Rbz Jewellers Ltd — Q3 FY26

Rbz Jewellers Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=j7_hjrxtUFA Published: 2 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Q3 and 9 months FI26 earnings conference call of RBZ Dwellers Limited. 0:09 9 seconds As a reminder, all participants line will be in listen only mode and there will be an opportunity for you to ask question after the presentation 0:16 16 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:24 24 seconds note that this conference is being recorded. I now hand over the conference to Miss Purvangi Jan from Balum Advisers. Thank you and over to you ma'am. 0:35 35 seconds Good evening everyone and a very warm welcome to you all. My name is Purvangi Jen from Ballardum Advisors. We represent the investor relations of RBZ 0:43 43 seconds Jewelers Limited. On behalf of the company and Ballardum Advisers, I'd like to thank you all for participating in the company's earnings conference call 0:51 51 seconds for the third quarter and 9 months ended of the financial year 2026. 0:56 56 seconds Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings conference call may be forward-looking in nature. Such forward-looking 1:05 1 minute, 5 seconds statements are subject to risk and uncertainties which could cause actual results to differ from those anticipated. Such statements are based 1:13 1 minute, 13 seconds on management's belief as well as assumptions made by and information currently available to the management. 1:19 1 minute, 19 seconds Audiences are cautioned not to place any undue reliance on these forward-looking statement in making any investment decisions. The purpose of today's 1:27 1 minute, 27 seconds earnings call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. 1:34 1 minute, 34 seconds Let me now introduce you to the management participating with us in today's earnings call and hand it over to them for their opening remarks. We 1:42 1 minute, 42 seconds have with us Mr. Harvei, joint MD and CFO of the company, Mr. 1:47 1 minute, 47 seconds Harshed Gandhi, internal financial controller and Mr. Bhavesh Sabani, Chief Manager, accounts and finance of the 1:55 1 minute, 55 seconds company. Without any delay, I request Mr. Hariti to start with his opening remarks. Thank you and over to you sir. 2:04 2 minutes, 4 seconds Thank you Purwangi and good evening everyone. Welcome to our conference earnings call for discussing our performance for the third quarter and 9 2:11 2 minutes, 11 seconds months ended for the financial year 2026. Before I give you the financials and operation highlights of the period under review, let me first start by 2:20 2 minutes, 20 seconds giving a brief overview of the company for some of those participants that may be new to our company. RBZ is one of the 2:28 2 minutes, 28 seconds leading organized manufacturer of gold jewelry in India and now transforming itself into a retail 2:35 2 minutes, 35 seconds segment. We are a unique jewelry company with a diversified business model wherein we offer to nationalwide retailers on a wholesale or a job work 2:43 2 minutes, 43 seconds basis as well as direct to consumers from our flagship store in Ahmedabad. We have a state-of-the-art manufacturing 2:50 2 minutes, 50 seconds facility equipped with advanced casting laser and 3D printing technologies which is supported by 275 plus professionals 2:58 2 minutes, 58 seconds and 200 skilled articians. Because of our manufacturing setup and presence across both wholesale and retail segments, we are able to garner better 3:07 3 minutes, 7 seconds margins than any of our peers. We offer a diverse range of jewelry collection comprising of different manufacturing techniques and varieties. But our 3:15 3 minutes, 15 seconds specialty lies in antique cold occasion wear jewelry. Our flagship store Harajiri Jewelers in Ahmedabad offers bridal occasion and daily wear jewelry 3:24 3 minutes, 24 seconds across diverse price ranges. The retail product portfolio features a diverse collection of gold, silver, studded and other jewelry including Bengals, chain, 3:33 3 minutes, 33 seconds necklace, rings etc. We are also planning to expand our retail presence in Gujarat uh in the cities of Surat, 3:41 3 minutes, 41 seconds Rajcot, Boda and Ahmedabad as well and other spokes stores uh and hence expanding our retail presence across 3:49 3 minutes, 49 seconds Gujarat. Now coming to the financial highlights for the period under review. 3:53 3 minutes, 53 seconds Despite a dynamic global backdrop, we have delivered a steady performance this quarter supported by strong B2C momentum driven by a driven by the strong festive 4:03 4 minutes, 3 seconds demand during Dasher and Diwali along with the robust wedding season. 4:07 4 minutes, 7 seconds Importantly, our performance remained well aligned with the revenue guidance we have shared earlier. For the quarter under review, our revenue from 4:15 4 minutes, 15 seconds operations for the quarter stood at INR 226 crores registering a growth of 17% year-on-year. AITA for the quarter 4:23 4 minutes, 23 seconds increased to 30 crores reflecting a growth of 36% Y on Y. AITA margin expanded to 184 basis point Y on Y to 13.04%. 4:33 4 minutes, 33 seconds Profit after tax stood at 17 crores growing at 33% with patch margins improving to 7.69%. 4:40 4 minutes, 40 seconds For the 9 month ended of the financial year 2026, the revenue from operations stood at 447 crores reflecting a healthy growth of 14% buy on. Abita came at 71 4:49 4 minutes, 49 seconds Kores up 42% by Y with margins expanding 317 basis point to 15.82%. 4:55 4 minutes, 55 seconds Net profit for the period stood at 43 Kors marking a growth of 43 43% Y on Y with PAT margins improving at 9.64%. 5:04 5 minutes, 4 seconds In terms of segmental performance for the quarter retail revenue stood at INR 155 crores registering a strong growth of 39% Y on Y. Pulse revenue stood at 70 5:13 5 minutes, 13 seconds crores witnessing a decline of 12% Y on Y while job revenue approximately to 2 K declining 46% Y on Y for the 9 month 5:21 5 minutes, 21 seconds ended FI26 retail revenue grew 24% to INR 287 crores wholesale revenue declined marginally to 154 crores and 5:30 5 minutes, 30 seconds job book revenue stood at 6 crores down by 11%. Operationally, we delivered a healthy performance during the quarter, supported by a strong festive and 5:38 5 minutes, 38 seconds wedding season demand. We have participated in five exhibitions across national and state level coverings to both B2B and B2C segments which help us 5:47 5 minutes, 47 seconds strengthen our market presence and deepen customer engagement. We also have launched multiple impactful digital marketing campaigns and showcasing both our occasion and daily wear collections. 5:57 5 minutes, 57 seconds In the occasion where segment campaigns such as jamanoir and samayu the pulky product shoot and our Diwali festive camp highlighted our gold pulky and 6:05 6 minutes, 5 seconds antique designs offering reinforcing our premium positioning. In daily w segment we have rolled out dedicated digital branding initiative focused on promoting 6:12 6 minutes, 12 seconds our lightweight yet elegantly designed collection specifically tailored to appeal the value consciousness of everyday consumers. During the quarter, 6:19 6 minutes, 19 seconds we launched approximately 951 new designs, averaging 12 designs per day, primarily in the occasion wear segment, further strengthening our product 6:28 6 minutes, 28 seconds portfolio. Additionally, we are set to commence certain products inhouse in daily wear segment from quarter 1 of fiscal 27 with dedicated infrastructure 6:36 6 minutes, 36 seconds in place. On the retail front, encouraged by the strong performance of our Ahmedabad store, we are now planning to expand into other key Gujarat market 6:44 6 minutes, 44 seconds including Surat and Rajot. Both showrooms are targeted to become operational in Q2 FI27. One in the early part of the quarter and one in the late 6:53 6 minutes, 53 seconds quarter to FI27. Further, we also have identified strategic location in eastern Ahmedabad for midsize stores of approximately 5,000 square ft, 7:02 7 minutes, 2 seconds reinforcing our regional footprint and lo supporting incremental growth. 