International Gemmological Institute share price hits 10% lower circuit after Q4 earnings

The stock declined 10% to ₹366.25 apiece, its lower-circuit mark, on the National Stock Exchange (NSE).

Its market valuation stands at ₹15,827.85 crore.

In the fourth quarter of CY24, the company posted a 6% increase in its revenue from operations to ₹265 crore as compared to ₹249.9 crore in the corresponding period last fiscal.

Profit after tax (PAT) rose 45% to ₹113.78 crore in the quarter under review, compared to ₹78.4 crore in the year-ago quarter.

For CY 2024, IGI reported a 17% consolidated revenue growth to ₹1,053.1 crore as against ₹898 crore in the previous year. Post-tax profit stood at ₹427.2 crore in the reporting quarter, up 29% from ₹330.8 crore in CY23.

On earnings, Tehmasp Printer, Managing Director and CEO of IGI said, "With a 33% global market share in diamond certification and 65% in lab-grown diamonds, we continue to expand our presence and enhance our service offerings. The successful acquisition of IGI Belgium and IGI Netherlands further strengthens our global footprint, allowing us to serve an even wider customer base."

IGI share price: Stock trades below issue price

IGI shares debuted on December 20 at ₹510 apiece on the NSE, a premium of 22.3% to the issue price of ₹417 per unit.

The stock is currently down 12.17% from its issue price.

The ₹4,225 crore IGI IPO, which was subscribed 33.78 times, was a fresh issue worth ₹1,475 crore and an offer for sale (OFS) of ₹2,750 crore.

IGI, a Blackstone-backed company, is India’s largest independent accreditation and certification services provider. Its services include natural and laboratory-grown diamond reports, jewellery identification and appraisal reports, and coloured stone grading and origin reports.