Madurai-based Thangamayil Jewellery Ltd (TMJL) reported a profit after tax of Rs 22.20 crore during the second quarter as against Rs 8.52 crore during the same quarter last year, registering an increase of 160 per cent. The net profit margin has increased to 7.57 per cent (4.91 per cent).
The second quarter results, adopted at the board meeting of the company, further reported that sales increased to Rs 293.22 crore (Rs 173.64 crore), registering a growth of 69 per cent compared with 31 per cent in the first quarter.
The company reported that the branch expansion has been going on as per plan with branches in Aruppukottai and Salem opened during the second quarter.
In spite of a steep increase in gold prices, the company improved its volumes by 36 per cent in the second quarter due to fuller operationlisation of all the branches, a company release said.