7:06 7 minutes, 6 seconds Looking ahead, we are strategically positioned to capitalize on the upcoming wedding season, International Women Day and key regional festivals. We are 7:15 7 minutes, 15 seconds witnessing steady consumer demand in the occasion wear segment supported by ongoing optimization of our inventory mix with a sharper focus on lightweight 7:23 7 minutes, 23 seconds that is look to weight ratio and budget friendly offerings. With this I now open the floor for question and answer sessions. Thank you. 7:32 7 minutes, 32 seconds Thank you. 7:34 7 minutes, 34 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish 7:42 7 minutes, 42 seconds to remove yourself from the question queue, you may press star and two. 7:46 7 minutes, 46 seconds Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question cube assembles. 8:07 8 minutes, 7 seconds First question is from the line of the page from Mana Finance. Please proceed. 8:14 8 minutes, 14 seconds Hi, am I audible? Yes, you're audible. 8:17 8 minutes, 17 seconds Hi, uh congratulations. Uh I just wanted to understand what is the update on a new store openings. 8:26 8 minutes, 26 seconds So by uh the two flagship stores of 10,000 in Surat and 12,000 ft² in Rajot 8:33 8 minutes, 33 seconds uh we are planning to open in the quarter two of this year. Reason being uh we are we are seeing that there will be a slowdown in the market on an 8:42 8 minutes, 42 seconds obvious reason post March. So you know while launching the new stores fully and those are those are going to be one of the biggest stores in their respective 8:50 8 minutes, 50 seconds cities. We want the marketing to be quite strong and you know the the punch of marketing has to sell and you know we 8:58 8 minutes, 58 seconds have turned it into sales. So internally the team and all of us uh you know after uh you know a good amount of brainstorming discussed that it is 9:06 9 minutes, 6 seconds better to launch it in the season of you know when the season is about to start. 9:10 9 minutes, 10 seconds So consider July August to be the start of the season and uh that is when we should be coming forward for launching the stores and uh you know yeah those 9:18 9 minutes, 18 seconds are basically two hub stores. So the marketing budget is also aligned to uh you know push them. So yes there is a delay and the reason of delay is that 9:27 9 minutes, 27 seconds our internal discussion and etc. After which we have come across that no it is a conscious it should be a conscious call and uh you know post in uh you know 9:35 9 minutes, 35 seconds just before the season if it is launched it will give us a higher and better return on return on investments etc 9:43 9 minutes, 43 seconds right uh I just wanted to understand uh if what the uh I mean there was no inventory gain in this quarter because 9:52 9 minutes, 52 seconds most of the peers have shown a huge inventory gain and hence a huge profit just want to understand how RBZ has accounted the inventory gain. 10:03 10 minutes, 3 seconds Okay. So basically if you if you look at it uh in this quarter the manufacturing expenses actually have declined. So you 10:11 10 minutes, 11 seconds know uh that was because of uh reasonably less amount of job work. Now if you understand the inventory gain part you know the retail movement has 10:19 10 minutes, 19 seconds been very strong in uh you know in this in this quarter but that was mostly for the goods that have been bought. So you know like those those goods which were 10:28 10 minutes, 28 seconds newly bought have been sold. So you know much amount of inventory has been lying and much amount of cushion has already been there but you know the inventory 10:36 10 minutes, 36 seconds gain has really not come out as nicely as as we would actually wish it to be. 10:41 10 minutes, 41 seconds Uh good that you know it will happen in the you know it will happen in the coming year and also that you know there is new uh showrooms and etc coming up. 10:50 10 minutes, 50 seconds So cushion is always better in this case but not much of inventory gain. a nice analysis from your side for that matter. 10:57 10 minutes, 57 seconds Yeah. So what what what was the uh what uh what do we follow as a inventory pattern? Do we follow PIO or do we 11:05 11 minutes, 5 seconds follow uh uh I mean what is the pattern we follow? 11:09 11 minutes, 9 seconds Yeah. So in retail we generally follow the fixed price method in which whatever goods have come in let's say if you have bought a good today it will get uh you 11:18 11 minutes, 18 seconds know purchased at a fixed rate and uh you know whenever we sell it that rate will be locked in and on wholesale we follow the weighted average method on 11:26 11 minutes, 26 seconds the working capital I mean on the uh till the time it is in the working capital so post that again it will be followed on the same fixed price method 11:34 11 minutes, 34 seconds so it is according to the indexes and etc norms uh yeah so I think uh In both the cases uh whatever job work gain that 11:42 11 minutes, 42 seconds we have got in terms of inventory where into already the weighted average cost was low. So we have we have to book it according to our industry accounting 11:51 11 minutes, 51 seconds practices we have to book it at that weighted average price. So for that uh we could not see much you know sales happening of that uh you know of that 11:59 11 minutes, 59 seconds gold post the inventory gain post the inventory kgs being booked and on the retail side I have mentioned that you 12:07 12 minutes, 7 seconds know the goods that came in last flew in like sold very fast. So that is the reason that you know the inventories 12:15 12 minutes, 15 seconds which are before 3 6 months or you know 8 months are still there. we are holding those stocks which will be helpful 12:24 12 minutes, 24 seconds because then the inventory will be shifted to the new stores and uh from that uh you know we can have our gains 12:31 12 minutes, 31 seconds and also the cushion is also healthy uh you know the in the prices of gold have risen so much that a little bit of uh 12:38 12 minutes, 38 seconds 2022% cushion is always better to have 20 22% cushion as in uh if you can just 12:45 12 minutes, 45 seconds quantify what what that number would mean from the current market price from the current market price. Okay. 12:52 12 minutes, 52 seconds Okay. And uh sorry to interrupt you, sir. Okay. Fall back. 12:57 12 minutes, 57 seconds No more participants left. Can you please rejoin the queue? Sure. Sure. I will do that. Thank you so much, sir. 13:04 13 minutes, 4 seconds Ladies and gentlemen, in order to ensure that management is able to address question from the participants in this conference, please restrict your question to two per participant. Should 13:13 13 minutes, 13 seconds you have a follow-up question, please rejoin the queue. Ladies and gentlemen, anyone who wishes to ask a question, please press star and one on their 13:21 13 minutes, 21 seconds touchstone telephone. I repeat, to ask a question, please press star and one now. 13:29 13 minutes, 29 seconds The next question is from the line of Sahil Patani from Stokes Capital. Please proceed. 13:35 13 minutes, 35 seconds Hi. Um, thanks for the opportunity. So Harit wanted to understand right if if we look at uh some of the big boys in 13:43 13 minutes, 43 seconds this quarter some of them your clients as well like Titan and obviously Kalyan they've grown massively this this quarter upwards of 30 40%. But our 13:51 13 minutes, 51 seconds revenue growth year on year has been you know a bit less about 17%. So what what would you say was was the reason for this kind of a discrepancy? 