MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Company is engaged in a comprehensive range of activities in the jewellery and precious metals industry. Our business encompasses the manufacturing, importing, exporting, trading, and retailing of ornaments and jewellery of various kinds-crafted from gold, silver, platinum, and other precious metals and alloys. In addition, we are involved in the processing and trading of precious stones including diamonds, rubies, emeralds, and pearls. We also deal in cutlery, watches, clocks, antiques, paintings, manuscripts, and objects of art, expanding our product portfolio across luxury and heritage categories.
Segment wise performance:
Our operations can be broadly categorized into the following segments:
Precious Metal Jewellery: Including gold, silver, and platinum ornaments.
Gemstones and Diamond Trading: Sourcing, grading, and retailing of cut and polished diamonds and other precious stones.
Luxury Artifacts: Trading and showcasing of antiques, manuscripts, and artwork.
Timepieces and Accessories: Manufacturing and trading of watches and related accessories.
Each segment has shown varying levels of performance based on market dynamics. While gold jewellery sales saw stable growth, high-value diamonds and artefacts experienced increased interest from HNIs and collectors.
Economic Outlook and Business Environment
Due to change in the business activity from food business to other activity forecasting outlook is not wise since any particular business not yet started. The Directors are under the process of exploring other avenues of diversifying into new areas of business.
Industry Structure and Developments
The Indian jewellery industry is one of the largest in the world, contributing significantly to the countrys economy and exports. With a rich heritage of craftsmanship and design, the industry continues to evolve with changing consumer preferences, technological advancements, and increasing demand in international markets. Government initiatives promoting exports and the rise in organized retail are shaping the future of this sector.
On the global front, demand for precious metals and gemstones remains robust, driven by cultural, investment, and fashion trends. Sustainability, traceability, and ethical sourcing are becoming more significant, and companies aligning with these principles are better positioned for growth.
Opportunities and Threats
Opportunities:
Expansion into global markets with branded jewellery.
Rising demand for customized, designer, and lightweight jewellery.
Growth in online retail and omni-channel presence.
Strategic partnerships with luxury brands and e-commerce platforms.
Technological integration for precision manufacturing and design.
Threats:
Volatility in prices of gold, silver, and other raw materials.
Regulatory changes related to import/export and hallmarking norms.
Counterfeit products and competition from unorganized players.
Geopolitical tensions affecting supply chains.
Risk Assessment and Mitigation
Key risks include:
Commodity Price Risk: Fluctuations in the prices of gold and other raw materials.
Foreign Exchange Risk: Exposure due to import/export activities.
Regulatory Risk: Compliance with changing laws on hallmarking, customs, and anti-money laundering.
Operational Risk: Dependence on skilled artisans and supply chain efficiency.
We actively monitor these risks and adopt mitigation strategies including hedging, quality assurance, and strong compliance frameworks.
Internal Control Systems and Their Adequacy:
The Company has implemented robust internal control systems that ensure transparency, accountability, and efficiency in operations. Regular audits and reviews are conducted to ensure adherence to statutory compliance and internal policies.
Human Resource development/Industrial relations:
Our artisans, designers, and technical teams are the cornerstone of our business. Continuous training, skill development, and talent retention remain a key focus. We emphasize workplace safety, employee well-being, and fostering a culture of innovation and craftsmanship.
Discussion on financial performance with respect to operational performance:
(Rs. In Lakhs) | ||
Particular |
For the year ended 31.03.2025 | For the year ended 31.03.2024 |
Revenue from Operation |
2,349.21 | 2,327.83 |
Other Income |
0 | 0 |
Profit/Loss Before Depreciation and Tax |
286.22 | 403.31 |
Tax (Including Deferred Tax) Net |
0 | 0 |
Profit/Loss After Depreciation and Tax |
0 | 0 |
Other Comprehensive Income (Net of Tax) |
42.93 | 62.35 |
Total Comprehensive Income for the Year |
243.29 | 340.96 |
OPPORTUNITY & THREATS:
An increasing number of Indian consumers are ascending the economic pyramid to form an emerging customer base. A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing workingwomen population and emerging opportunities in the services sector are going to be the key factors in the growth of the organized Retail sector in India. The growth pattern in organized retailing and in the consumption made by the Indian population will follow a rising graph helping the newer Businessman to enter the India Retail Industry.
CHALLENGES. RISK AND CONCERN:
The decline in consumer spending is the greatest danger facing retail stores, as it has a material impact on cash flows, which in turn affects the day-to-day operations any shortcomings in consumer satisfaction may quickly impact reputation and hence its revenue. Retail business is known for intense competition due to limited barriers to entry. An increase in competition may hinder revenue growth. Lack of goods to display is a sensitive issue for day-to-day operations and can result from a failure in the supply chain.
HUMAN RESOURCES:
Intellectual capital is one of the key resources of the Company to ensure business sustainability and growth. Your company believes in investing in people to develop and expand their capability. The Company has been able to create favorable work environment that motivates performance, customer focus and innovation and its strategies are based, inter alia, on processes of continuous learning and improvement. The business leaders and employees in the Company are encouraged to think like entrepreneurs and create value for all stakeholders. The Company endeavors to provide a safe, conducive and productive work environment.
By order of board of directors.
FOR RETAGGIO INDUSTRIES LIMITED
Sd/-
(Savinay Lodha)
Managing Director
DIN:02634124
Date: 02nd September, 2025
Place: Mumbai
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
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+91 9892691696
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