Advit Jewels Limited (RAMBHAJO) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Advaj Jules Ltd. Q2FY27 Earning Conference Call. As a reminder, all participant lines will be in the listen-only mood and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Laksh Berry from Kiran Advisors. Thank you. And over to you, Mr. Laksh.

Thank you. Good afternoon, everyone. On behalf of Kiran Advisors, I welcome you all to Q2F527 Earnings Conference Call of IHU. From the management team, we have Mr. Nitin Gilara, Chairman and Managing Director, Mr. Deepesh Sharma, Chief Financial Officer. With that, now I hand over the call to Mr. Nitin Gilara for the opening remarks. Over to you, sir. Thank you.

Good afternoon, everyone, and a warm welcome to our investors, analysts, stakeholders, joining us for the Q2 and H1 Financial Aid 27 earnings conference call of Advait Jules Limited. On behalf of the management team, thank you for your continued support and trust. The Indian jewelry market is witnessing an encouraging shift in consumer preferences, while bridal jewelry remains a strong category. Demand for premium handcrafted and design-led jewelry is growing beyond traditional wedding purchases. Younger and affluent customers are increasingly valuing jewelry for its craftsmanship, uniqueness, heritage, and emotional appeal, with a growing preference for distinctive pieces that reflect personal style and lifestyle choices also. We believe this involving demands for heritage-inspired and art-led luxury jewelry alliance strongly with Rambajo Lakit Le Kehsi and strengthens creating significant long-term growth opportunities to us with Jules Limited. Our story began in 1921 in Jaipur when our family laid the foundation of Ram Najos for more than 105 years and across four generations. And today, the fifth generation is also preparing to carry that legacy forward. Very few jewellery houses in India can speak of just sanctuary of unbroken craftsmanship and customer trust. For us, that trust is our greatest asset, and it is the foundation on which we are building our future. Our expertise lies in handcrafted Kundanmina Purki Jadao diamond jewellery with rival jewellery as the art of everything we do. Building on this core, we are now adding contemporary men's jewelry and lightweight thread jewelry designed for Gen Z, millennials, customers looking for everyday luxury. Our integrated manufacturing facility in Jaipur has an installed annual capacity of 400 kgs of jewelry equipped with advanced 3D printing, modern touching technologies. It houses all key processes, including design testing, stone setting, polishing, quality control, ensuring complete control over quality, time lists, lines, and cost. The facilities, powered by 56 skilled carriages at this moment, whose generation's old craftsmanship forms the foundation of our jewelry-making expertise. We continue to invest in their skills, planting traditional art history with modern manufacturing capabilities. A key milestone in our growth journey is the upcoming launch of our showroom in Premium Area of Defense Colony in Delhi. It's one of its most prestigious business house, targeted to open in Q4, 2027.

Yeah, it's 26-27.

The showroom will showcase our handcrafted Kundan Polki Jao jewelry to customers across Delhi SDR, marking Ramajo's first expansion beyond Rajasthan and beginning of its calibrated retail expansion. Meanwhile, the development of our flagship store in Jaipur is progressing well with construction completed and interior work currently underway. Spending approximately 35,000 square feet, this flagship gestionation will be a significant milestone in strengthening Rambajo's brand presence and showcasing its rich jewelry, heritage, and craftsmanship in a B2C segment. Let me now take you through our financial performances.

For the second quarter, revenue grew 23.93%,

around 24%, year-on-year to 59.1 crores. EBITDA rose 18.8, that is approximately 19%, to 16.4 crores, with a healthy EBITDA margin of 27.8%. That I am most pleased with is the bottom line. Net profit grew 28% to 12.76 crores, faster than our revenue and our net profit margin expanded by 68 basis points to 21.6%. For the first half, revenue grew 28.6% year-on-year to 94.5 crores, and EBITDA margin stood at the storm at 29.8%. Net profit rose to 31.7% to 20.95 crores, and net profit margin expanded by 51 basis points to 22.2%. Going forward, we plan to grow our business network across India, launch new collections, and expand it into international markets over time. Business partners, artisans, employees, and shareholders for their continued support. I now request the moderator to open the floor for questions. Thank you so much.