14:03 14 minutes, 3 seconds Uh so sahil if you understand uh you know the model in which we are operating that is wholesale job work and retail uh 14:12 14 minutes, 12 seconds you know uh you will get the right idea about how other stores are doing and how we are doing. So if you understand that 14:20 14 minutes, 20 seconds quarter two there was an phenomenal rise in you know the volumes in job work. Now 14:27 14 minutes, 27 seconds u uh again the corporates who buys from us it is this is critical to understand let's say the let's say you are the 14:34 14 minutes, 34 seconds corporate and you are buying from us on a job work basis right let's say I've sold you 100 kg so you will want to 14:43 14 minutes, 43 seconds hedge those inventories and uh you would want to sell it in the coming quarter so the coming quarter the average price of 14:50 14 minutes, 50 seconds inventory is 140k that is almost let's say 150,000 now when you have given a job work order 14:58 14 minutes, 58 seconds to me. It was at 100,000. So this is the fluctuation of gold from quarter 2 to quarter 3. Now what will happen is you 15:06 15 minutes, 6 seconds will sell your gold post hedging also. You will sell your gold at let's say 140k and that is why 15:13 15 minutes, 13 seconds that is how your sales on a y level will look. Let's say 30 40%. But you have also given an order to us which is 15:21 15 minutes, 21 seconds prehand. So your in the inventory which you I have given to you 100 kg you were expected to sell let's say you you you expected the gold rate would remain 15:28 15 minutes, 28 seconds somewhere around let's say 100,000 105,000 you know 5% increase maximum that is but this sharp increase has led 15:35 15 minutes, 35 seconds to an increase in retail sales if you see our retail sales has also increased by 39%. It is not that and that to a 15:42 15 minutes, 42 seconds same store sales growth definition of our stores would be more than five years 10 years right we have been in retails for some for let's say at least a mega store of retail has been there for 5 15:51 15 minutes, 51 seconds years more like operational so you know uh the retail growth is good but when you talk about wholesale the wholesale has already delivered itself in quarter 15:59 15 minutes, 59 seconds two of the year in the job work thing and those inventory valuations have 50% increased and gone to this uh you know 16:06 16 minutes, 6 seconds retailers now even they have to sell right now if you compare the y on quarter let's say FI 25 16:15 16 minutes, 15 seconds uh in December the average price of gold was 81,000 versus this year the average price of gold is 150,000 now even if a 16:23 16 minutes, 23 seconds retailer does a 40% increase in revenue he would still decline his volume by let's say you know I don't know what 16:32 16 minutes, 32 seconds percentage I mean you can just analyze so it will be great if you compare the retailer re retailer volumes also like 16:40 16 minutes, 40 seconds you No and then you will actually understand okay what is happening perhaps also it is important to understand where the when the B2B player sells the inventory is still there at 16:49 16 minutes, 49 seconds the national this retailers and they need to hedge this so post hedging post selling their money will go in replenishing in the margin money you 16:57 16 minutes, 57 seconds know if they are doing some hedging practice and etc but uh you know I hope I'm like literally clear otherwise you 17:03 17 minutes, 3 seconds can ask me again that why is our what is what is there with the see the again the retailers have changed their preference of buying gold from wholesale to job 17:12 17 minutes, 12 seconds work basis. I have clearly mentioned that in quarter two and it is not about 17% growth and etc. With 17% growth we 17:19 17 minutes, 19 seconds would not get this TTM level PAT of 52 crores. It is clearly the quarter 2 has played out very nicely in our favor in 17:26 17 minutes, 26 seconds B2B because of the early festive demands and etc going on and the quarter 3 has been good because of the retail uh thing. So overall both the divisions are 17:36 17 minutes, 36 seconds doing comfortably well. uh obviously retail will look more promising because we are wanting to spread more in in 17:43 17 minutes, 43 seconds terms of geography but wholesale or B2B as a particular segment has done its job in quarter two only and if you if you 17:50 17 minutes, 50 seconds remember my last year's earning call uh I mean last quarter's earning call I have clearly mentioned that this this 17:57 17 minutes, 57 seconds quarter uh B2B will be muted and I also expected that huh retailers have the inventory in hand increase in revenue is 18:05 18 minutes, 5 seconds very you know 40% increase in revenue I have had in my retail but what is the volume increase that I have had you know that is negative right so how would we 18:12 18 minutes, 12 seconds get the rotation no makes makes sense right understood I I just wanted to you know hear from you as well uh on that thanks thanks for the 18:21 18 minutes, 21 seconds explanation um my my second question is Harit uh now how do you see this current quarter 4 18:29 18 minutes, 29 seconds shaping up because uh I know like previously you know a few quarters ago we we'd given like a topline guidance of about 700 crores so would we be nearing 18:38 18 minutes, 38 seconds to that achieve that or or how do you see you know this quarter shaping up? 18:44 18 minutes, 44 seconds So you know I gave guidance of uh revenue basis on my wholesale and you know retail and all. So retail if you 18:51 18 minutes, 51 seconds remember I have given 400 crores guidance. I clearly see that we will meet that guidance. In the last earnings call I have mentioned that the wholesale 19:00 19 minutes thing the preference have changed to job work a little because of this volatility prices and all people want you know people were not ready to take at 150k 19:08 19 minutes, 8 seconds 110k they thought that the ball price will come down and etc. So they have given us orders on job perk that that for that reason you might see that the 19:17 19 minutes, 17 seconds revenue has been shifted from wholesale to job perk and all and wholes obviously jobber revenue cannot be calculated but yes uh you know year has been good and 19:26 19 minutes, 26 seconds uh you know we expect that you know the guidelines that we have told of 700 crores uh you know we are not adding a new store in the quarter four of this 19:34 19 minutes, 34 seconds season also because of this market reasons we want to launch it in the full-fledged in the season of you know quarter two of this thing so that we get the season benefit 19:42 19 minutes, 42 seconds uh when we do the marketing push so that will be subtracted. So after subtracting the new store uh sales you know I think 19:50 19 minutes, 50 seconds we should be able to achieve around 650 crores or 630 to 650 crores of revenue uh with the bottom line of at least 19:57 19 minutes, 57 seconds let's say 50 555 crores like right now PTM is around 52 crores let us say that 50 555 crores would be very comfortable for us to achieve 20:06 20 minutes, 6 seconds understood okay okay uh thanks for that har I'll get back in the queue but all the best yeah thank you thank you 20:14 20 minutes, 14 seconds thank The next question is from the line of Libin from ICISA Bank. Please proceed. 20:23 20 minutes, 23 seconds Yeah. Hi, thanks for the opportunity. Uh I just had one question. Uh when I was going through the volumes 20:31 20 minutes, 31 seconds for for the entire uh FY25 uh visa is what we have done uh in the last 9 months. U I I can see we have 20:40 20 minutes, 40 seconds done around 800 kilos this financial year. Visa weighs around 1,300 kilos for the entire year. Uh do we see u us uh overachieving last year's volumes? 20:54 20 minutes, 54 seconds Uh certainly no. 20:57 20 minutes, 57 seconds Certainly no. I mean volume achievement in this year uh see last year average price uh if you calculate was around 70 21:04 21 minutes, 4 seconds 75,000 this year it is 100 right now the current market price is 350,000 average might be around 130 or you know so 21:12 21 minutes, 12 seconds certainly volume achievement uh on the parall level is something that we uh don't expect because again uh you know 21:20 21 minutes, 20 seconds you can tell that this volumes next year can happen. Yeah, because of the four showroom openings and all it can happen. 