Utssav Cz Gold Jewels Limited IPO

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Utsav CZ Gold Jewels Limited is specializes in designing, manufacturing, wholesaling, and exporting 18K, 20K, and 22K cubic zirconia (CZ) gold jewelry, focusing on lightweight production. They offer a wide range of products, including rings, earrings, pendants, bracelets, necklaces, watches, and brooches.

Expertise and Product Range

Their strength lies in crafting exquisite CZ casting gold and rose gold jewelry, tailored to today’s youth. CZ, known as ‘American Diamonds,’ is a synthetic gemstone celebrated for its diamond-like appearance, durability, and affordability. They combine the elegance of gold with the brilliance of CZ stones, creating pieces that cater to diverse regional preferences.

Design and Innovation

Their dedicated team of 15 CAD designers develops around 400 new designs monthly, ensuring they stay ahead of market trends and customer demands. They emphasize design and innovation, understanding consumer preferences, and maintaining high product quality. Their jewelry is hallmarked by the Bureau of Indian Standards (BIS), offering high-end, medium-range, and affordable options.

Client Relationships

They have established long-standing relationships with retailers such as D.P. Abhushan Limited and Kalamandir Jewellers Limited. Their customer base spans 17 states and two union territories in India, as well as two countries abroad. Their commitment to quality has earned them the trust and loyalty of their customers.

With a strong focus on design, innovation, and quality, Utsav CZ Gold Jewels Limited continues to lead in the CZ gold jewelry market, catering to a wide range of customers and maintaining a strong market presence.

Objects of the Utssav Cz Gold Jewels Limited IPO:

The net proceeds are proposed to be utilised for the following objects: i. Funding Working Capital requirement of the company ii. General Corporate Purpose
DRHP of Utssav Cz Gold Jewels Limited IPO
RHP of Utssav Cz Gold Jewels Limited IPO

Utssav Cz Gold Jewels Limited IPO Details:

Open Date: Jul 31 2024
Close Date: Aug 02 2024
Total Shares: 6,318,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 69.50 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 104 - 110 Per Equity Share
Listing At: NSE Emerge
Listing Date: Aug 07 2024

Promoters And Management:

Mr. Pankajkumar H. Jagawat, aged 50, is the Promoter and Managing Director of the Company. He completed the 9th grade at St. Elias High School and has over 20 years of experience in manufacturing, wholesale selling, and marketing of jewelry, as well as overall business management. He has been a Director since the company's incorporation on November 6, 2007, and was appointed Managing Director on April 1, 2008. He was reappointed for another five years starting April 1, 2023. He also serves as Managing Director of Shanti Gold International Limited and Director of Uzuri Jewels Private Limited. Mr. Shashank Bhawarlal Jagawat, aged 39, is the Promoter and Whole-Time Director of the Company. He completed the 9th grade at St. Elias High School and has over 20 years of experience in gold jewelry production and business development. He has been a Director since the company's incorporation on November 6, 2007, and was appointed Whole-Time Director on April 1, 2008. He was reappointed for another five years starting April 1, 2023. He also serves as a Director at Shanti Gold International Limited. Mr. Hitesh J. Chhajed, aged 43, is a Director of the Company. He holds a Bachelor of Commerce degree from Mumbai University and has over 20 years of experience in finance, marketing, sales, and quality control. He was appointed as an Additional Non-Executive Director on April 10, 2008, and reappointed as a Non-Executive Director on December 30, 2008. He was re-designated as a Non-Executive Director on March 11, 2024.

Financials of Utssav Cz Gold Jewels Limited IPO:

Particular (In lakh) Mar-21 Mar-22 Mar-23 Jan-24
Revenue from Operations 12,023 12,330 23,819 27,595
Manufacturing Cost 11962 11992 23173 24577
Change in Inventories -432 -559 -955 857
Employee Cost 73 85 123 161
Other Expenses 66 161 242 230
EBITDA 354 651 1236 1770
EBIDTA Margin 2.94% 5.28% 5.19% 6.41%
Other income 7 12 153 138
Depreciation 32 43 55 51
Interest 110 198 372 422
Profit before tax 220 422 961 1435
Tax 58 87 246 361
Net profit 162 335 715 1074
NPM (%) 1.35% 2.71% 2.98% 3.87%
EPS 0.68 1.41 3 4.51

Comparison With Peers:

Name of the Companies Revenue (Cr) Profit (Cr) EPS P/E CMP Mcap (cr)
Utssav Cz Gold Jewels Limited 238 7 3 36.6 110 262
Ashapuri Gold Ornaments Limited 158 2 0.05 26.4 7 254
Sky Gold Limited 1154 19 17.32 69 2109 2792
Swarnsarita Jewels India Limited 840 6 3.01 12.6 29 60
Uday Jewellery Industries Ltd 177 10 4.31 32.5 128 283
*All the data is as per FY23

Recommendation on Utssav Cz Gold Jewels Limited IPO:

1. Utsav CZ Gold Jewels Limited specializes in designing, manufacturing, wholesaling, and exporting 18Karat, 20Karat, and 22Karat cubic zirconia (CZ) gold jewellery. Established in 2007 as Utsav CZ Gold Jewels Private Limited. 2. Their product range includes rings, earrings, pendants, bracelets, necklaces, watches, and brooches, focusing on lightweight CZ gold and rose gold casting jewellery. 3. Product Specialization Their expertise lies in crafting exquisite CZ casting gold jewelry, tailored to the preferences of modern consumers. Cubic zirconia, a synthetic gemstone known for its diamond-like appearance, forms the cornerstone of their offerings. Composed of zirconium dioxide, CZ is celebrated for its clarity and ability to mimic the sparkle of diamonds, making it a popular and affordable alternative. Their jewelry combines the elegance of gold with the brilliance of CZ stones, ensuring durability and aesthetic appeal. 4. Market Reach and Clientele They have established long-standing relationships with renowned jewelry retailers such as D.P. Abhushan Limited and Kalamandir Jewellers Limited. Their customer base extends across 17 states and 2 union territories in India, as well as two countries abroad. 5. Competitive The Indian jewelry industry is highly competitive and fragmented, with significant competition from both organized and unorganized sectors. 6. The Revenue has Increased from Rs.120 Crore in FY21 to Rs.238 Crores in FY23. 7. The EBITDA has Increased from 3.5 Crores in FY21 to 12 Crores in FY23. 8. The PAT has Increased from 1.6 Crores in FY21 to 7 Crore in FY23. 9. As per FY23, CFO/EBITDA is 0.91, As per FY24, EPS is 5.41, 10. Market Capitalization is 262 Crores & P/E is 20.33x based on FY24.

Lead Manager of Utssav Cz Gold Jewels Limited IPO:

  1. Choice Capital Advisors Private Limited

Registrar of Utssav Cz Gold Jewels Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Utssav Cz Gold Jewels Limited 2 nd Floor Hitech Plaza Giriraj Indl Estate Mahakali Caves Road Andheri (East), Mumbai City, Mumbai - 400 093 Phone: +91 98194 86232 Email: compliance@utssavjewels.com Website: https://utssavjewels.com/

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