Much of the y-o-y drop came via in the second half, and was partly due to the continued effect of the elimination of government support packages and the shift in consumer spending away from luxurious goods in path of providers. The growing threat of home recession was also increasingly evident in Q4, reflected in the 5% y-o-y decline to 51t. Established in 2003 by late Manoj Kumar Grandhi, MVGNJL has round 4% of the Andhra Pradesh and Telangana jewellery market. It has three-fourthS of its stores in tier-2 and -3 cities catering to the semi-urban and rural demand. However, the…