New Delhi (India), July 1: Bonanza Wealth Management Research has given a Buy call on BSE listed Radhika Jeweltech Ltd, a renowned retail jewelry Company dealing in high-end Legacy jewelry, including fine gold jewelry and diamond-studded jewelry operating through a retail store in Rajkot, Gujarat with a target price of Rs 203 on the stock. It believes that with increasing consumerism and awareness, demand for branded and certified jewellery products is on the rise.
“Growing urbanisation, product innovations, designer products, and technological advances in product development are further enabling the growth of the Indian gems and jewellery market, which will be key growth drivers for the company,” it added.
However, the brokerage highlighted Covid-19-induced lockdown, delay in execution of the new showroom and highly competitive market with many retailers as key risks to the company.
For the financial year 2021-22, Radhika Jeweltech clocked a net profit of Rs 27.07 crore, with total revenue of Rs 232.78 crore. The company has a market cap of less than Rs 400 crore but is almost debt-free.
Earlier, following its results, Mumbai-based brokerage Khambatta Securities had also initiated coverage on the stock, with a buy rating and a target price of Rs 295, hinting at a more than 65 per cent rise in the counter.
“It has delivered an overall strong performance in FY22, marked by robust growth in sales and profits. With a history of over three decades in Rajkot, the Radhika brand has gained considerable goodwill among customers.”
The most important driver for its growth in the near-to-medium term is the planned new showroom that is expected to start operating by Q2FY23, pushing the revenues to a significantly higher trajectory, it added.
The company operates a 2,500 sq feet showroom in the heart of Rajkot’s jewellery market. Radhika Jeweltech generates 85 per cent of its revenue from the pure-gold jewellery business, while the remainder comes from diamond and platinum jewellery items.
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