Tamil Nadu-based Thangamayil Jewellery Ltd on Monday (September 23) announced that its board of directors will convene on Thursday, September 26, to discuss potential fundraising options.

The meeting will explore various methods of capital raising, including the issuance of equity shares, convertible bonds, debentures, or other securities.

The company may opt for fundraising through permissible avenues such as a rights issue, preferential issue, or qualified institutions placement (QIP), subject to necessary regulatory and statutory approvals.

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S.M. Lakshmanan, Vice President, Finance & Accounts of Thangamayil Jewellery, said the quarterly run rate delivered in Q1 of FY25 will continue.

“First quarter we have done 27%. I am confident that the company will be able to maintain that 27% top-line guidance and the ₹1,220 crore, which we have made in the first quarter, we will be able to achieve this 4x for the financial year 2024-2025.”

In the first quarter of FY25, Thangamayil Jewellery reported a 27% rise in revenue at ₹1,220 crore, the highest quarterly turnover in the company’s history. However, the margin declined to 7.4%. The profit after tax was also down around 4% at ₹56 crore.

Lakshmanan noted that the 9% reduction in customs duty will provide relief to consumers and spur demand. He also mentioned that the company’s profitability might be impacted by ₹29 crore in the coming quarters due to the under-realisation of inventory prices and making charges.

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However, he is confident that this impact would be mitigated by increased gold sales. Thangamayil Jewellery continued to expand its footprint, opening a new outlet in Rameshwaram during the first quarter, taking the total number of outlets to 59.

Shares of Thangamayil Jewellery Ltd ended at ₹2,335.55, up by ₹105.45, or 4.73%, on the BSE.