21:28 21 minutes, 28 seconds Uh but you know it is too early for me to say anything like that. Maybe after a little bit of more analysis on number crunching I can tell you that. But I 21:36 21 minutes, 36 seconds think uh this year will not be we uh it it is uh on obvious volume dip 21:43 21 minutes, 43 seconds but yes if you consider the net revenue that net revenue multiply like I mean the volume multiplied by the current market price the revenue would show very 21:52 21 minutes, 52 seconds nice figures. That means the company is healthily growing. That is why we would have let's say 45 cr was the projected PAT and now we are delivering 50 55 22:01 22 minutes, 1 second crores we are projecting and 2 years before the company had 22 crores PT. So that way company's growing in terms of revenue as like when we launched an IPO 22:10 22 minutes, 10 seconds it was 320 crores of revenue. Here we are talking about 630 650 crores. So we are doubling our revenue and we are 22:17 22 minutes, 17 seconds doubling our profits also. In fact more than double. So I think companies growing that way healthily in terms of volumes volume will not be the right 22:25 22 minutes, 25 seconds picture you know because the gold prices have increased I mean very sharply. So yeah uh we should match our volumes by next time next year. 22:36 22 minutes, 36 seconds Got it. Uh just one more follow-up question. Uh uh as we know next year also we have a trita in April somewhere 22:44 22 minutes, 44 seconds in midappril. So do you think the benefits accumulating in Q4 and it will have a a reasonable impact on the top 22:53 22 minutes, 53 seconds line and bottom line u so that is calculated right last year also it was the same month this year 23:01 23 minutes, 1 second also it is the same month despite that you know last year let's say Q4 we should do better this year you can consider that last year Q4 versus this 23:09 23 minutes, 9 seconds year Q4 will be better that is that is that that should be the majority of the consideration and uh if it was postponed 23:17 23 minutes, 17 seconds then it would have been a different like you know a different scenario I mean it's like to like right 23:25 23 minutes, 25 seconds the benefits I mean the orders will be good that is what we are also expecting and we see that there is a good good uh 23:32 23 minutes, 32 seconds I mean there is a the expected orders are coming in but again the margins the gold prices are heavily up and there 23:39 23 minutes, 39 seconds will be a lot of margin calls for this nationalwide players so the liquidity and all will be like taking a toll and you know 23:47 23 minutes, 47 seconds probably you know giving us the job work thing and all will be little difficult because they have to procure gold and give us job work 23:56 23 minutes, 56 seconds but then we are not have it is an optimistic scenario see if even if there is a gold price rise liquidity and etc whatever is happening the sales is 24:04 24 minutes, 4 seconds rising for national retailers right so ultimately it has to turn up to us we we being a strategic vendor we are 24:12 24 minutes, 12 seconds sure to receive demand I mean there is no doubt company is still running and it is doing I mean wonderful in terms of bottom line and uh you know if you 24:19 24 minutes, 19 seconds compare two years we have done we have done really nice so we are expecting to grow in the same way but also there will be a transformation from B2C to B2B to 24:28 24 minutes, 28 seconds B2C and that should have be very encouraging for the company I think. 24:34 24 minutes, 34 seconds Got it. Thank you. Thank you. Thanks for the opportunity. Thank you. Thank you. 24:41 24 minutes, 41 seconds The next question is from the line of Kushi Jen from Share India Securities Limited. Please proceed. 24:49 24 minutes, 49 seconds Uh hi. I hope I'm audible. Yes, you're audible. 24:55 24 minutes, 55 seconds Yeah. Uh so, uh as you even mentioned that you're going to start a new line of lightweight jewelry. So uh I just wanted 25:04 25 minutes, 4 seconds to understand what uh like could you just elaborate from your end like what is the uh lab grown diamond segment 25:11 25 minutes, 11 seconds doing specifically after you know the recent price crash. So how is the uh demand evolving in both India and other global markets? 25:23 25 minutes, 23 seconds Uh see in my limited understanding uh you know lab grown is a is there is a 25:30 25 minutes, 30 seconds marketplace for lab grown retailers are experimenting and wanting to have few stores. Some of the leading retailers are you know doing experimenting in 25:39 25 minutes, 39 seconds their own ways. Uh what do you see the future? I think more of the research reports should be able to tell that I'm 25:47 25 minutes, 47 seconds I I'm just an industry person and honestly not an industry expert but uh yeah there will there is a market lab 25:55 25 minutes, 55 seconds grown because of it machinery made and etc will be there will be no limit of supply uh we it is not new in the industry that any synthetic product have 26:04 26 minutes, 4 seconds come we have witnessed embro and rubies synthetics that have come and the prices have really dropped and crashed and etc. 26:10 26 minutes, 10 seconds I don't know what will happen to LGD for that matter. Uh I suppose that LGD should be a very lucrative thing once 26:17 26 minutes, 17 seconds the prices drops uh you know to you know really the level where the machine made items prices should be so far from 26:26 26 minutes, 26 seconds maturity and uh we are not entering anywhere early in this. 26:33 26 minutes, 33 seconds All right. All right. No issue. uh and on the B2C segment your uh retail store which uh you mentioned that you have a 26:41 26 minutes, 41 seconds single store right now and you're going to be uh uh having two to three more stores in upcoming quarter right 26:50 26 minutes, 50 seconds correct and that would be in what geography it will one will be in Rajot it is around 12,000 ft² one will be in Surat 26:59 26 minutes, 59 seconds around 10,000 square ft and two will be in eastern part of Ahmedabad Okay. And how how are the margins looking like? 27:10 27 minutes, 10 seconds Uh so retail margins are looking steady and nice and uh we retail has been doing good from fiscal 21. If you see the 27:19 27 minutes, 19 seconds revenue we were a 24 cr retail company around this year we'll be clocking 400 crores. We are seeing that next year uh 27:28 27 minutes, 28 seconds I mean the question should be can we go to 700 crores next year in detail. 27:34 27 minutes, 34 seconds Okay. Okay. Perfect. Perfect. Uh yeah, that's it from my end. Thank you so much. All the best. Thank you. 27:42 27 minutes, 42 seconds Thank you. 27:44 27 minutes, 44 seconds The next question is from the line of Deep from Mana Finance. Please proceed. Yeah. Am I audible? 27:54 27 minutes, 54 seconds Yes, you're audible. 27:55 27 minutes, 55 seconds Okay. Uh I just want to understand uh has there any pressures on the B2B and especially from the corporates due to high gold price pressure on the margins? 