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, marking the first full-year results post-IPO and post-acquisition of IGI Belgium and Netherlands.

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

• Celebrated 50 years globally and 25 years in India, with a strong legacy of innovation and industry firsts.

Financial highlights

• Consolidated revenue from operations reached INR 1,053 crores (INR 10,532 MM), up 20% year-over-year; total income at INR 1,088 crores.

• Profit after tax (PAT) increased 29% to INR 427 crores (INR 4,273 MM); PAT margin at 41%, up 4% YoY.

• EPS for the year was 10.74, up 29% from 8.34 last year.

• Standalone India business revenue grew 26% to INR 785 crores (INR 7,854 MM); PAT up 33% to INR 439 crores with a 56% margin.

• Consolidated EBITDA grew 21% YoY to INR 5,997 MM, with a margin of 57% (up 2% YoY); standalone EBITDA margin was 73%.

Outlook and guidance

• Management remains highly optimistic, expecting strong growth in lab-grown diamond certification and continued expansion in India and global markets.

• Industry growth outlook for the next five years is in the 15%-20% range.

• 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.