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

The first question comes from the line of Vinod Shah from VS Ventures.

Please go ahead.

Mr. Shah, please go ahead.

Hello, am I audible?

Oh, yes, you are.

Okay, good afternoon, sir.

Good afternoon.

Yes, sir, I just had a couple of questions. So, sir, effective tax rate is around 17 to 18 percent, just like below the corporate tax. So, what explains the difference and where do you see the tax difference in next two to three years?

Sorry, I can't hear you. Please be loud. Your question was not that much clear. Can you please speak out again? Yeah.

Yeah. Can you hear me now?

Yeah. Yeah. I can. I can now. Yeah.

Yeah. So, I would think your effective tax rate is around 17 to 18 percent. Yes. Below the standard corporate tax rate. Yeah. So, what explains this difference? And where do you see the tax rate in the next two years? Effective tax rate?

So, it's a special tax rate for manufacturing companies which started in 2019 by the government of India. So, we are into that slab. We are a 100% manufacturing unit. So, this tax rate implies to us.

Okay, okay, sir. And what do you see, like, eligibility criteria?

So, you need to be, the criteria was that time because the companies which were set up after, I think it was around COVID moment, it was a special scheme of Indian government, a special section of Indian government, where they gave holiday a bit of it to the companies which are manufacturing and setting the jewelry, strictly manufacturing.

Okay, and we will be eligible for this going forward as well, right?

Yeah, we are eligible because we are getting our sales since six years now. So, every time it is being considered.

Okay. And two stores coming up, what will be the B2B2-B2C mix going on?

So, basically, stores are for B2C segment only. We are just working on B2C segment also now. So, when the two stores will be starting, I think B2C will be that good. As the grace of God, it will be working well, better than before.

Okay, any mix that you are targeting?

Any? You mean to get the percentage of B2C to B2B? Okay. So, this year, we are targeting it as the source will be coming at the end of year. So, this year, I think it may not reflect that much, but from the next year, we have a target of, like, before this, it was 80-20 ratio. We were already doing 20% of B2C. Next year, we are planning and we are targeting around 30% of B2C and 70% of B2B, increasing the turnover the way we try to do it.

And what kind of change in margin we can expect?

See, with the kind of jewelry we deal in, it's an art-based jewelry with a lot of designing and a lot of hard work behind. So, we keep a margin. That is a strong margin already. And we are happy with a going-on margin. In fact, when B2C will be introduced, we expect and be sure the margin will increase.

Okay. Any percentage increase that you are targeting?

Not yet on that, because the data can't be analyzed in this way. It's a forecast future. But I think it will be better, because there's a difference in B2B and B2C. We get better margin in B2C, for sure.

Okay, I will turn back the queue. Thank you.

Thank you.

Thank you. The next question comes from the line of Abhishek Sharma, who is an individual investor. Please go ahead.

Hello. Hello.

Yes, you are.

Thank you for the opportunity. So, I have a few questions regarding the inventory. So, the inventory which rolls by about 27.7 CR in Q2. So, what are the main constituents of the inventory? Like, is it raw gold or work in progress or finished stock for the season? So, what are the, and also, what are your current inventory types?

So, let me answer your question. So, the inventory you see here, your increase, you compare from the March 26th to now, and this is primarily to cater the upcoming business, actually. You know, like, we are coming with a flagship flow and catering to the market demand, and it's primarily on the free food segment. It's actually inventory.

Okay, okay. And what are the current inventory days?

Current inventory days?

Yeah.