28:07 28 minutes, 7 seconds Uh see that there is always a pressure on margins. Uh nothing new in the industry that the prices have gone up 28:14 28 minutes, 14 seconds and the retailers would be pressurizing uh the B2B players to squeeze their margins. uh it is a very known fact um 28:24 28 minutes, 24 seconds you know uh most of the B2B players are aware of what is happening in B2C on the consumer side and etc direct side. So it 28:31 28 minutes, 31 seconds is also a gray area wherein B2C player can leverage margins. Uh basically we are on both the sides of the of the 28:38 28 minutes, 38 seconds game. Uh it would be wrong to deny that there is a margin pressure at the same time. uh you know how much cost cut can 28:47 28 minutes, 47 seconds we do on our end and similarly if there's a cost cut on our end on the manufacturing side how much helpful it 28:55 28 minutes, 55 seconds can be for expansion of retail stores and pushing that products there so you know us as a category wherein we are 29:04 29 minutes, 4 seconds pushing retail it the the whole propositions looks to be very very nice because you know it seems to be a very right stage in which 29:12 29 minutes, 12 seconds we are transforming also So if any industry in any any part of the industry if there is a few organized players in retail and a very high number of 29:21 29 minutes, 21 seconds wholesalers or manufacturers margins or price competition is subject to happen and you know we don't want to be in that 29:30 29 minutes, 30 seconds kind of a scenario. Hence I think uh right balancing of B2B B2C is essential and expansion is uh you know looking right you know leave about the speed the 29:39 29 minutes, 39 seconds moment or the the thing the direction of the company seems to be very very correct for future. No, because fortunately I asked this question 29:47 29 minutes, 47 seconds because fortunately we as the space are uh in the design segment where uh you know the the designs work the designs 29:56 29 minutes, 56 seconds actually sell whereas in the regular market of the chains and the rings which grows in into bulk that that is where we have seen a lot of pressure on uh uh on. 30:07 30 minutes, 7 seconds So if have you seen any significant pressure or it has been just marginal? 30:13 30 minutes, 13 seconds Um so uh see when you say pressure I mean there is a psychological pressure but when you say about the rates being corrected the answer is no. 30:24 30 minutes, 24 seconds Okay. 30:25 30 minutes, 25 seconds So when you talk pressure I mean that okay is there pressure for you know cost cutting? Yes there is a psychological pressure but there has been no cost 30:33 30 minutes, 33 seconds cutting like there there have been no rate negotiations from oversight. Perfect. That is what I wanted to hear. 30:38 30 minutes, 38 seconds That's great. And also if can answer about the return issues. Have have any corporates come up with return issues 30:46 30 minutes, 46 seconds and if we have seen any such trend what is the percentage of our sales uh which have been returned? 30:52 30 minutes, 52 seconds Uh again uh not no such heavy uh trend. 30:57 30 minutes, 57 seconds Our policies are very clear in terms of B2B. 31:01 31 minutes, 1 second We generally do not expect uh accept a higher percentage of return apart from a little bit that comes in that to without 31:08 31 minutes, 8 seconds that to taking in uh without making charge. I mean that that means that there is honestly uh less or negligible impact of uh return policy in this case. 31:18 31 minutes, 18 seconds Fantastic. Fantastic. Just if I can squeeze in one more question. Uh is the hello am I am I audible? 31:27 31 minutes, 27 seconds Yeah. Yeah. Yes. Yes. Yes. Right. you're audible. 31:31 31 minutes, 31 seconds Yeah. If you can if you can just mention that you know how much of your uh uh Q3 uh volume is in terms of retail, B2B and job. 31:42 31 minutes, 42 seconds So not having really my figures handy uh so I mean uh I couldn't see it in the uh presentation 31:50 31 minutes, 50 seconds that's the reason uh I think it should be given but even if it is not given we in 9 months it has been given. I don't think it has been 31:59 31 minutes, 59 seconds given Q3 in volumes. It is not given. I think it has not been given volumes. 32:06 32 minutes, 6 seconds It has been given for 9 months. 9 months FI26 has been given for all the three segments. But uh Q has not been given. 32:15 32 minutes, 15 seconds So uh so so I think right a good way to analyze is somewhere around 135k is the average price. So maybe dividing that uh 32:24 32 minutes, 24 seconds revenue upon the average price will get you volumes. So and then the jobber volume I will just uh jobber volumes 32:32 32 minutes, 32 seconds would be somewhere around job volume has been mentioned I think that was 32:40 32 minutes, 40 seconds huh so the the rest can be amount divided by the average price on Q3 and uh somewhere around I think 32:48 32 minutes, 48 seconds 170 80 kgs should be there. Again the figures are not clearly handy but this is just uh the total uh volume the total 32:56 32 minutes, 56 seconds amount done that is the total revenue divided by an average price of quarter 3. 33:00 33 minutes Okay because job work revenue has been mentioned as 15 uh million but uh the 33:06 33 minutes, 6 seconds the the job work is 96 kgs 96 97 kgs. 33:11 33 minutes, 11 seconds Perfect. Perfect. Thank you so much Arthan. All the very best. Thank you. Thank you. Thank you. 33:19 33 minutes, 19 seconds The next question is from the line of Sorav Kh from BT Capital. Please proceed. 33:27 33 minutes, 27 seconds Hello. Yes sir. 33:30 33 minutes, 30 seconds Yeah. So what will be our revenue guidance for April 27? 33:36 33 minutes, 36 seconds Uh should be probably doing around 800 900 kores with a pat of around 50 by 60 crores. 33:47 33 minutes, 47 seconds Okay. 33:48 33 minutes, 48 seconds margin a marketing spender of 25 crores is expected 33:59 33 minutes, 59 seconds I'm sorry but currently a marketing expense currently marketing spend is not that much because of the retail store being a 34:07 34 minutes, 7 seconds mature store we generally expect a 1% of uh the revenue to be uh you know mostly boiling down to ad advertising budget 34:16 34 minutes, 16 seconds but hence we are expanding and uh we look forward for a ratio of 50/50 that is B2B and B2C in volume basis. That is 34:24 34 minutes, 24 seconds the reason I think uh marketing spend is essential and because of the budget that you know higher budget of marketing spend we have actually made sure that 34:32 34 minutes, 32 seconds okay the store comes in the quarter where the retail push is there you know the customer retail push is there. So I 34:40 34 minutes, 40 seconds think uh that was one of the reason that once we are doing a good amount of marketing let us do it in the season time and you know not get too much 34:47 34 minutes, 47 seconds pressurized by you know the new store opening dates or doing it in the right time basically so yeah margin pressure would be there 34:56 34 minutes, 56 seconds that is correct but that uh I think uh it is okay that means like just see now 22 crores to 45 crores the guidance was 35:04 35 minutes, 4 seconds we have done 50 55 we'll be doing 50 55 crores this year I mean it is still good if you do if we are doing 55 to 60 35:12 35 minutes, 12 seconds crores we are maintaining our guidance since past 3 years now so you know this is the third year that I'm talking and u I mean two years completed of IPO and 35:20 35 minutes, 20 seconds this is yeah this is going to be third year and I'm keeping the guidance same 55 crores I'm actually getting a upper guidance 60 crores now 35:28 35 minutes, 28 seconds a band of 55 to 60 will be if you say the what is current marketing 35:35 35 minutes, 35 seconds I'm sorry not current marketing as a percentage of sales marketing would be somewhere around 1% to the revenue 35:43 35 minutes, 43 seconds that means six to six six to six and a half. Okay. Thank you sir. 35:51 35 minutes, 51 seconds Thank you. Thank you. 35:56 35 minutes, 56 seconds The next question is from the line of Moan Kumar from Sjit Capital. Please proceed. Hello. Am I able? 36:04 36 minutes, 4 seconds Yes. Yes, you're audible. 36:07 36 minutes, 7 seconds You mentioned two to three stores in the operation by next year upcoming plans 50 season. Could you share guidance and detail performance and revenue contribution? 36:17 36 minutes, 17 seconds So one will be in Suraj. We are expecting a revenue of around 150 crores. One will be in Rajot. We are expecting a revenue of 125 crores. Two will be in the eastern part of 36:25 36 minutes, 25 seconds Ahmedabas. I think the revenue guidance is uh you know we are still working on it. We cannot give the give the revenue guidance like as such. These are just 36:34 36 minutes, 34 seconds projections and uh okay s can you share the expected break even time for the new stores. 