Joy Alukkas, a well-known name in the jewellery industry, is planning to go public after previous attempts in 2011 and 2022 were hindered by market conditions and regulatory delays. The family-run business aims to fund its expansion plans using internal accruals and bank loans. They expect a 22% increase in net profit, projecting it to reach Rs. 1,100 crore, and anticipate a 25 to 30% surge in revenue due to declining gold prices. Joy Alukkas is also eyeing international markets, with plans to achieve a revenue of Rs. 7,500 crore in 2024 and expand its presence in North India, Canada, and Australia.
Joy Alukkas is a renowned name in the jewellery industry, holding a prominent position in Kerala and various other parts of South India, including Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana. Their showrooms have been a destination for a diverse range of gold jewellery designs, catering to the desires of discerning customers.
The company had previously attempted to go public in 2011 and 2022, but these efforts were thwarted by unfavourable market conditions and delays in regulatory approvals. Now, as a family-run business, they are determined to take the step towards becoming a publicly traded company.
To fund their expansion plans, Joy Alukkas intends to utilize internal accruals and secure bank loans. They have assessed their sales and anticipate a remarkable 22 percent increase in net profit, projecting it to reach Rs. 1,100 crore, compared to last year's Rs. 900 crore. The company has been on a steady growth trajectory, reporting a net profit of Rs. 300 crore and a revenue of Rs. 3,775.69 crore.
With a decline in gold prices, Joy Alukkas foresees a substantial 25 to 30 percent surge in revenue for the current year. They are also eyeing the international market, with an expectation of achieving a revenue of Rs. 7,500 crore in 2024, up from last year's Rs. 6,926 crore. While Maharashtra and Uttar Pradesh will be pivotal to their retail expansion in India, overseas growth will target Canada and Australia. Already having a presence in the US, UK, Singapore, Malaysia, and more, the company is determined to establish its brand globally.
The upcoming festive season holds promise as demand continues to grow. Joy Alukkas anticipates robust sales during Diwali, which should bolster their profits. Additionally, they are gearing up for an initial public offering (IPO) to further expand their business. All showrooms will remain under the company's ownership.
Recognizing that a significant portion of their business originates in South India, Joy Alukkas aims to venture into North India to gauge the demand and response in that region. The jewellery brand, Joyalukkas, has made its presence felt worldwide and continues to expand its footprint globally with substantial investments and dedicated efforts.
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