So, actually, you can see, like, in the books, we have 169 crore of inventory. So, we cannot count in a day because we need to keep the stock in handy with us for revenue. And you can see, like, 94 crore of the hour of six months of revenue, right? So, you can cater like a year of requirement, you can say in that respect if you are seeing like that.

Okay, okay, understood. So, and also I have a question like, what is our cost and net debt position after the ITIL and how much of the 165 CR proceeds have been deployed so far?

So, you meant to say the ITU proceed utilization? Thank you. It's a general corporate process, which is on the management of the business requirement. We utilize that.

Oh, and so for long term, our acquisition is like, it is like almost me.

Yeah, we are totally dead free. We are totally dead free now.

Okay. And so, which are product categories that are going fastest and what are the like products that which is most of the margin?

Your voice is not clear. Can you please repeat again?

Yeah, so I was asking that which are the product categories that are growing fastest in the industry right now, and which are the products that reaches more margin?

So basically, when we talk about the first and second quarter,

in the first quarter, smaller pieces run most, like lighter pieces, because there are no weddings and anything. It is kind of a lighter season. First and second quarter are usually considered a lighter season for our kind of business, that is luxury lifestyle. Now the bridal demands will increase. Now the bridal jewellery sector will increase. So manufactured new bridal jewellery will be now coming in the market.

Okay. And so the smaller pieces have more margin on the bridal pieces.

Okay. Can come again? Yeah. What did you say?

Yeah, I am asking about the margin. So, the smaller pieces have the more margin or the bridal pieces?

No, it's not about more margin in a product-wise thing. It's usually if the product has a lot of hard work in and it is being worked with a lot of new design, we can think of increasing a margin on that. But I think we want to keep it uniform. That will, that till yet we are working on it. That margin should be at a uniform level. Trying to get better on the things which we have worked very hard on.

Oh, okay. And also, sir, if you could share some light on the franchise expansion and any update in there.

So, as I told in my just speech before, that Delhi is already there in a pipeline. It is being decided, and the interiors are going to get ready by quarter four, and we may be launching the store by quarter four for sure, Delhi Defense Colony. Then we have a few more in pipeline. We will be coming up with them once we decide that. And Jaipur store, obviously, we are trying to get ready by this year because interiors are going on. And it has a lot of artwork in. So that's why it's taking a bit of time. Most presently, we just feel because Jaipur store will be an experience center, which will be kind of the presentation of the brand. So it may take a bit of time.

And so, all are franchises, right? These are not owned by...

No, Delhi is company-owned. Delhi store, which we are opening, is a company-owned, and all the main major cities will be company-owned stores. Franchises will be on the two-guy cities, most probably, as we have yet thought. But it depends on the strategy at the time we discuss with the franchise buyers. What kind of capacity he has and what kind of city it is. So we will be taking out the style of business exactly once we will be on the discussion with them. Yet we have not yet started discussion with anybody. We are getting offers, but yet not thinking of. First, we want to work on Delhi's job.

Okay. So the franchisee doesn't have a fixed model yet, right? So that a fixed payment and who will own the store and who will own the product, that one is not fixed.

See, the protocols are not, no, the protocols are all set. Our team is ready with all the basic protocols. But it's always, basically, it's a luxury lifestyle jewellery. We cannot have a generic type of single protocol. It depends on city to city. Which city can cater which level of luxury will be the consideration for sure.

One last question. What is our marketing and branding spending in total age one?

So the best thing in this business is our social media. And if you see the house of Rambaju, we have increased our organic followers to around, I think they are one like 14,000, more than that now. And we are getting very good support and very good response from these kind of clients. So I think that is one of the best ones. Besides that, there are exhibitions, there are different kind of presentations, which we usually do to H&I and luxury clients who are really buyers of our jewelry.

Okay. Thank you for answering all the questions. I will be joining back in Perkul.

Yeah, thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Prithish Garg from Nuwama PCG. Please go ahead. Mr. Garg.

Good afternoon, sir.

Good afternoon.

Am I audible?

