International Gemmological Institute (India) (IGIL) Q4 23/24 earnings summary

Executive summary

• Achieved a major milestone by surpassing INR 1,000 crore in consolidated revenues for CY 2024, reflecting robust growth and successful integration of recent acquisitions.

• Holds 50% market share in India and 33% globally for diamond, jewelry, and colored stone certifications, with 65% share in lab-grown diamond certification for CY23.

• Operates 31 labs and 18 gemology schools across 10 countries, serving 7,500+ customers, including 9 of the top 10 jewelry chains in India.

• Audited standalone and consolidated financial results for the year ended December 31, 2024, were approved with an unmodified opinion from the statutory auditors.

• Completed acquisition of IGI Belgium and IGI Netherlands, now subsidiaries, enhancing global reach and operational synergies.

Financial highlights

• Consolidated revenue from operations reached INR 10,532 million, up 20% year-over-year; total income at INR 10,880 million.

• Profit before tax (PBT) rose 29% to INR 5,850 million; PBT margin improved to 55.6% from 50.7% last year.

• Profit after tax (PAT) increased 29% to INR 4,273 million; PAT margin at 41%, up from 36.8%.

• Standalone India revenue grew 26% to INR 7,854 million; India PAT up 33% to INR 4,392 million with a 56% margin.

• EPS improved 29% to 10.74; strong cash generation and interim dividend declared.

Outlook and guidance

• Management remains highly optimistic, projecting continued strong growth in lab-grown diamond certification and overall business over the next 3–5 years.

• Industry momentum expected to drive 15–20% annual growth over the next five years.

• Strategic focus on maintaining LGD leadership, expanding global lab network, and leveraging educational platforms for growth.

• Continued investment in technology and brand salience to drive operational efficiency and market expansion.

• IPO proceeds are allocated for acquisitions and general corporate purposes, with unutilised funds temporarily invested.