IGI Reports Strong Growth in Q4 and Full Year 2024, Declares Interim Dividend

International Gemmological Institute (IGI), a leading player in the diamond and jewelry certification industry, has announced robust financial results for the fourth quarter and full year of 2024, showcasing significant growth across key metrics.

Q4 2024 Highlights

IGI reported a strong performance in the fourth quarter of 2024:

• Revenue increased by 6% year-over-year to Rs 2,650 crore
• EBITDA grew by 18% to Rs 1,522.3 crore
• Profit After Tax (PAT) surged by 45% to Rs 1,137.8 crore
• EBITDA margin expanded to 57.4%
• PAT margin improved to 42.9%

Full Year 2024 Performance

For the full year 2024, IGI demonstrated consistent growth:

• Consolidated revenue rose by 17% to Rs 10,531.6 crore
• EBITDA increased by 21% to Rs 5,997.1 crore
• PAT grew by 29% to Rs 4,272.9 crore
• EBITDA margin stood at a healthy 57%

Strategic Developments

IGI completed the acquisition of IGI Belgium and IGI Netherlands entities in December 2024 for a total consideration of Rs 13,458.2 crore. This move is expected to strengthen the company's global footprint and enhance its service offerings.

Dividend Declaration

The Board of Directors has recommended an interim dividend of Rs 2.44 per equity share (122% per equity share of face value Rs 2) for the calendar year 2024, rewarding shareholders for the company's strong performance.

Management Commentary

Tehmasp Printer, Managing Director and CEO of IGI, commented on the results: "IGI's strong financial performance in 2024 reflects our commitment to excellence and leadership in the global diamond certification industry. 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."

Eashwar Iyer, Global CFO of IGI, added: "Our record revenue and profit in CY 2024 highlights IGI's operational strength and strategic execution. The 17% revenue growth and 29% PAT growth reflect robust demand for our certification services, while our strong EBITDA margin of 57% underscores our efficiency."

Industry Trends and Outlook

The global diamond and jewelry industry is experiencing a transformation driven by evolving consumer preferences and technological advancements. The rapid adoption of Lab-Grown Diamonds (LGDs) is a significant trend, with these diamonds gaining worldwide acceptance due to their affordability and sustainability.

IGI's leadership in independent certification positions it well to capitalize on the increasing demand for transparency and trust in the industry. The company's multiple service delivery formats, including IGI Labs, In-factory Labs, and Mobile Labs, enhance customer relationships and provide a distinct advantage in this evolving market.

As IGI celebrates its 50th anniversary, the company remains committed to innovation, accuracy, and trust in the jewelry certification ecosystem. With its strong market position and strategic initiatives, IGI is well-positioned to capitalize on emerging opportunities in the global diamond and jewelry industry.

Financial Performance Overview

IGI's strong financial results and strategic moves in 2024 demonstrate its resilience and growth potential in the dynamic diamond and jewelry certification industry. As the company continues to expand its global presence and enhance its service offerings, it is well-positioned to maintain its leadership in the market and drive future growth.