News Wire MadhyaPradesh

Commence commercial operation of company’s new jewellery unit in Ahmedabad; Successfully utilises FPO proceeds of Rs. 30 crores towards capacity expansion and working capital requirements

New Delhi (India), February 14: Ashapuri Gold Ornaments Ltd, one of India’s leading manufacturers of antique jewellery, has reported revenue from operations of Rs. 126.21 crore for the nine months ended December 2021, the rise of 67% over previous fiscal’s same period revenue of Rs. 75.53 crore. Net Profit for the 9MFY22 was reported at Rs. 2.72 crore. EPS for the 9MFY22 was reported at Rs. 1.09 per share. For Q3FY22 ended December 2021, the company reported revenue from operations of Rs. 51.96 crore,  Net Profit of Rs. 1.13 crore and EBITDA of Rs. 1.66 crore.

Commenting on the results and performance, Mr. Dineshkumar Soni, Joint Managing Director, Ashapuri Gold Ornaments Ltd, said, “Company has delivered a steady operational and financial performance during the quarter, and we are confident of improving our growth numbers going forward. Celebrating the company’s silver jubilee, we are pleased to announce that the company has opened branch offices in Bangalore, Delhi and Mumbai with an aim to expand operations nationally. Our strategic growth initiatives, product and geographical expansion, operational efficiency are likely to maximize value for all stakeholders in the near to medium term.”

During the quarter, the company commenced commercial operation at the new jewellery manufacturing unit in Ahmedabad. In FY21, the company had raised Rs. 30 crore from follow-on public offering (FPO) for setting up a new unit, working capital requirements and general corporate purposes.  FPO of the company was priced at Rs. 81 per share.  The company has appointed Mr. Sanjay Rawal as Chief Financial Officer of the company w.e.f 30 December 2021.

“We want to thank all our stakeholders for the trust and confidence shown in the company for our FPO and making it a success. We are pleased to announce that proceeds of the FPO are fully utilised towards the company’s expansion plans and have commenced operations at the new unit in a record time,” said Mr. Jitendrakumar Soni, Joint Managing Director, Ashapuri Gold Ornaments Ltd.

Established in 1997, Ashapuri Gold Ornaments Ltd is one of the leading manufacturers of antique gold jewellery in India. Company’s manufacturing excellence in craftsmanship, a large inventory of designs & high quality of services has placed it in the league of top Jewellery suppliers. Company’s manufacturing unit is located in Ahmedabad and has offices in – Ahmedabad, Delhi, Mumbai, Bangalore and plans to expand nationally. Company’s clients include leading jewellery retailers and multinational brands, including Tanishq, Malabar Gold, Joyalukkas, among others. For FY21, the company posted revenue of Rs. 117.6 crore with a Net profit of Rs. 2.55 crore.