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Rolex Rings held a conference call on 06 February 2024 to discuss the results for the quarter ended December 2023 and way forward. Mr. Manesh Madeka, Chairman & Managing Director, Mr. Mihir Madeka, Whole Time Director (Marketing) and Mr. Hiren Doshi, Chief Financial Officer of the company addressed the call.
Highlights of the Concall
- The company witnessed headwinds in Indian bearing rings market which has impacted business during the quarter and is expected to remain a factor in performance for Q4 as well.
- The company reported 15% decline in its revenue compared to Q2 of FY24, wherein, 12% reduction out of that 15% is mainly from the domestic ring business only. Out of this 12% even 11% is due to the one large domestic customer who took deliveries in quarter two on a very high level and because of inventory pile up and their slower execution at their customer end, etc., they have lifted very lower amount or very lower quantum in this particular...
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