36:54 36 minutes, 54 seconds Hello 37:07 37 minutes, 7 seconds Hello Harit sir, we can't hear you, sir. 37:30 37 minutes, 30 seconds Ladies and gentlemen, the line for the management has been disconnected. Please stay connected the till we reconnect them. 38:18 38 minutes, 18 seconds Ladies and gentlemen, the line for the management has been reconnected. 38:23 38 minutes, 23 seconds Yes. Uh I hope I'm audible. Uh yes sir, you're audible now. 38:28 38 minutes, 28 seconds Yeah. Yes. So giving the guidance uh the Surat and Rajot store I have given the guidance of 150 and 125 crores. The two eastern stores that are coming up 38:37 38 minutes, 37 seconds eastern part of Ahmedabad. I think the revenue guidance is yet to be uh you know we we we are understanding the amount of inventory to be kept in uh 38:45 38 minutes, 45 seconds more or less I'm okay but still I I would not want to disclose it at least uh you know for coming quarter for coming one or two quarters we are 38:52 38 minutes, 52 seconds studying it more deeply and better okay sir could you provide the expected 38:59 38 minutes, 59 seconds break even timeline for business stores I'm sorry could I expect I'm sorry provide expected break even timeline for the new stores. 39:10 39 minutes, 10 seconds When you say break even, do you mean the capex break even or the you are including inventory also as a part of break even? 39:16 39 minutes, 16 seconds The inventory also the inventory is 150 crores. Generally in retail as a jewelry it won't be 39:23 39 minutes, 23 seconds calculated that way. The pay break even will happen in one one and a half years itself. Okay. 39:31 39 minutes, 31 seconds Okay. Thank you. Yes. Yes. Thank you. Thank you. 39:38 39 minutes, 38 seconds The next question is from the line of Koshal Kumar, an individual investor. Please proceed. 39:47 39 minutes, 47 seconds Hello. Yes, Kushell. Hello. Yes, Kush. You're audible. 39:56 39 minutes, 56 seconds Okay. I am just asking why there is a delay in opening of the store. 40:03 40 minutes, 3 seconds So Kushal by uh the season that uh in jewelry industry starts from the month of July and August see the stores are 40:11 40 minutes, 11 seconds large and you know large one of the largest in the respective cities. So such kind of stores would need a very 40:18 40 minutes, 18 seconds high bang on you know bang while opening you know to make that creating that buzz of marketing and etc to happen we would 40:26 40 minutes, 26 seconds need a right kind of season. We could have opened it let's say in the quarter one but then the season would have been very down. So the psychological effect 40:33 40 minutes, 33 seconds of marketing will not get will not be in place. So delaying this opening is actually beneficial because then we are punching you know the the money that 40:42 40 minutes, 42 seconds spent is spent in the marketing is getting in the you know getting in the minds of people and we we will be converting into sales. So it's a 40:49 40 minutes, 49 seconds basically after the lot of brainstorm this decision is taken. I understand that you know once it was said that okay I will open in quarter 4 quarter 1 but 40:57 40 minutes, 57 seconds then uh you know meeting that commitments or you know getting the decision in the right direction apart from you know from 41:06 41 minutes, 6 seconds this two we have taken we have opted that okay in the long-term benefit of the company it would be always right to you know do it on the right time and 41:14 41 minutes, 14 seconds launching of the season the jewelry industry is very right time July August are correct time I mean for opening of the stores so I think uh you know 41:22 41 minutes, 22 seconds overall seeing the marketing amount seeing the marketing budget the increase in the budget that we have taken lot of considerations so we are also very 41:30 41 minutes, 30 seconds cautionate that once we open the store it has to really hit hard and that is the try and that hence the reason that 41:37 41 minutes, 37 seconds there's a store delay okay understood one more question 41:43 41 minutes, 43 seconds I have joined the queue late on call so what is your guidance for this quarter 41:51 41 minutes, 51 seconds Q4 for guidance for meet the is to meet the you know yearly 42:00 42 minutes uh target that we have set for the full year that would be somewhere around 50 to 55 crores of PAT and 630 to 650 K of 42:08 42 minutes, 8 seconds annual revenue and uh hence the maths you can do it'll be easy 42:14 42 minutes, 14 seconds okay okay thanks Thank you ladies and gentlemen. Anyone 42:24 42 minutes, 24 seconds who wishes to ask a question, please press star and one. Participants who wish to ask question, please press star 42:31 42 minutes, 31 seconds and one. Now the next question is from the line of Lala from LRS Capital, please proceed. 42:40 42 minutes, 40 seconds Hello, good evening. My question is on the incremental inventory requirement. 42:46 42 minutes, 46 seconds They mentioned is around 150 crores for the for the new stores. 42:50 42 minutes, 50 seconds So how are we looking to fund that inventory? 42:56 42 minutes, 56 seconds So right now the utilization of a bank is around 110 115 crores. 255 cr sanction is in our hand. 43:06 43 minutes, 6 seconds Okay. 43:07 43 minutes, 7 seconds Plus internal approvals of 55 crores this year. Next year by the time we open the store you can expect more 2530 crores. By the end of quarter three 43:15 43 minutes, 15 seconds we'll be we'll be understand we will be taking up let's say 50 crores of internal controls accumulatively internal acrals are more or less 100 crores. 43:25 43 minutes, 25 seconds Okay. So are you saying that all the reported profit is uh converted into actual cash flow. 43:32 43 minutes, 32 seconds It is converted into inventory. 43:34 43 minutes, 34 seconds Inventory will then suffice the requirement of uh you know future expansion of inventory. Right. Got it. 43:41 43 minutes, 41 seconds Got it. that are happening. Yeah. 43:44 43 minutes, 44 seconds Understood. Understood. Sort of 150 cr in sort of simplifying is 50 crores could be internal and 100 crores could be incremental borrowing from banks. 43:53 43 minutes, 53 seconds Just to simplify it. Is that correct? 43:54 43 minutes, 54 seconds It is not 150 crores of inventory. It will be more than that. It will be more or more 150 crores of additional inventory that will be pushed in via. 44:06 44 minutes, 6 seconds Okay. Got it. 44:10 44 minutes, 10 seconds is uh typically what is the inventory turnover when a store gets stabilized for a retail store? 44:20 44 minutes, 20 seconds A good mature store you can consider two two and a half times two two times will be better. 44:27 44 minutes, 27 seconds Okay. And in the first year what is our assumption like one time? Yeah. 44:35 44 minutes, 35 seconds My next question is My next question is uh 44:42 44 minutes, 42 seconds typically retail uh chains have decent amount of customer advances like they run schemes to collect deposit etc and 44:51 44 minutes, 51 seconds then give a one month sort of u three year return of a 10% broadly. So are we doing something like that running such schemes? 