D.P. Abhushan Ltd

Dear Valued Shareholders,

I am honoured to present to you the 7th Annual Report of D.P. Abhushan Limited for the financial year 20232024. This year was marked by strategic growth and significant milestones in our journey within the jewellery retail sector, a reflection of our commitment to excellence and customer satisfaction.

I am pleased to report a robust financial performance for FY24, with total revenue touching '2,340 crore, an 18% increase from '1,975 crore in FY23. Our EBITDA grew by 31% to '101 crore from '77 crore in the previous year, and our PAT rose by 37% to '62 crore from '45 crore in FY23. These strong numbers highlight our operational capabilities and strategic initiatives.

In line with our ambitious expansion plans for FY25, we have begun constructing new showrooms in Ratlam, Neemuch (M.P.) and Ajmer (Raj.) spanning a total of 25,000 square feet. The Ratlam showroom will feature 8,000 square feet of retail space within a 12,000 square feet G+3 building, while the Ajmer showroom will occupy 6,000 square feet on a 1,500 square feet plot. Additionally, we are developing a 7,700 square feet showroom in Neemuch, Madhya Pradesh, to meet the rising regional demand. This expansion will increase our total retail space to approximately 66,000 square feet.

We are also identifying potential locations for new showrooms in Central India, focusing on Madhya Pradesh, Rajasthan, Chhattisgarh, and Gujarat. By tapping into these emerging markets with growing purchasing power, our goal is to increase our store count from 8 in FY24 to 20 by FY28, enhancing market reach and accessibility. Additionally, we aim to increase the revenue share from diamond-studded jewellery, from 6% to 15%, driving greater profitability through higher making charges.

I am particularly proud of our debut on the Bombay Stock Exchange in FY24, a pivotal milestone that has boosted our market visibility and is expected to enhance shareholder value.

As we embark on our journey ahead, we anticipate FY25 to be a year of growth for the gold and jewellery sector, driven by rising disposable incomes and innovative designs. The demand for fashion accessories, including single-stoned stud earrings, pendants, and rings, continues to rise, reflecting changing consumer behaviour and status symbol trends.

The future of the Gems and Jewellery Industry appears positive, with growth rates ranging from moderate to strong, contingent upon governmental policies. The industry is poised for robust expansion in the forthcoming years, signalling a vibrant period ahead for D.P. Abhushan.

In conclusion, I extend my heartfelt gratitude to our dedicated employees, loyal customers, valued shareholders, and all stakeholders who have supported us in our journey. Together, we will continue to scale new heights and set benchmarks in the jewellery retail industry.

Thank you for your unwavering support.