Yeah, yeah, you are.

So, through the past experience, so with the Vogue, India, Instagram, feature of Siawar, Ekjod, and other collections, I have seen that the band has been continuously pacing itself towards couture and luxury features, right? So, where do we see that going with our mood and trust and fresh jewelry? Do we see that as an other branching of that very placement, or do we see ourselves being more diverse and inclusive with our placement?

You are talking about the collection launch that Tiabar and Varnika, are you talking about that? Because you were half audible, I just couldn't listen to you properly. I like your question, it is very interesting. Can you please come up again?

So, my question is, we have continuously played ourselves in the culture and luxury brands, and with our increased interest in print jewelry, do we see that placement continuing forward, or is that going to be more for diverse collection that we're going to have tomorrow on point, or whenever we start that?

Hey, basically, this is a very strategic question. In case, if our old print connections and old connections are going well, they will never be diverted, but we are very flexible in diverting because art forms, once they are done with, then we have to move ahead. You must be knowing that any art, when you just see it all around, it loses its character. Then we have to move to the next character to just upgrade that one. You are getting what I want to say?

Yes, sir. So, whenever the collection...

Okay, like if you see our new collection, Siyabhar, this is connected to Sriram and Sipaji. If you see the aesthetic of the overall collection, it is a modern collection, but it is following those aesthetics of ancient Indian art jewelry. If you see Mudrika, if you see Chudamani, I think nobody ever thought of making a Chudamani for a bride. But that's a crown which makes bride the most beautiful. So, Ramajou is actually a trendsetter for the things, if you will see in the past years and past ages. But, yes, still, we are trying to be on the same track, want to keep our status on the same level.

Thank you. That was very enlightening. Another question I had was on the utilization rates. Since we already have a relatively higher inventory date than our competitors, Where do we see the utilization rates going forward as we move into the B2C segment again?

So if I say with a practical basis, we are expanding ourselves towards the B2C line where the client needs to see variety to finalize the jewelry. And especially when you go luxury lifestyle jewelry, a client wants to see multiple pieces to come to a conclusion. They cannot decide in few pieces. So, in every collection, we need to have a good inventory. In fact, inventory is always giving us a good comfort because one collection can handle many clients. So, I think inventory is very important and very necessary in our kind of trade. And more the inventory is, more better business it creates. So, obviously, we never count inventory days, particularly in this, because we already are debt free now. But another side, if we talk about a good business, then it is obviously backed up with a strong and big inventory.

Another extension to this, I would like to know your outlook on the inventory risk that poses as well with the gold prices fluctuating and the later valuation of full-key diamonds. So, what is your take on that?

So, see, actually, it is, yeah, obviously, volatility is the nature of a market, and you cannot just stop it. It will be going on. So, we have a strategy that we recover. In fact, whatever gold we are selling, we recover the gold, so it always is maintained. We don't do hedging on exchanges. We just buy back the gold, so it is a practical, natural hedging. And if we talk about the Polky and Diamonds, see, basically, Polky Diamonds are never, ever counted as fluctuation in the price. You just have to get the best bargain. So our purchase team is always working, and we always are connected to the true suppliers who never escalate the prices with seeing the market escalation. They come up with a practical and true way of doing the business and a long-term business. So, I think if I talk about Colourstore and Polki, you need to have a good eye. As I'm saying, we are 1921, we are established in 1921 as a fourth generation, so at the best price, which is always used for making the journey.

Good, sir. That will be all from my right. Thank you so much.

Thank you.

Thank you. The next question comes from the line of Nupur from Apex Capital. Please go ahead.

Hello.

Yeah, hi.

Hi. So, you have 56 in-house artisans, and how much of the production is done in-house because it's outsourced to Carigas, and how do you ensure the quality and the cost remain under control across both?

