Clocks Rs. 30,000 crore turnover in 2021-22
Bengaluru: Malabar Gold & Diamonds, one of the frontline jewellery retail chains in the world, has reported a turnover of Rs. 30,000 crore for the fiscal year 2021-22, a growth of approximately 35% compared to the previous year’s business.
Malabar Gold & Diamonds is eyeing a turnover of Rs. 45,000 crore during the current fiscal. Products that suit the tastes of consumers, opening of the new showrooms worldwide, ‘One India, One Gold Rate’ programme and ‘Fair Price Policy’ together helped the company to achieve this remarkable goal. The company disclosed these details during the annual general meeting of its stakeholders held here recently.
The company opened 31 new showrooms last year alone, helping it reach more customers in the global marketplace. It created history by opening 22 showrooms across the world in January to welcome the New Year 2022.
Currently, it has 276 showrooms spread over 10 countries besides 14 ornament making factories in five countries. The company follows a cent percent tax compliance in all the countries it operates. In 2021-22, the company paid a gross tax of Rs. 520 crore in India alone.
“Putting customers’ choices at the heart of our product designing has helped the company achieve this rare feat even during an otherwise difficult year,” said MP Ahammed, Chairman, Malabar Group.
“We are only selling hallmarked gold in all the markets we are present in, during the past two decades. We follow the policy of ‘Make in India, Market to the World’. Also, tax compliance and transparency are the hallmarks of our business model. We ensure transparency across the value chain in our business. This helps us to earn the sobriquet of ‘Responsible Jeweller’ across the markets we operate. We surge forward on the back of our customers’ dedication and loyalty,” he added.
The confidence of 4,092 investors and 14,169 staff members is the bedrock of Malabar Gold & Diamonds. Among the investors, 409 works with the company. The Group has also diversified into real estate and related businesses.
The company has chalked out an ambitious plan for growth for the current fiscal. The company will open 97 new showrooms as part of this plan; 60 in India and the rest abroad. By the end of this financial year, the company will have a strong presence in 13 nations.
New recruitments
The company is planning to hire over 6,000 more employees during the current fiscal. 90 percent of this new recruitment will be in India. The company is planning to ramp up its manufacturing capabilities by 80 percent during the current fiscal. It plans to hire over 1,400 artisans and related staff through the process.
Socially responsible
The company commits 5% of its profit annually to achieve various socially responsible goals. An amount of Rs. 237 crore has already been spent on various welfare schemes.
The projects are being implemented in the areas of health, housing, women empowerment, education and environmental protection. The Group has decided to spend Rs. 100 crore on various welfare schemes this year. All activities as part of the social commitment are carried out under the auspices of the Malabar Charitable Trust.
This post was published on April 25, 2022 6:31 pm