loves ready to sell um inventory and we don't um want to take 59:56 59 minutes, 56 seconds you know premium store locations and effectively only keep sample samples on display which are then available only to 1:00:03 1 hour, 3 seconds order with a two to three 3 week lag. Um the idea is definitely to have a good RTS portion that customers can come in 1:00:13 1 hour, 13 seconds pick up purchase and you know be ready for their gifting and self consumption needs. 1:00:20 1 hour, 20 seconds Got it. Uh that's it from my side. I'll send you the email. Absolutely. Thank you. Thank you Mr. 1:00:29 1 hour, 29 seconds Thank you. 1:00:32 1 hour, 32 seconds Next question is from the line of AJ from NH. Please go ahead. 1:00:38 1 hour, 38 seconds Uh thanks for the opportunity. Uh my question is on the B2C side like wanted to understand anul from you on like with 1:00:47 1 hour, 47 seconds the industry getting a lot of traction and the increased competition like the indust the players are rapidly expanding 1:00:55 1 hour, 55 seconds and we also have a aggressive plan on expansion. wanted to understand from you like uh what do you think would be uh 1:01:03 1 hour, 1 minute, 3 seconds golds or origins right to win or key right to win parameters uh in this category maybe from your experience of 1:01:12 1 hour, 1 minute, 12 seconds maybe B2B which you saw for the US giant retailers does that also help you in 1:01:20 1 hour, 1 minute, 20 seconds maybe having that key right to win parameters which you think uh or will tick the box or would that maybe pricing 1:01:29 1 hour, 1 minute, 29 seconds or design like wanted to understand from you thoughts on competition and what would be our edge to win this competition. 1:01:37 1 hour, 1 minute, 37 seconds Sure. 1:01:38 1 hour, 1 minute, 38 seconds Thank you AJ. So um just a overall top view note we you know we welcome the competition we think it only serves to 1:01:46 1 hour, 1 minute, 46 seconds expand the category as a whole and helps for customer education which is the real need of our um where where we're we're 1:01:54 1 hour, 1 minute, 54 seconds very excited and believe the the pie being grown rapidly is is the real end 1:02:01 1 hour, 2 minutes, 1 second goal and it's um provides it it is what the only single factor that provides us all the opportunity to um increase 1:02:08 1 hour, 2 minutes, 8 seconds business Within specifically to Orium, what is our right to win? I think it's three-fold. One, on product um on the 1:02:16 1 hour, 2 minutes, 16 seconds product side, we have an advantage due to knowing what our best sellers are in the US on any given month. Um which are 1:02:23 1 hour, 2 minutes, 23 seconds tested, tried, proven, on trend designs, including amazing setting types, 1:02:30 1 hour, 2 minutes, 30 seconds beautiful motifs like hidden halos, donut halos, all of which were able to leverage for the instore inventory in 1:02:37 1 hour, 2 minutes, 37 seconds Origam. Um, also part of that includes our ability to see what's trending on the tech side with large US retailers. 1:02:46 1 hour, 2 minutes, 46 seconds So, you know, we're adding modules which are um going to be significantly exciting compared to the market such as 1:02:54 1 hour, 2 minutes, 54 seconds digital ring builders. um you know down the road something we already small in a small way started to work on is AR 1:03:02 1 hour, 3 minutes, 2 seconds augmented reality based scanners in the store where you'll be able to put your hand underneath and pick a jewelry from the website that's not in stock and see 1:03:10 1 hour, 3 minutes, 10 seconds it on your hand. Um so lot of exciting things in the build on the product side which both designwise and tech-wise will 1:03:18 1 hour, 3 minutes, 18 seconds give us long-term advantage. On the price side, as mentioned earlier in the call, we have a very strong pricing advantage because of a cost of goods 1:03:27 1 hour, 3 minutes, 27 seconds advantage that's driven because of the corporate volumes that are done by Golium on the export side of the 1:03:34 1 hour, 3 minutes, 34 seconds business. So that is as you can see in even our existing pricing passed on to the customer and we believe that is a long-term sustainable advantage we have. 1:03:45 1 hour, 3 minutes, 45 seconds And thirdly is on the team. Um you know we've onboarded a professional team with deep expertise and deep experience in 1:03:52 1 hour, 3 minutes, 52 seconds the retail industry. Um while there is always um room for improvement and learning um we believe the team will be 1:03:59 1 hour, 3 minutes, 59 seconds able to minimize help minimize mistakes in the early days of building the brand and building and building out the 1:04:06 1 hour, 4 minutes, 6 seconds distribution of origam. Um so you know having come from that professional experience being part of large corporate 1:04:15 1 hour, 4 minutes, 15 seconds jewelers in our country um should play out advantageously for Jama against some in younger competitors as well. 1:04:25 1 hour, 4 minutes, 25 seconds Got it. And one last question on the order pipeline for B2B. If you can maybe uh comment how is the order pipeline 1:04:34 1 hour, 4 minutes, 34 seconds looking for our B2B segment? uh because given maybe the tariff scenario uh that would have maybe slowed a bit but then 1:04:42 1 hour, 4 minutes, 42 seconds we recently won some order but wanted to know on the order pipeline uh so it's it's very strong I think we 1:04:49 1 hour, 4 minutes, 49 seconds announced over 180 kores of a open order book at the end of the quarter um this 1:04:57 1 hour, 4 minutes, 57 seconds has been augmented with the new order that was received and announced as well uh on top of that there is the com growth that comes in and which is about 1:05:06 1 hour, 5 minutes, 6 seconds 20 or 25% annualized on usually um for the overall business of course in Q3 it will always be a large percentage 1:05:14 1 hour, 5 minutes, 14 seconds because of holiday sales but on an annual basis is between 20 and 25%. So that additionally will come in. Um so we believe revenue growth is looking good. 1:05:24 1 hour, 5 minutes, 24 seconds Um we're excited for the um last quarter of the financial year and very excited to deliver a record financial year in 1:05:32 1 hour, 5 minutes, 32 seconds terms of revenue. Ebida and PAT um and um you know we'll we'll continue to look forward from there. 1:05:41 1 hour, 5 minutes, 41 seconds Got it. Got it. All the very best for future. Thank you. Thank you. Thank you. 1:05:49 1 hour, 5 minutes, 49 seconds As that was the last question for the day, I would now hand the conference over to the management for the closing comments. Over to you, sir. 1:05:56 1 hour, 5 minutes, 56 seconds Thank you. I want to thank all the participants for joining us today. If you have any further queries or need additional information, please feel free 1:06:04 1 hour, 6 minutes, 4 seconds to contact Derio Consulting, our investor relations team. Thank you all and have a good evening. 1:06:11 1 hour, 6 minutes, 11 seconds Thank you all. 1:06:13 1 hour, 6 minutes, 13 seconds Thank you on behalf of Monat Network Capital Limited. That concludes this conference. Thank you for joining us and you may now disconnect your life. Thank you.