Malabar Gold clocks 30k-cr turnover in FY22

Hyderabad: Malabar Gold & Diamonds reported 35 per cent growth in turnover at Rs 30,000 crore for the fiscal year 2021-22, when compared to the previous year's business. It is eyeing a turnover of Rs 45,000 crore during the current fiscal.

Products that suit the tastes of consumers, opening of the new showrooms worldwide, `One India, One Gold Rate' programme and `Fair Price Policy' together helped the company to achieve this remarkable goal.

The company disclosed these details during the annual general meeting of its stakeholders held recently. Ensuring cent percent transparency in all transactions also helped the jewellery retailer to achieve this coveted goal.

The company opened 31 new showrooms last year alone, helping it reach more customers in the global marketplace. It created history by opening 22 showrooms across the world in January to welcome the New Year 2022.

Currently, it has 276 showrooms spread over 10 countries besides 14 ornament making factories in five countries. The company follows a cent per cent tax compliance in all the countries it operates. In 2021-22, the company paid a gross tax of Rs 520 crore in India alone.

"Putting customers' choices at the heart of our product designing has helped the company achieve this rare feat even during an otherwise difficult year", said MP Ahammed, Chairman, Malabar Group.

"Through our conscious policies, we were able to gain the confidence of customers across the world. We are only selling hallmarked gold in all the markets we're present in during the past two decades. We follow the policy of `Make in India, Market to the World'. Also, tax compliance and transparency are the hallmarks of our business model. We ensure transparency across the value chain in our business. This helps us to earn the sobriquet of `responsible jeweller' across the markets we operate. We surge forward on the back of our customers' dedication and loyalty", he added.

The confidence of 4,092 investors and 14,169 staff members is the bedrock of Malabar Gold & Diamonds. Among the investors, 409 work with the company. The Group has also diversified into real estate and related businesses.