So, basically, cost and quality is always depending on the carrier. If we have highly skilled 56 carriers working with us, but anything which is needed to be outsourced, like many, you know, Kunzan Polki, if you see, there are multiple arts. So, just hiring one choreographer where I need some of his art in one necklace or two necklaces or five necklaces or in some bangles, I don't want to hire him and ask him to come and sit in my factory. I just use him for that particular art and especially that piece goes to him and it gets done with that art and it comes back to our factory. So, the system is, in any kind of an art, we always search for, like, as I told in my last speech, that amalgamation of art forms is our USP nowadays. We are just blending two kinds of art forms and creating. So, suppose if some art form needs a character from outside, we use that.

Okay. And so, the EBITDA margin fell to 27.8% from 29% last year. So, what about the decline, and do you see margin recovering as a daily business case?

If you are talking about the EBITDA margin, if you are comparing from the last September quarter year or year, yes, there is a bit decrease because of the other expense actually, because we have done extensive marketing and business expense this year, like exhibition and all. So, because of that, in fact, this is the issue comparing EBITDA and EBITDA margin.

See, we are going towards B2C. When we go towards B2C, you understand that we have to come up with the promotions and doing more representation to the market. So, before it was B2B, so the things were going on well, and B2C expenses are done, but B2C business has not been started that level yet because the stores are going to open. So, you can understand that this will give us the result in next year.

Okay, thank you, sir.

Yeah, thank you.

Thank you. The next question comes from the line of Shruti Mehta, who is an individual investor. Please go ahead.

Hello, am I audible?

Yes, you are audible.

First, I have two questions. The revenue grew to 20% on H1. So, how much of that came from higher gold prices and how much from higher volumes in kilograms? And what was the volume growth in this period?

Actually, your voice was cracking. I think it was lighter at a few places. Can you just repeat the question again? I think the patient was going to ask you.

Is it better now?

Yeah, it's better now.

Yeah. So your revenue grew 28% in H1. How much of that came from higher gold prices and how much from higher volumes in kilograms? And what was the volume growth in this period?

So, first, please, like, we are not a gold jewelry, so you can directly link the recent revenue with the gold prizes, because we are the artist jewelry. Maybe, like, Nitin, sir, can more answer on this question, like...

So, see, I tell you, it's not a gold-based generic jewelry. It is basically gold with diamond color stones and many other things. Gold may be used lighter because as the gold prices go high, we just feel that to make lighter most of the jewellery. But at this moment, if we talk about particular gold weight and sale, I think that will not justify our product because our jewellery is more on designer, maybe using an expensive color stone like emerald or any primer or terminal, or it may be using more of a nice, bigger polki, smaller polki or a diamond card.

Okay, thank you. And with the aggressive expansion we are planning, what will be the achievable growth rate for the next three years?

See, actually, achievable growth rate is always ramp. I think so. It's just about your dream. When we talk about the data, I feel those dreams cannot be brought into data. I can say that the 35,000 square feet flagship store coming in Jaipur will be a landmark. People will prefer to come and see our experience center. So our target is to increase the business to maximum where we can take it. And if we talk about Delhi store, we have selected the best place of Delhi that is the most luxurious in Borsh area, that is Defense Colony. And I think the kind of store, the kind of interiors we are creating there on, I think that will be the attraction. We are working on that. See, actually, it's just about working hard. It's always about dreaming and working hard. I cannot just explain my dream data to you, but yeah, it will be fabulous as we are working very hard.

Okay, great. Thank you, and all the very best.

Thank you so much.

Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Vishnu Bhardavaj from QBIS Capital. Please go ahead.

Very good afternoon, sir. Thanks for the opportunity. Sir, my question is, what is the average order size for a B2B customer?

Average order size of B2B customer? It varies, actually. Whatever the customer, it depends on the customer to customer and the product detailing, actually. Because we cannot say one number or we cannot say one average because it depends on the requirement of the B2B customer across various region and the company and their requirement and they are detailing the product. Like say, for example, they are asking more for diamonds or colorstone or the design. So, it depends on that.

