This financial maneuver is aimed at lowering interest expenses. As on 31 December 2024, the company's net debt stood at Rs 188 crore, lower than Rs 311 crore at the same time last year.
Sumit Shah, Global CEO at Renaissance Global, remarked, "We are delighted to announce a reduction of our gross debt by ₹53 Crore during Q4 FY25. We will continue our endeavor towards consistent reduction of debt to reduce our borrowing costs and achieve our eventual goal of becoming a zero net debt company."
The company emphasized its ongoing focus on enhancing its financial position through operational improvements and strategic capital allocation.
Renaissance Global is a global branded jewelry company that designs, manufactures, and supplies jewelry across major markets like the US, Canada, UK, and Asia. It offers a diverse portfolio of owned brands (Irasva, Jewelili, Everyday Elegance) and licensed brands (Disney, Hallmark, NFL). The company utilizes both B2B and D2C distribution models, including six online stores launched since 2020.
The company’s consolidated net profit declined 12.9% to Rs 24.32 crore while net sales increased 8.3% to Rs 710.15 crore in Q3 December 2024 over Q3 December 2023.