45:02 45 minutes, 2 seconds uh we are we are enabling that in the again when the store launch is happening in the second second quarter of the next 45:11 45 minutes, 11 seconds financial year we will be enabling that so that will add to our you know revenue currently uh no but still the store is 45:21 45 minutes, 21 seconds growing uh you know from past four years is growing quite well that is encouraging us to move to other stores and this kind of an addition will surely 45:29 45 minutes, 29 seconds be boosting sales Okay, one last question is on the marketing spend of 25 crores. Can you 45:39 45 minutes, 39 seconds help us understand typically where this money is spent like digital or print media or television or something else? 45:48 45 minutes, 48 seconds No, it will be it will be spend on all the tools that you have mentioned and plus so it you can you can understand 45:55 45 minutes, 55 seconds that store launch will have let's say maybe can have a celebrity launch maybe can have a you know you know uh amount 46:02 46 minutes, 2 seconds right amount of holdings you know radios televisions you know the inventory that we are putting in you know requires that 46:10 46 minutes, 10 seconds kind of bank so that there should be a you know rotation of uh you know it can turn that into sales 46:18 46 minutes, 18 seconds And the size of stores are there are significant size. 46:23 46 minutes, 23 seconds Also the great encouraging part for us going into retail is that the current store does not have a great history. It does not have the legacy. It is not 46:31 46 minutes, 31 seconds around like 100 years or so. It has just been big and enough for around now 5 years. So if five years if we get such a 46:39 46 minutes, 39 seconds kind of success it is so encouraging for us to get into any kind of a city and uh you know and do a store preferably the city that we have learned well demographics of Gujarat. 46:49 46 minutes, 49 seconds So I think that is very encouraging for us given that the store would have been let's say for X number of years very very long it would be like okay growth 46:57 46 minutes, 57 seconds slow but no the growth has been in from the fiscal 21 to fiscal 25 we have grown for 24 crores to 400 crores that is so 47:05 47 minutes, 5 seconds encouraging for us to get into more stores in different cities and still be sure that okay we can achieve it. 47:12 47 minutes, 12 seconds Got it. Thank you so much and all the best. Yeah, thank you. 47:19 47 minutes, 19 seconds Thank you. The next question is from the line of Rajendra from NP Analyst. Please proceed. 47:26 47 minutes, 26 seconds Hello. Yes. Hi. Uh am I audible? Am I right? You audible. 47:34 47 minutes, 34 seconds Uh let's say are around 155,000 to60 residents. uh so 47:42 47 minutes, 42 seconds let's say if there is a draw down of 10 to 15% uh on the downside so are we will we still be able to you know match our 47:51 47 minutes, 51 seconds top line as well as bottom line when there is a hit on our you know inventory gains in that period 47:58 47 minutes, 58 seconds see we have got a good cushion on inventory uh you know if right now we are at a 22 20 20 25% of cushion on our 48:07 48 minutes, 7 seconds inventory and that shows that even if there is a hit of around 10% nothing nothing uh is going to majorly affect 48:14 48 minutes, 14 seconds us. The budgeting is done keeping in mind all the conservative numbers and if you see the past two years we 48:21 48 minutes, 21 seconds have always matched our projections you know on the bottom line and somewhere on the top line also uh we have matched so 48:30 48 minutes, 30 seconds I I don't think uh we are you know there will be any hurdles and you know the exciting thing is exciting thing about 48:38 48 minutes, 38 seconds the journey is that from the B2B player now becoming a B2 C player will give us a lot of scale that we can See uh you 48:46 48 minutes, 46 seconds know if the root gets well into place it's a nice opportunity for us. 48:51 48 minutes, 51 seconds Yes that is true. Uh the second question would be uh from as you mentioned that we are going to hit a bottom line of 55 49:01 49 minutes, 1 second to 60 cr for the next year. So the marketing spend uh we are expecting almost 2025 this year. So another year 49:10 49 minutes, 10 seconds down the line let's say FY28 do we still need to you think that we we still need to spend that amount uh again for the 49:18 49 minutes, 18 seconds marketing or like is it onetime thing so for the stay same stores it should be 49:25 49 minutes, 25 seconds a reducing marketing spend in terms of revenue percentage so let's say 100 rupees of revenue for a new store will 49:33 49 minutes, 33 seconds have a marketing spend of let's say 3% 5% 6% and then the next year the revenue should go up to 150 per 150 rupees and 49:41 49 minutes, 41 seconds the spent on the re uh advertising spent percentage should be reduced. That is how the calculation should be. Ideally, it should match the ratio of revenue versus advertisement 1%. 49:52 49 minutes, 52 seconds Okay. 49:52 49 minutes, 52 seconds So 100 rupees is the revenue, one rupees should be the advertisement on the going concern basis. 49:58 49 minutes, 58 seconds Okay. Uh I guess that was also mine. All the best. Thank you. Thank you. 50:07 50 minutes, 7 seconds A request to all participants to please restrict your question to Tupo participants. Should you have a follow-up question, please rejoin them. 50:15 50 minutes, 15 seconds The next question is from the line of DUSH and individual investor. Please proceed. 50:22 50 minutes, 22 seconds Hi sir, thank you for the opportunity. 50:24 50 minutes, 24 seconds Um my first question is so we have a capacity of 2,000 kgs ID, right? And currently we are manufacturing something in the range of 800 to 900 kgs, right? 50:34 50 minutes, 34 seconds Uh so I understand the focus is much more on the B2C side but are we still focusing to increase the client base into into the B2B segment because I can 50:42 50 minutes, 42 seconds see in our latest PPT two three clients have been dropped off from the job work segment. So I just wanted to understand we have idle capacity in hand can we scale up a B2C business as well? 50:53 50 minutes, 53 seconds No presentation there will be an addition of client in job birth. there won't be any deletion of client in job birth but still you know we would we 51:01 51 minutes, 1 second would want to if there is any PPT thing uh which shows otherwise we will just want to understand it more better you 51:08 51 minutes, 8 seconds can still say that you know 90% of uh you know many of our players are wanting to prefer into the jobber segment as 51:16 51 minutes, 16 seconds gold price volatility is high and people are turning from an unorganized player to an organized player hence taking GML so you know and addition of clients that 51:25 51 minutes, 25 seconds you have said it's an ongoing process We are doing exhibitions etc. for it. We have already got the best of the clients that we want. Titan uh you know Malbar, 51:33 51 minutes, 33 seconds Joy etc. So I mean uh you know any new addition is always welcome. U you know 51:41 51 minutes, 41 seconds yeah and uh we are I think fundamentally we have done wonder uh good in both the segments. B2B has done pretty well in quarter two. It is just that 3 months 51:49 51 minutes, 49 seconds later we are understanding that okay B2C has also performed very well. 38% topline growth and all but if you see on the overall level B2B has done great in 51:58 51 minutes, 58 seconds quarter 2 hence the result of 19 crores PAT and B2C has done good in quarter 3 hence the result of 17 18 cr of pad 52:07 52 minutes, 7 seconds okay sir got it so this my concern was that B2B was uh I think 11% decline on a 9 month basis so that that's where my 52:15 52 minutes, 15 seconds question was coming from so and second thing would be on the lightweight jewelry no I would have appreciated your analysis if you had taken job work also 52:23 52 minutes, 23 seconds into consideration including current market price like multiplying it by current market price. 52:28 52 minutes, 28 seconds Yes, I understand. Yeah, I understand that. Uh so the second thing is um on the lightweight jewelry segment if you could highlight your thoughts and your 52:35 52 minutes, 35 seconds strategy which you are trying to deploy uh for the lightweight jeweler both into the B2B and B2C segment. Are we currently manufacturing on the B2B level 52:44 52 minutes, 44 seconds and are we currently selling it on a B2C's level? 52:49 52 minutes, 49 seconds Correct. So we are manufacturing on a B2B level. We are also selling some of our manufactured goods on the B2C level. 52:57 52 minutes, 57 seconds And uh the look to weight ratio has to change. That means the bridal jewelry is going to still remain a bridal jewelry. 