Okay, sir. Got it. Sir, do you sell silver or platinum jewelry or do you plan to? Platinum specifically, given that we operate in a luxury space.

You mean the silver and platinum jewellery? Are you asking about if we are working on them or not? Is it?

Sir, I'm asking about are you selling it right now or maybe planning in future?

See, it's just about, again, it's just about the strategy, but yes, we are planning to go international. We are planning to participate in international shows. And if we see, because in India, I think platinum jewellery is not that moving as compared to gold jewellery. We would prefer to take our product, which is more sellable. We would prefer to manufacture the things which are more sellable and more acceptable. Platinum things are accepted internationally. So we may, as I told before also, we have an end-to-end facility where we can create any kind of a luxury lifestyle jewelry piece. So if platinum piece will be needed, it will be manufactured for sure.

Okay, sir. Thank you for the opportunity, sir. I'll get back in the queue.

Thank you.

Thank you. A reminder to all the participants that you may press star and want to ask a question. The next question comes from the line of Rahul Jain from S3 Advisor. Please go ahead.

Thank you for the opportunity. I have a couple of questions for you. So, first question is related to, how will you measure the success of the Delphi showroom in its first year? And what will you need to see before committing to the next year?

Can you be loud again? Because half of the question was asked.

Okay, I will repeat the question. So, how will you measure the success of the Delphi showroom in its first year? And what will you need to see before committing to the next year?

So, as I understood, you want to know that how much are we expecting sales from our first store in the first year? You want to ask that?

Delhi Shorup.

Delhi Shorup. So, see, Delhi has the highest potential in India as we come to know about the luxury lap and jewellery. Seeing the datas of another jewellery working there, I think yet the stock is getting preserved. We cannot ascertain the quantity and the amount of jewellery we will be able to sell there, but already doing B2C, we already have a lot of clients in Delhi. It's not the first time people will come to know about a brand they're in. The business we are doing, after opening the store, there's always a dream. Business is happy and art is happy. I think that will be the only thing I can tell.

Okay, sir.

And there's no strategic follow-up for any store. It's just about this, that when we open the daily store and we are able to create a proper management and protocols over there, Then we are, with that experience, immediately we will be working on other stores. It will not be like this, that we will be looking for the revenue, and then we will be opening the stores. As you asked about next stores, next stores will come in pipeline once we get the overall experience of one store outside Jaipur.

Okay, sir. My next question is, Wadi. Are you exploring tie-ups with fashion designers or luxury retail platforms to widen that envelope rate, and how would such partnership work?

So, you mean to say hiring the luxury clothes designers? You're talking about that? Yeah, so there will be a tie-up. We can't hire them. There will be a tie-up. We already are getting a lot of offers, and we are working with a few of them. It is kind of momentarily working because every designer comes to you in the season, and we join them and we create a product together which blends, actually, like their outfits which blends with our jewelry, and we present it in front of the crowd with the customers, showing that this is the latest new collection and latest new designing which we come up with. If you see our Instagram page, you will see a lot of those kinds of collaborations happening these days. And in future also, you will be seeing a lot of collaborations coming up because we are already in talks with them and they are also approaching us. Seeing our jewelry, seeing our page, we always get offers from good designers. Now, we need to decide that which brand we should associate with and which brand we should work with. So, yeah, it is a very good platform, obviously, especially for a bridal jewellery, and we get response due to that, for sure.

So, thank you, sir, and best of luck.

Thank you.

Thank you. The next question comes from the line of Ishita Nagar, who is an individual investor. Please go ahead.

Yeah, hi.

Am I audible, sir?

Yes, you're audible.

Sir, my first question is that, how much our B2B revenue comes from, our top 10 customers?

How much? Can you check? How much is the B2B?

B2B is 10.

No, but from 12.

We need to check the data.

Yeah. So, talking about the current, this up quarter.

