Ashok Zinzuwadia
Chairman & Managing Director
Dear Shareholders,
I am pleased to highlight that the demand for diamond and gold
jewellery in the Indian market remains steadfast. This enduring demand is underpinned by
deep-rooted cultural significance, the pivotal role of jewellery in weddings and
festivals, and the perception of these adornments as both a store of value and a status
symbol.
In the year 2023, the Indian jewellery industry is poised for
substantial growth, and several key factors contribute to this optimistic outlook. The
ongoing economic recovery, the burgeoning middle class, shifting consumer preferences, the
rapid growth of e-commerce and digitalization, government initiatives, and a heightened
focus on ethical sourcing all play pivotal roles in this growth narrative.
In the midst of these propitious conditions, the horizon for the Indian
jewellery industry shines brightly, offering abundant opportunities for jewellers and
stakeholders alike. However, in this ever-evolving and competitive landscape, it is
imperative for businesses to adapt to changing dynamics. To truly thrive, it is essential
to harness the power of technology and innovation.
By aligning our strategies with consumer preferences, embracing digital
platforms, and steadfastly adhering to ethical practices, we, as jewellers, can seize the
tremendous potential of the Indian jewellery market. In doing so, we not only meet the
current demands of our discerning customers but also set a course for sustainable growth
and excellence in this transformative era.
In FY 2023, our operational income experienced a robust 34.35% surge,
reaching 312.73 Cr, compared to the 232.78 Cr in FY 2022. The EBITDA grew to 42.73 Cr, a
noticeable increase from the previous year's 37.20 Cr. Furthermore, our PAT stood at
29.69 Cr, surpassing FY 2022's 27.06 Cr.
Established in Rajkot's illustrious Soni Bazar, Radhika
Jeweltech Limited is a front-runner in retail jewellery, offering
exquisite Gold, Diamond, Jadau, and tailor-
In comparison to FY 2022, when it was 232.78
Cr. the total income from operations increased by
34.35% to 312.73 Cr in FY 2023. EBITDA increased to 42.73 Cr for the
year from 37.20 Cr the year before. PAT was 29.69 Cr, as opposed to the 27.06 Cr,
reported in FY 2022 made pieces. Our in-house team of expert designers meticulously crafts
each piece. Assuring supreme quality, we incorporate imported alloy, thereby guaranteeing
purity and uniformity. Transparency remains our cornerstone, whether it's in our
pricing, policies, or product net weight. Our dedication to excellence is evident in our
rigorous quality checks for every jewellery item.
Our legacy, spanning since 1975, is a testament to our expertise. Our
ornate Jadau jewellery is delicately handcrafted in Jaipur and Bikaner by adept artisans.
We believe in fair practices and hence, timely and complete compensation, inclusive of all
taxes, is ensured for our artisans. Emphasizing cleanliness and safety, we promote
hygienic workspaces for them. Sourcing predominantly from imported bullion obtained from
trusted banks, our jewellery integrates only the finest precious stones, mina, khakho, and
kundan (pure gold).
Our flagship 2500 sq. ft showroom, located in the heart of
Rajkot's jewellery district, welcomes over
200 patrons daily. The previous year's uptick in new clientele is
credited to our relentless emphasis on product innovation, the unveiling of novel
collections, and heightened online engagements. To cater to our growing customer base, we
are launching a grand four-story showroom, sprawling over 10,000 sq. ft in Rajkot's
upscale Kalawad locality, staffed by approximately 150 adept sales professionals, each
proficient in jewellery craftsmanship and trade. Years of trust and goodwill have
solidified our reputation, with word-of-mouth referrals playing a significant role. To
elevate our brand's presence, the past year witnessed a series of strategic brand
campaigns, including enticing offers, primarily across digital platforms and social media.
In a bid to amplify our outreach, we have prominently positioned billboards throughout the
Saurashtra region. Recognizing the digital pivot in consumer preferences, we are
increasingly harnessing online channels to connect with a younger demographic.
The current global metamorphosis is unveiling a plethora of
unprecedented opportunities and thrilling prospects. In closing, I'd like to extend
my heartfelt gratitude to our shareholders, clients, partners, employees, suppliers, and
franchisees. Your unwavering trust and support, especially in challenging times, have been
invaluable.
Best Regards,
Ashok Zinzuwadia
Chairman & Managing Director