53:03 53 minutes, 3 seconds But a 50 g jewelry should probably now be made in a 40 g or a 30 g uh you know weight. And that is what our intention 53:11 53 minutes, 11 seconds is towards. People are more budget conscious and uh you know so we are focusing on budget as well as design. uh 53:19 53 minutes, 19 seconds that can create a good good area for us to garner demand and uh yeah and get us 53:27 53 minutes, 27 seconds into a right path into the next year also. 53:29 53 minutes, 29 seconds So so what percentage of uh our jewelry sales could be coming from a lightweight jewelry segment as of now and how are we 53:37 53 minutes, 37 seconds progressing on it? So are the cl the clients are liking our design and how how it is going. 53:44 53 minutes, 44 seconds So when you say lightweight jewelry segment lightweight jewelry there are two meanings to it like one is that the complete daily wear side of lightweight 53:53 53 minutes, 53 seconds jewelry that is 2 g 5 g 6 g 7 g the other one is occasion side look look toe ratio lightweight that means the look 54:01 54 minutes, 1 second will remain same the weight will get lighter due to different usage of technique. So now in in the daily wear 54:09 54 minutes, 9 seconds segment we are pilot testing it. In the occasion where segment we are already a specialist at it. So hence that we are a 54:17 54 minutes, 17 seconds strategy partner to let's say a corporate leading corporate etc. The company is not only trying lightweight 54:24 54 minutes, 24 seconds jewelry, it is also trying into a occasion where a different carriage of jewelry that is 18 karat jewelry that we have started. In both the things we have 54:32 54 minutes, 32 seconds received good response and uh I think coming season uh the the the lightweight 54:39 54 minutes, 39 seconds or the look to weight ratio lightness will be more in focus and uh I think uh the design and the manufacturing team is on it. 54:50 54 minutes, 50 seconds Thank you sir. Thank you for your response and all the best. 54:56 54 minutes, 56 seconds Thank you. The next question is from the line of Deep from Mana Finance. Please proceed. 55:03 55 minutes, 3 seconds That is like a couple of questions from my side. Uh is that one is what is the order book right now and uh in carage? 55:10 55 minutes, 10 seconds How much what is the order book as in how much of your sales is in what car? 55:16 55 minutes, 16 seconds Uh currently uh in quarter three we have pilot tested 18 karat in occasion wear. 55:23 55 minutes, 23 seconds Uh seems very exciting. Uh we should get this order the pilot testing for the corporate should have might have already 55:32 55 minutes, 32 seconds started and should happen more in asheta uh let's say this year uh it's February 55:41 55 minutes, 41 seconds 15. We should be receiving getting 30 days into a lead time level. We should be expecting order by let's say March 55:49 55 minutes, 49 seconds March 15 to understand things way better. But I think now is the time when this 22 karat to 18 karat migration a slow migration should start happening. 56:00 56 minutes Uh but a good question by you and uh correctly the order books level uh order book is uh you know because of 56:09 56 minutes, 9 seconds the rate last year quarter 4 rate was around 80 85,000 this year the rate is 150 160,000 56:17 56 minutes, 17 seconds so if you look at the revenue kind of a thing uh from volume to revenue perspective we are steadily growing and 56:26 56 minutes, 26 seconds uh purely from the kg perspective it will be a decline numbers are not so handy. So cannot tell you enough but uh 56:34 56 minutes, 34 seconds anything uh it doesn't look any any way you know discouraging or anything like that. uh it is very much you know we we 56:42 56 minutes, 42 seconds understand those numbers we understand the market scenario you know the gold price volatility and all and with that understanding the company is doing quite 56:50 56 minutes, 50 seconds well and I think uh carriage experiment is also going to be I hope it's going to be successful so for the corporates I 56:58 56 minutes, 58 seconds mean on the consumer level for us we have done it we have produced same looking product of 18 karat which is there in 22 karat so our side is good 57:06 57 minutes, 6 seconds consumer understanding consumer acceptance has to be there and I think in daily where it is there occasion where it will be if it is there we are going to have an early more advantage for that matter 57:15 57 minutes, 15 seconds right and uh so why haven't we tried for new client additions uh especially Indria who has been uh new in the market 57:22 57 minutes, 22 seconds and has been uh putting in a lot of money so why haven't we uh got new clients you know to make up to this uh 57:31 57 minutes, 31 seconds uh volume uh growth uh issue so you know we are already a strategic 57:37 57 minutes, 37 seconds vendor partner to Titan and uh you know uh uh if you understand about these two 57:45 57 minutes, 45 seconds corporates there have been uh you know quite of migration happening which has led to a little bit of uh you know not a 57:53 57 minutes, 53 seconds very healthy kind of an environment. We literally wanted to uh put the company into a safer zone for this matter and uh 58:03 58 minutes, 3 seconds you know it has been always helpful if you see that there's an increase in gold price but the volume has also increased last year and that is also a relation to 58:12 58 minutes, 12 seconds for of us towards Titan. So I think uh apart from Indria uh uh that is 58:20 58 minutes, 20 seconds somewhere that we have not taken you know much initiative since honestly saying not initiative in fact we have 58:27 58 minutes, 27 seconds been uh we we we are being with Titan in that that matter but uh uh there has always been new client edition into IGS 58:35 58 minutes, 35 seconds and etc and but those are like you know local jewelers so that is an ongoing 58:42 58 minutes, 42 seconds process always but and we are also focused on it. So new exhibitions and all will uh is always helping us but 58:50 58 minutes, 50 seconds we'll be looking at more deeply uh if there is a remark right because uh it's good that you know 58:58 58 minutes, 58 seconds we are sticking with the industry leader and he's also I mean they're also expanding huge in uh Dubai with the new acquisition uh just 59:07 59 minutes, 7 seconds yeah just one suggestion uh if you know uh during your launch big launch of your uh two stores if you can also call the 59:15 59 minutes, 15 seconds investors they can be they can know they can see the store and they can actually see how the response is and uh also what the you know the grand opening also 59:23 59 minutes, 23 seconds which will help your investors also gain confidence in your company because I can see that you know not a lot of lot not a lot of retail investors have been a 59:30 59 minutes, 30 seconds participants still uh you know we our numbers are still around 35,000 only as number of shareholders you know this can 59:38 59 minutes, 38 seconds actually go on uh and if the investor confidence can increase and yeah I Think I hope IR agency is listening to this. 59:50 59 minutes, 50 seconds Thank you very much. Yeah, it is a very welcomed suggestion. Yeah, thank you so much. 59:58 59 minutes, 58 seconds Thank you. Thank you. Thank you. 1:00:03 1 hour, 3 seconds A reminder to participants if you wish to ask a question please press star and one on the touchstone telephone. 1:00:17 1 hour, 17 seconds As there are no further questions from the participant, I would now like to hand over the conference to management for closing comments. Over to you, sir. 1:00:25 1 hour, 25 seconds Thank you all for participating in this earning conference call. If you have any further questions or would like to know more about the company, please reach out to our investor relation manager, Valeram Advisors. Thank you. 1:00:37 1 hour, 37 seconds Thank you on behalf of RBZ Dwellers Limited. That concludes this conference. 1:00:43 1 hour, 43 seconds Thank you for joining us and you may now disconnect your lines.