International Gemological Institute (IGIL) Q1 24/25 earnings summary

Executive summary

• Maintained strong growth momentum in Q1 CY 2025, with robust performance across all business segments and geographies; report volumes up 27% YoY and 13% QoQ to 3.12 million.

• Largest independent accreditation and certification provider in India, with over 50% domestic and up to 65% global market share in lab-grown diamond certification.

• Board approved unaudited standalone and consolidated financial results for Q1 2025, with a limited review and unmodified conclusion.

• Expanded infrastructure and workforce, recruiting over 130 gemologists in India to support volume growth.

• Digital transformation initiatives and a brand campaign launched to enhance service quality and market presence.

Financial highlights

• Consolidated revenue from operations for Q1 2025 was INR 305 crores (INR 3,047.83 million), up 15% sequentially and 10% year-over-year.

• Certification income at INR 297 crores (INR 2,967 million), up 20% sequentially and 11% year-over-year.

• PAT of INR 141 crores (INR 1,407 million), up 24% sequentially and 12% year-over-year; PAT margin expanded to 46.2%.

• EBITDA of INR 196 crores (INR 1,957 million), up 29% sequentially and 13% year-over-year; EBITDA margin improved to 64.2%.

• Basic EPS (consolidated) for Q1 2025 was Rs 3.26, up from Rs 2.86 in the previous quarter.

Outlook and guidance

• Revenue expected to grow 15%-20% for CY 2025 at consolidated and India levels.

• PAT margin guidance for full year between 57% and 64%.

• Volume and revenue growth expected to align as pricing corrections cycle out; LGD certification prices stabilized after April 2024.

• IPO proceeds are being utilized as planned, with Rs 389.94 million temporarily invested in fixed deposits as of March 31, 2025.

• India business anticipated to outpace consolidated growth due to lab-grown diamond processing concentration.