Joyalukkas India balance sheet is weak and might have solvency issues

The net debt of Joyalukkas India is decreasing.
Latest net debt of Joyalukkas India is ₹1,050 Crs as of Mar-24.
This is less than Mar-23 when it was ₹1,319 Crs.

Yes, profit is increasing.
The profit of Joyalukkas India is ₹1,020 Crs for Mar 2024, ₹899 Crs for Mar 2023 and ₹700 Crs for Mar 2022

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Joyalukkas India latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly unproductive assets like Inventory