Tanishq had a good festive season and recorded strong revenue growth of 37%, on back of strong growth in both studded and plain jewellery category.
Plain category also benefitted from a large institutional order of ~INR 200 crores of gold coins.
EBIT margin was higher at 13.3% led by higher gross margins, lower discount, inventory valuation loss recovered from the last quarter (INR 18 crores), lower advertising spends in the quarter as well as operating leverage driven by strong revenue growth.
Studded ratio was line with the previous year at 25%. Golden Harvest and Gold exchange programmes continue to drive customer acquisitions.
Tanishq added 24 stores in 9M FY’19, adding 65k square feet, on net basis. CaratLane (67% owned Subsidiary)