Mm-hmm. Hello.

So, we have this data for our last year in our audit. This particular thing, we can inform you on email. You can email to us. We can give you that data.

So, sir, my second question is that, how many new retail and wholesale wholesale we have added in HQ?

You mean to say how many wholesale buyers we have added in?

Yeah.

So, basically, this first half is always a lighter season. So adding up, and it is kind of a normal strategy of business where if I'm making a product with somebody who's not dealing with me, the buyer who's not dealing with me, he comes to know, as in our exhibitions and our shows, if the pieces of their taste, they come and buy. And existing jewelers, they obviously will be, maybe if they don't have the kind of the demand which we are making, they may not. So, it's kind of a flexible thing happening between all H&R buyers, but addition, if we say, that also will have to be checked, then we can email you, because we don't have the exact data at the table.

One more question I have, sir. As the positive season is going on, what is the demand, like, growth number, like, growth and demand as compared to last year? Any specific number?

So, numbers, so you can just see with our results. I should say the result is giving you the number and percentage that you can exactly analyze that this is the level of growth. But when we talk about the market, I already have explained in my speech that Indian jewelry market is witnessing an encouraging shift in customer preferences, and the bridal jewelry remains a strong category. It is really, really on a premium demand, especially handcrafted, because today now, in luxury, most of the people are looking for handcrafted. If you go to international big brands, you will not believe they are getting it handcrafted. Like, you can just see all these big brands of the world. Now, they are just following Indian brands. We just came to know that Prada and this Kulapuri slippers, and they are bringing Gujarati, Kachaliwana out, things from India. Even enameling is being taken care, taken as an art from here. So if you see handmade, handmade is doing great. People are just loving buying handmade, especially art.

Thank you. The next question comes from the line of Vinod Shah from VS Ventures. Please go ahead.

Yeah, I just had a couple of more questions.

Yeah, sure.

Yeah, so what is the, like, current B2C customer base in terms of the revenue from the NRIs and international customers?

NRIs, we are not yet catering that much because basically NRI demands come in December for Indian kind of jewelry. NRI demands for traditional Indian jewelry never comes in the month, the first quarter, for this half. But still, even we are not taking a lot of efforts going towards that because till the time we will not do shows outside and we will make them aware of our presence and our product and our manufacturing facilities and end-to-end value additions. I don't think an international client can easily reach. In fact, with B2C, with a local client, we are really enjoying it.

Okay. And, sir, on the inventory side, so where is the bulk of our inventory? Is it in finished jewelry or working progress?

What's your question? Can you please come here?

Yeah. So, on the inventory side, where is our bulk of the inventory currently concentrated?

Finished goods inventory.

Yeah, and what's the, like, split between, like, gold and diamond, or, like, how much inventory will be holding gold?

So, that's the, no, that's the split. Actually, this is the one complete set, which includes everything, actually.

Okay, okay.

So, gold is always used as a raw material, so gold is always purchased and put into manufacturing. It goes into the manufacturing facility immediately because, as I told that, it's kind of practical hedging. We sell the jewelry which has certain gold, we buy it back, and we just start a new production. So, it's in a cycle always.

Okay. And, sir, how was the demand during this current festive season that you are seeing and the upcoming wedding season?

Yeah, so, factual season, the demand was good. Wedding season demands are going to start now. And we are expecting a fabulous response because there are a lot of weddings this year.

Okay, great. Thank you, sir. I will join back with you.

Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question.

A reminder to all the participants that you may press star and one to ask a question. And as there are no further questions,

ladies and gentlemen, we have reached the end of question and answer session. I now hand the conference over to Mr. Laksh for the closing remarks. Mr. Laksh, please go ahead. Yes.

Yeah. Thank you for joining the conference call of Advid Jules Limited. Should you have any queries, you can drop an email at research at the read Kirin Advices. Thank you all for joining the call.

Thank you. Thank you, sir.

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