New Delhi, Feb 28: Blackstone-backed International Gemmological Institute (IGI) reported a 45% increase in its consolidated net profit for the fourth quarter of the 2024 calendar year, reaching ₹113.78 crore compared to ₹78.43 crore in the same period last year.
The company, which got listed on both BSE and NSE in December 2024, also recorded a total revenue of ₹256 crore for Q4 2024, marking a 6% growth from the previous year.
Strong Financial Performance in 2024
For the full 2024 calendar year, IGI posted a 29% rise in net profit at ₹427.29 crore, up from ₹330.84 crore in the previous year. The company’s total revenue grew by 17% on a consolidated basis, reaching ₹1,053.16 crore, compared to ₹898 crore in 2023.Dividend Declaration
The Board has recommended an interim dividend of ₹2.44 per equity share for the 2024 calendar year, reinforcing IGI’s commitment to rewarding its shareholders.Expanding Global Footprint
IGI Managing Director and CEO Tehmasp Printer highlighted the company’s dominance in the diamond certification industry, stating, "With a 33% global market share in diamond certification and 65% share in lab-grown diamonds, we continue to expand our presence and enhance our service offerings."The recent acquisition of IGI Belgium and IGI Netherlands has further bolstered IGI’s global reach, allowing it to serve a broader customer base worldwide.
Global CFO Eashwar Iyer emphasized the strategic advantage of the company's consolidation under India, stating, "We aim to leverage India's strengths in manufacturing and polishing, alongside IGI’s strong retail presence in the USA, Europe, and China."
Stock Performance
IGI's stock ended 2.30% higher on Friday, closing at ₹407.30 per share on BSE.Industry Leadership
IGI remains India's largest independent accreditation and certification services provider, holding a 50% market share in the country.With a strong financial performance, global expansion, and strategic acquisitions, IGI continues to strengthen its position as a leader in the diamond certification industry.